The B2B industry has been drastically affected these past years, due in part to the wildly erratic state of the world that the global pandemic has brought upon. The increased shift towards remote communication and Buy-Now-Pay-Later solutions (which divide purchases into equal installments upon checkout) have left businesses with a wide variety of payment options. Payment options which Business-to-Business operations have had a much slower time adopting.
Standard B2B Applications
The aforementioned BNPL (Buy-Now-Pay-Later) system has a number of advantages over standard methods of accessing lending and credit. These include the ability to avoid straining one’s fiscal resources, the fact that a good or high credit score is typically of no account when applying, as well as its low-to-zero interest rate and just how fast the approval rate for BNPL payments is. Based on these merits, and the fact that the use of BNPL payments has consistently signified an increase in order frequency and value, businesses everywhere are utilizing the Buy-Now-Pay-Later system for online goods that are larger than their typical transactions.
Utilizing QuickSpark’s simple financing plan, businesses can now get the equipment they need for an affordable monthly cost, all the while earning back their investment and maintaining a steady cash flow.
Businesses are able to ascertain all the necessary items through leasing business equipment, all the while scaffolding expenses over an extended period of time. Leasing equipment has a number of advantages over buying one’s equipment in one sitting. Such advantages include reducing the chance that one’s business gets stuck with outmoded or disused equipment, transferring the cost of equipment maintenance to the leasing company, as well as an overall reduction of monthly charges when one’s business decides to spread their payments out over time.
Methods of Payment
ACH, or Automated Clearing House payments, are a practice of B2B digital payments that specializes in expediting financial transactions over alternative hard copy payment methods. Using specific fiscal information (an account and routing number), digital funds can pass efficiently from one business to another. ACH payments’ speed, user-friendliness, as well as the ease in which businesses can amalgamate them into their enterprise resource planning system, make them an established method of payment for many businesses.
Despite ACH payments’ undeniable advantages, some businesses may run into issues regarding ACH’s daily transactional cut-off time and general limitation to the United States.
Credit cards are commonly used among businesses, as they provide monthly statements, which are proven to be an efficient way of tracking sales revenue and transactions. In addition to this advantage, credit cards allow companies to have access to additional funds as well as combat cybercrime through one-time-use transactional numbers.
Through methods of payment such as BNPL transactions and Equipment Leasing, the B2B industry has reached new levels of productivity previously unimaginable. QuickSpark is at the forefront of each and every aforementioned upgrade, making itself–through time– an invaluable payment solution; a major player of business development.