The choices and complexity of B2B payment methods have increased over time. Large organizations continue to adapt their accounting functions to accommodate new purchase to payment (P2P) options. Yet too often costly options are not displaced by newer, cheaper options as would be expected. Suppliers need to encourage their buyers into active E-Invoice and digital P2P usage behaviors by providing payment methods that return high value and adaptability. A payment gateway that specializes in B2B payments is key to both high returns and adaptability by improving the collection process, reducing costs and providing agility to adapt to future payment options.
A B2B payment gateway differs from a B2C or e-commerce payment gateway by addressing unique business needs and unlocking additional value. Data capture and delivery will vary across payment types and influence a range of benefits including merchant discounts. Most importantly, a B2B gateway will deliver opportunities to integrate with ERP systems to bring automation and real-time payment status benefits inherit in digitized P2P processes.
Here are some the top value-added services a payment gateway will bring to an ERP E-Invoice solution:
- Level 2 and Level 3 card data processing will lower interchange rates and overall P2P costs
Stored card credentials simplify and can automate payment processing
- PCI compliance adherence is often a deterrent that a payment gateways will address and accommodate with speedy implementation
- Full ERP integration across SAP, Oracle, NetDynamics and other systems deliver a friction-less process, reducing DSO and eliminating most AR manual steps
- Customer payment portals and electronic delivery of invoices are increasingly coupled with payment gateway solutions built for B2B e-payment adoption
In total, the entire journey from purchase to payment has yet to be fully digitized in most large organizations and many still rely on legacy ERP processes. Payment gateways are delivering E-Invoice solutions to fill the gaps in the P2P journey with integrated ERP solutions providing a broad impact and high value-add results.
Today, you can automate electronic invoicing and payments with Worldpay B2B Payments BillPay. Learn how in our BillPay webcast. View webinar here.
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