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B2B Payments: The 6 Best Merchant Accounts for Online Payments, Invoices & More

Payments made between firms for goods or services are referred to as B2B payments. They are digital payments mostly made through bank networks. They electronically transfer funds from your accounts to another business's bank account and vice versa. These transactions are usually carried out through an online gateway, such as a website or an electronic data interchange system.

Types Of B2B Payments

There are many ways by which you can send and receive funds from another business.

  1. Credit Cards

A credit card is one of the most common and fastest methods for business-to-business payments. It offers simple and low charges to enable transactions and keep cash on hand. For example, having high risk merchant accounts at Shark Processing charges ultra-low processing rates for users. Card payments can also be beneficial for tracking invoices at the end of the month using an electronic or print statement.

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  1. ACH (Automated Clearing House)

Another method of digital B2B payment is ACH. This type of transaction sends money electronically from one entity to another. ACH payments are ideal for businesses that make payments at regular intervals.

  1. Checks

Companies are still utilizing paper checks to pay other firms, despite a considerable reduction over the last decade. Although they are time-consuming, the businesses that prefer more security and data transmission use paper checks.

  1. Electronic Wallets

Electronic wallets are used to send money from one account to another electronically. Although the bank accounts are linked, this is normally done between two entities and prevents digging into any bank accounts.

  1. Cash

Cash can sometimes make B2B transactions easier than other payment methods. The primary benefit of paying cash for a business is that you never have to pay annual fees as you would with a line of credit.

Why Do You Need Online B2B Payments?

  1. Simple and Convenient

Online business-to-business payments can be flexible. Advanced algorithms included in the checkout process makes the entire experience faster and more pleasant.

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  1. Better Experience Brings Better Revenue

The easier a buyer's purchasing experience is, the more likely they will return. That is particularly true for consumers who have credit lines that are bigger than their typical purchase.

How to choose the best B2B Merchant for you?

Choosing a merchant for your business can be overwhelming. Explore all your possibilities before implementing one in particular, as it is related to ecommerce. Here are a few things you need to keep in mind while looking for a suitable merchant.

  1. Utility

You must select a payment platform that is appropriate for your specific use. If you do business overseas, you'll need a processor that can handle cross-border payments. For instance, if you have high risk merchant accounts at Shark Processing, they provide domestic and offshore solutions.

  1. Technology

Payment solutions that are outdated fail to meet the needs of businesses that want to examine their accounts. Today's innovative payment options integrated with accounting software allow you to keep track of your finances. When you choose a payment platform, make sure it provides you with a better image of your financial situation.

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  1. The approval procedure

One of the important components that any business owner is searching for is a clear, quick, and straightforward payment application procedure. Check to see if your preferred payment platform can meet this criterion.

  1. Reliability

The importance of payments cannot be overstated. Make certain that the merchant you choose can be relied on with your finances.

Best B2B Merchant Accounts for Online Payments

  1. Shark Processing

Shark Processing, one of the best in the field, helps you find efficient financial solutions for your merchant accounts. This company also aids you in getting a merchant account if banks have denied you. You have the options of both domestic and international solutions, along with multiple high-risk payment options. The company works with trusted banks and also provides great customer service.

  1. PayPal

It is one of the world's most popular B2B payment networks, has been a player in the financial arena since 2003. The system also includes barcode scanning, inventory tracking, and ecommerce, in addition to receiving payments online.

  1. Payment Depot

If you sell a lot of B2B sales, you should look into Payment Depot. It can process ACH transactions but not international transfers. Payment Depot charges an average rate with no markups once you've paid your monthly membership fee. You will face no application or setup costs to set up an account. Also, here, billing is done on a month-to-month basis. You also get excellent client service here.

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  1. Bill.com

Bill.com isn't a conventional payment processor. Instead, it concentrates on invoices for accounts payable and receivable. You can pay directly from the invoice via ACH and wire transfers. Because Bill.com doesn't have accounting capability, you'll need to interface it with your accounting software to get the most out of it. You get full detailed reports of your finances if you are a user of this company. It is best suitable for medium and large businesses and also provides multiple account integrations.

  1. TransferWise

If most of your B2B payments are overseas, TransferWise might be a good fit for you. This company handles only international payments. Supplement TransferWise with a merchant account provider if you accept many domestic US ACH payments or credit card payments.

  1. Dharma Merchant Services

Merchants processing Level II and III data can take advantage of Dharma's exclusive B2B services, which offer lower rates. There are also no account-opening fees, annual fees, or monthly minimums. Just like having high risk merchant accounts at Shark Processing, Dharma Merchant Services will provide you with high-quality customer service and support.

Unfortunately, the rise in digital payment processing has been accompanied by an increase in cybercrime. Despite the concerns, B2B digital payments are here to stay, offering greater security than cash and cheques while also assisting firms in becoming more flexible.