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Should You Accept B2B Credit Card Payments?

The average American consumer doesn't think twice about using credit cards.  Most shoppers are prepared to pay interest rates in exchange for short-term loans. Plus, for those who don't carry a balance, it's possible to avoid interest fees altogether.

As a B2B business, you aren't quite so lucky.

Every credit card payment you accept results in processing fees being charged, but by not accepting credit card payments, you are severely hampering your future growth and viability. This is an issue that many B2B businesses struggle with when trying to keep their monthly operating expenses low, while at the same time trying to increase their sales volume.

So here are some helpful tips and insights about B2B credit card processing for you to consider:

The very first step that your business should take is to see if you're properly setup with a B2B merchant account that utilizes Level 3 Processing. This specialized setup will allow your business to accept credit card payments from your clients, while keeping your processing costs at a bare minimum.

Here are four important benefits of accepting B2B credit card payments for you to consider.

1)  When Payment Processing Speed Is Essential

Although there are cheaper payment options available, credit card approvals take only a few seconds to complete. This can be a huge advantage if verification speed is an important part of your business.

  • Imagine a delivery truck that can't unload its cargo until payment clears.
  • Or a hospital that desperately needed life-saving equipment yesterday.

In situations like these, speed is more important than cost, and you’ll happily pay a small premium to reduce the paperwork and time.

Sometimes the urgency isn't even that great. You simply want better cash flow management so you can cover immediate costs and reduce days sales outstanding (DSO).

2)  When Data Integration Is Important  

Sometimes speed isn't your focus. Convenience is — and by accepting credit card transactions, you can more easily integrate these payments into your accounting, CRM, or ERP systems. When a new transaction occurs, that purchase is automatically captured, logged and updated within one single platform.

Yes — you end up paying transaction fees for this convenience. However, you also save on employee hours, paperwork and manual entry.  Depending on your business, data integration can end up paying for itself quickly. As an added bonus, this level of integration can also improve your marketing efforts, simplify reconciliation, and make tax preparation much easier.

3)  When Data Security Is Critical

Popular B2B payment options like ACH and wire transfers provide direct access to corporate bank accounts. But this type of exposure makes some businesses very nervous and rightfully so.

While credit cards can still be compromised, they come with advanced security features. What’s more, they also typically provide liability coverage to protect you from fraudulent charges. ACH and wire transfers provide no such coverage.

4)  When Business Growth Is the Goal

Many newer companies rely exclusively on plastic.  This is especially true amongst startups.

Although the fees are still there, these newer businesses want the same convenience that consumers enjoy with their own credit cards. By not accepting credit cards within your payment environment, you will be missing out on a lot of potential sales. Rarely will you be worse off by introducing more payment options to your clients.

Should You Accept B2B Credit Card Payments?

There are many compelling reasons why every B2B business should accept plastic. If you’re still hesitant though, you can always roll out this payment option in stages:

  • Try it for a month with a few select clients.
  • Do a cost/benefit analysis.
  • Scale up or down as necessary.

At Tailored Transactions, we specialize in credit card processing for the B2B industry. Our consultants can show your business how to substantially reduce your monthly processing fees. Or help you setup your initial B2B merchant account and answer any questions that you may have.

Contact us today!

We looking forward to speaking with you soon.

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