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Optimizing Your Business with An Efficient Global B2B Payments Solution

Richard ClaytonRichard Clayton
September 29, 2021

There are few things as important to your B2B customers as a smooth payments experience. The ability to provide an efficient payments flow, including flexible payment schedules, multiple payment options and an overall frictionless experience can boost brand reputation, improve user experience and increase customer retention.

When it comes managing your B2B payments, it’s important to remember that solutions differ based on whether you’re processing domestic or international payments. Here, we’ll dive into the different payment processing options at your disposal, including ACH bank debit, wire transfers and global business accounts, and which ones are most likely to benefit your customers. Ready to get started?

Processing Your Domestic B2B Payments

For domestic B2B payments, methods like ACH bank transfer, purchase orders and checks are suitable, although they come with couple of drawbacks that make them ineffective for processing global transactions, including long processing times and manual processes.

Despite their limitations, these methods still make up the majority of domestic B2B transactions, mainly because businesses never felt the need to upgrade their payment methods. Only a few short years ago, domestic B2B commerce was made up of baby boomers and Gen Xers, populations that were comfortable paying via check and bank debit.

Today, 73% of those involved in B2B purchasing decisions are millennials, making it imperative for your business to cater to their payment preferences.

Processing Your Domestic vs. Your Global B2B Payments

Global B2B payment solutions help increase your business’s reach while ensuring both international and domestic customers benefit from a simple and efficient payments process.

There are a few key differences between global and domestic payment systems, including:

  • Local currency payments– Global payment solutions allow your customers to pay in their local currencies, saving them from having to convert their funds in advance.
  • FX – After your customer makes their payment, your global payment system will convert their funds into the currency of your choice.

If you’re interested in upgrading your B2B payments system for your global customers, you have a few choices, each with their own pros and cons:

  • Global wire transfers (SWIFT) – Bank to bank wire transfers are a popular and common B2B global payments solution, especially for large payments. While they are secure and can be typically completed within a few days, wires may be difficult to track, which could lead to complications in the event that you don’t receive payment in time.
  • Billing software solutions – Accounting software enables you to quickly send invoices while giving your customers a simple way to make their payments. At the same time, the software is subscription based, which you’ll need to factor into your business expenses. Furthermore, these solutions mostly offer credit cards as a payment option, which can lead to further costs.
  • Global business accounts – Global business accounts through cross-border payments providers, such as Payoneer, provide both you and your customers with a streamlined payments experience. For you, that means an easy way to send invoices and access your funds after payment is completed. Meanwhile, your customers can take advantage of multiple ways to send their payments.

When looking into different global business accounts, there are a few things to consider, including fee structure, payment options and account flexibility. As the leading cross-border payments solution, Payoneer provides you with the flexibility and ease of use to effectively manage your B2B payments. Let’s learn how.

The Payoneer Way: Simplified B2B Payment Management

Payoneer’s suite of services is tailor made to manage your B2B payments, opening your business to new opportunities and a global customer base. After registering for a Payoneer account, you’ll be able to take advantage of:

Local-Receiving Accounts

Payoneer local-receiving accounts act just like local bank accounts, allowing your global customers to make payments in their local currency via local bank transfer. For you, that means you can receive payments from 200+ countries in 150+ currencies. What’s more, local receiving accounts eliminate international wire transfer costs, saving you money so you keep more of your earnings.

Multiple Ways to Get Paid

Payoneer gives your customers the ability to pay you in the way they want, including via credit card, ACH bank debit and local bank transfer. Payments will then be deposited directly to your Payoneer account, where you’ll have immediate access to your funds. This ensures your customers will have the smoothest experience without having to worry about adapting to new payment methods. Additionally, you can send your customers payment requests and reminders, as well as track your payments every step of the way until they reach your account.

Account Flexibility

Once you receive your B2B payments, you’ll be able to use your funds in a variety of way to help grow your business. This includes withdrawing to your local bank account, paying for business expenses and your global contractors directly from your Payoneer account. What’s more, payments to other Payoneer users are free!

Payoneer offers a host of additional benefits to optimize your payments flow and strengthen your business. Register with Payoneer today and open up a universe of opportunities for your business.

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The content provided in this article including any information relating to pricing, fees, and other charges is accurate and valid only as of the date it was published. In addition, changes in applicable regulations, policies, market conditions, or other relevant factors may impact the accuracy of the mentioned pricing and fees and other associated details. Accordingly, it is further clarified that any information regarding pricing, fees and other charges is subject to changes, and it is your responsibility to ensure you are viewing the most up to date content applicable to you. Payoneer will provide the most up to date and accurate information relating to pricing and fees as part of the account registration process. Registered customers can view this information via their online account.

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