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Typically, managing business-to-business (B2B) payments means manual processes – credit applications, invoicing, payment reminders, and processing – and all of this comes with its challenges for finance teams. The time spent on administrative tasks alone is substantial. And these manual processes leave you open to errors that affect your reports, and vulnerable to the risk of fraud, which has a direct impact on your relationships with customers. 

Of course, the biggest impact payments have on the business is the bottom line. When you’re relying on the good faith of your customers to make payments on account within the agreed terms, you run the risk of late payments that affect your cash flow and the ability to reinvest in your business. So how do you reduce time spent chasing late payments and cut daily admin tasks?

The answer: embedded card payments.

How embedded card payments will benefit your business

Investing in a fast and secure payment product like GOb2bPay powered by ClearAccept will give you card payments that are easily embedded in your existing GOb2b store, make your finance team more efficient and give your business growth a boost. Here’s how:

Speed up payments and give your cash flow a boost

Implementing a card payment system immediately gives you better cash flow. Unlike offering goods or services on account, where payments won’t typically arrive for 30, 60, or 90 days, card payments are processed instantly, or at least within a few business days. This gives you faster access to revenue which you can then reinvest into inventory, operations, or growth initiatives. By reducing the time it takes to receive payments, you can maintain healthier cash reserves and reduce the need for credit lines to manage day-to-day business expenses.

Reduce time spent on admin so you can reinvest in your business

Manual account setups, running credit checks, issuing invoices, and chasing overdue payments can eat up hours of staff time each week. It may not seem like a lot of time is wasted, but on average, 14 hours each week is spent chasing late payments (Quickbooks). By offering card payments, you can eliminate the majority of these time-consuming tasks. This not only makes operations more efficient, it also frees up your team to focus on activities that will drive growth. Whether it’s improving customer service, product development, or moving into new markets, the time you get back can help you build your business.

Ease customer concerns and minimise risk with built-in security

With card transactions, everything is processed online. That means the risk of fraud is significantly reduced when compared with manual checks and processes. Any sensitive customer information is also protected by strict security protocols. Look out for PCI DSS level 1 compliance – this is the highest level of security for businesses processing card transactions so it reduces the risk of data breaches, prevents fraud, and reassures customers that their data is in safe hands, building your reputation as a trusted business partner. 

Modernise your business and keep up with competitors

Today’s B2B buyer is increasingly a digital-first millennial who is short on time and wants a straightforward, fast purchasing experience. By offering card payments, you meet these expectations and position your business as forward-thinking. It also helps you align with the way the B2B space is transforming digitally, where companies are favouring faster, automated tools over more time-consuming invoice systems. By embedding card payments into your business, you’re not just making things easier for your customers, you’re keeping pace with your competitors who are already adjusting the way they handle payments to scale efficiently and appeal to the next generation of digitally savvy customers.

Ready to modernise your payments systems?

Introducing card payments isn’t just a tech upgrade, it’s a strategic shift for your business. As the B2B payments space continues to evolve, staying ahead means embracing smarter, faster and more secure ways to get paid. 

Are you ready to modernise your payment processes? Get in touch with the team at GOb2bPay and explore your options.

ClearAccept Ltd t/a GOb2bPay is authorised and regulated by the Financial Conduct Authority under the Payment Service Regulations 2017 (FRN 926372) for the provision of payment services