The birth of the digitalization of payment methods:
For many years, a new consumer purchasing behavior is taking shape. Customers want to buy simpler, easier and more efficiently.
In response to this, B2C payment quickly adapted and opted for a digital transformation of payment methods. We will talk about the digitalization of payment, made possible thanks to new technologies.
It is a way to offer a smoother and simpler customer experience in the face of new consumer expectations in order to encourage them to make a purchase and repeat this purchase.
For example: it is now possible to make payments with your phone (ApplePay). Authentication is becoming more and more innovative. In fact, there is authentication by fingerprint, secret code, double verification, etc.
From a customer's point of view, it is much more convenient to make a payment with your phone rather than looking for cash. The waiting time is then reduced.
From a business perspective, there is no longer any need to verify currency. It's a time saver. It is also possible to make an instant bank transfer without having to share your bank details. For greater security, only your telephone number or e-mail is sufficient (Paypal). There are many advantages. In fact, it is not possible to add additional costs to your purchases. From an ecological point of view, this reduces the production of paper notes or checks.
According to INSEE, 95% of the population aged 15 or over declares that they have a mobile phone. This means that payment can be made quickly in the usual way. In the b2c world, companies offer payment methods adapted to the customer. With a simple and easy solution, consumers feel safe. The innovation of its new payment methods as well as digital functionalities and tools are generating a significant change. Companies must respond as quickly as possible. In this regard, you should know that B2B payment methods have fallen far behind schedule in the face of all these innovations.
The B2B payment methods most used by companies.
· The means of payment in bill of exchange noted:
This is a document that instructs a customer to pay a sum of money on time.
This payment method has some benefits . During the purchasing process, there is a deadline for payment which helps to secure deadlines. It is also important to emphasize that there is no risk of currency conversion to ensure security between the seller and the customer. The last advantage is the instrument which is issued at the initiative of the seller and not the buyer.
Despite the advantages presented previously, we can find disadvantages which counterbalance the latter. During the transaction, there is a risk of non-payment if there is no bank approval. In fact, the check may be refused by the bank if the account does not have sufficient funds for the purchase. Added to this are collection times which can be long as well as high fees and commissions.
· Check and bank transfer with the 30-day payment option:
When the customer receives the invoice, the customer has 30 days to make payment to the seller. This is a classic rule but sometimes it can be done by check and bank transfer.
The means of payment by check : Payment by check is a means of payment presented in the form of a check book. It allows you to transfer money from one bank account to another. The check has a main advantage which is reduced transaction fees
The disadvantages of checks are that there is a high risk of fraud (did you know? 46% of total payment frauds are done by check – Source according to www.lafinancepourtous.com ) and check deposit which can be time-consuming. In addition, to make an online purchase, you must send your payment method by post and this extends the collection time for the company.
The means of payment by bank transfer corresponds to a transaction which allows a sum of money to be transferred from account to account (seller, buyer).
The advantages of bank transfer, it is a means of payment which is used internationally. The transaction time is fast with a low fraud rate because traceability is possible.
However, there are disadvantages of bank transfer, it is a means of payment which is time-consuming to manage because it requires entering the RIB for the first time and then for each transaction entering the amounts and recipients with additional costs if purchased at the same time. 'international there is.
We note that the payment methods offered for B2B are not the most appropriate because they lack speed and flexibility.
According to FINTECTURE, 90% of B2B payments made offline are mainly due to companies' payment methods being unsuitable.
This raises a major problem in B2B and it is necessary to adapt to it by offering new payment solutions. Solutions that adapt to the products, services offered, sector of activity and habits of your customers. It’s high time to set the record straight!
New B2B payment trends:
An online rental offer:
For distributors, wholesalers or manufacturers, this rental solution allows you to increase your sales thanks to a rental system. For certain types of products this can trigger a transaction and can reassure the customer instead of committing to a purchase.
We can find, for example, solutions like MY PANGEE, an application which is made with an online subscription and which allows you to make a rental contract.
She offers you:
– Rental of services and insurance included
– Rental in 12, 24, 36… months
– During rental, you bear no financial risk.
– Make life easier for your customers with quick and easy subscription.
It is an instant bank transfer that facilitates transactions from a buyer account to a seller account.
Transaction times are instantaneous and this facilitates customer relations. It should be noted that the payment method offers a guarantee of receipt of funds.
In the B2B world, we can find for example the FINETECTURE solution, an easy-to-use solution that allows you to make an instant transfer like a bank payment. It will allow you to receive funds in your account in record time while having strong security on transactions thanks to strong customer authentication.
This solution allows you to receive payments from your customers in record time and bypass payments by checks and traditional transfers which can take a long time to obtain and require reminders from your customers.
-No middleman between transactions with potentially reduced fees
-Increased conversion rates through a seamless experience
-Promised security because there is no sensitive data collected.
It is a solution for customers that simplifies the credit application directly online for B2B purchases.
For several years this means of payment has allowed any company to take out a loan quickly in order to finance its project. Innovations make it possible to simplify the credit process because it is done online, it is practical and quick.
In the B2B field, for example, there is the Younited solution which responds with rapid credit technology as well as an immediate response. Whether it is a credit for a purchase of equipment in industry, stock of raw materials or even equipment for your offices, they offer you an integrated credit application solution with a customer service team who will be there to help you.
What you must remember :
In B2B, the transition to digital took longer to arrive than in the B2C world. Not having payment methods adapted to your customers is a hindrance for the buyer and the seller. By still using “old” payment methods like checks, it is still possible for you to continue chasing buyers following various payment problems. However, the digitalization of payment methods in B2B is now possible, this makes it possible to improve cash receipts, simplify processes, have faster payments with a considerable reduction in the risk of fraud.
No more manual entry of payment information and the risk of fraudulent activity.
By accepting digital transactions, you will save time and grow your sales. Customers, on the other hand, can pay more quickly and easily while knowing that your cash flow remains consistent and easy to predict.
How to set up B2B payment online?
All new B2B payment solutions will offer you different possibilities for using them. The first use will be the generation of the payment request or the rental contract (credit, rental, transfer, etc.) via the back office of the web solution, often directly online on their website or through the specific access provided.
It is also possible to implement the chosen solution on your website, e-commerce site or order portal. Depending on the solution there will be different types of integration possible, integration via a Woo commerce plugin, Prestashop… API or web service depending on the technology used by your website or order portal.
To do this, do not hesitate to come and find out by contacting us via chat, telephone or our contact form.