Three B2B Payment Myths Debunked
Business-to-business (B2B) payment acceptance doesn’t have to be as costly, complicated or time-consuming as you think.
It’s simply a matter of partnering with the right business.
Aaron Muro, payment processing advisor at Infintech, explains three common B2B payment myths. (And easy ways you can actually leverage B2B payments for your business.)
Myth #1: Accepting Credit Cards Is Too Expensive
“There’s this negative connotation that goes along with credit card acceptance because of the cost associated with it,” Aaron points out. “With the right program, however, companies go from being punished for accepting credit card transactions to being rewarded. It just takes a few tweaks.”
So what exactly is the right program?
It’s Level 3 Processing. Credit card networks (Visa and Mastercard) give the lowest rates to companies that provide additional line-item detail on certain business and corporate card transactions. This additional information is passed to the card networks, and, in turn, companies are rewarded with reduced interchange rates. Furthermore, the higher the transaction, the larger the savings.
Myth #2: Accepting Credit Cards Is Complicated
The right solution actually simplifies the whole payment acceptance process. By implementing certain solutions, like mobile processing or software integration (integrating your payment processing solution with your accounting or ERP software, for example), day-to-day business operations become more efficient.
For example, one of Aaron’s accounts used to key enter every transaction on a terminal and it was a major headache for them. So Aaron transitioned the company to a solution that allows them to store a customer’s profile in the system. Now, they simply click from a drop-down, select the customer, enter the transaction amount and it’s done.
“When that information is saved, it’s truncated – so that’s the first and last time the merchant will ever see that card number,” Aaron explains. The information is tokenized, encrypted and PCI-compliant.
Myth #3: It’s Too Cumbersome to Change the Way I Process Payments
B2B transactions are typically larger amounts so businesses want peace of mind. They want to know that once they hit “process”, the money will quickly and securely land in their account. Your payment processor should advocate on your company’s behalf – and that includes offering the support and education you need.
That’s something Aaron takes pride in. “When I get a merchant on board, I emphasize the fact that I won’t give them a 1-800 number and say, ‘Good luck.’” I tell them they should call or email me directly and I’ll answer any questions that may arise or I’ll iron out any issues that may come up,” Aaron says.
Learn More About How Your Business Can Leverage B2B Payments:
Contact Infintech online or call 1-800-621-8931.
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