Why B2B companies should make Payment Gateways their allies
Payment gateways often determine whether a customer stays or goes. It is that crucial! Those are the most vital and primary interfaces that customers have. Should they be opting to make a payment, this is where they expect a credible and easy online payment experience. Your customers need a reliable and quick method for making payments in exchange for services enjoyed. You must make it trustworthy and credible.
To choose which payment solution is the best fit for your B2B business can be difficult. Unlike B2C, B2B payments have to follow extra protocols and go through more scrutiny. These regulations are what separate them from B2C payments while assuring customers that a strict standard is being followed for their protection.
The five most popular ways of collecting B2B payments are
- Credit cards
- Bank/Wire transfers
- Payment gateways.
While each of these has its advantages in one or more aspects, let us explore what makes Payment gateways the cornerstone of the payment process. For one, they render the transaction process easy for the customer. Whether it is a one-off payment or a periodic time-set payment as in subscriptions. Payment gateway plays an important part in aspects such as taking payments, scrutinising and approving them for credit card companies or third-party merchants, or setting up a billing schedule, among others, thereby ensuring you get paid for the services you already rendered.
Here are a few considerations you need to take before selecting a payment gateway.
Think of a payment gateway ahead of the product launch..
For business, it is wise to think about a payment gateway even prior to the launch of the product in the market.
Faster acquisition is one of the key metrics to gauge the success of any product launch. Whether it is a pre-booking or an e-booking post launch, a right payment gateway that lets customer onboard seamlessly is the best possible way to ensure faster acquisitions. Easy payment process by setting up an apt payment gateway is like a warm welcome sign to your customers. Payment gateway integration with your online portal is always a perfect choice to ensure comfortable customer onboarding.
Distance and geography are no longer a barrier
It is time to think big! With a payment gateway that permits cross-country and multi-currency transactions you can take your business operations from a base country to any other targeted country or countries. For this to be successful you must ensure that the access protocol is kept very simple and it should not take more than a click of a button to complete the process. For localised appeal, an option to pay in local currency makes the process simple and faster.
Minimise risk from frauds
Your choice of payment gateway must be bundled with tight security and fraud protection. Ensure that your customers’ data is protected by choosing the gateway that is on a secured environment. Gateways need to be protected from fraudulent transactions. It is highly recommended that you use not just the SSL certificates that protects from malicious attacks, but also a level-1 PCI DSS compliance that ensures the protection of sensitive data.
Cost factor in choosing a payment gateway
Controlling costs on the payment gateway always helps businesses to remain focused on revenue generation. There are several ways in which you can measure the cost of a payment gateway. Billing models are based on such factors as recurring fee, fee per transaction, card type charges, etc. These are all the parameters that are being considered by the payment gateways to charge businesses.
Choosing a payment gateway wisely is always safe in order to control revenue leakages.
Here are a few Payment gateways compared for some crucial aspects:
Benefits of choosing the right gateway
Once you chose a payment gateway it helps in monetising your services. You gain from early revenue realisation with faster cashflows. Similarly, you could make customer activations quicker by reducing the number of processes. Not just that, the renewal processes too can be made seamless by streamlining fewer processes and sharing payment gateway links in time for customers to make payments and stay on-board.
How to get extra with Payment Gateways
B2B companies in the nascent stages may find a standalone payment gateway sufficient. But as they grow they often face tough challenges of not being able to manage growth in subscriber numbers or complexity.
Payment gateways usually help businesses with these:
- As a collection platform for financial transactions
- Help customers on board with various payment options
- Carry out new activations or renewals seamlessly.
- Enable entry into new market regions easily
They do a great job of receiving payments but not as much for subscription management. That is because payment gateways are not always built to manage recurring billing or churn reduction.
In the present scenario of an expanding subscription ecosystem, B2B companies definitely have to think beyond. As subscription models get more dynamic and complex businesses require a flexible subscription billing platform.
While B2B companies use payment gateways to get their job done, subscription billing platforms, such as Sure, integrate with such payment gateways to help B2b companies focus on scalability and revenue generation.
A Subscription billing platform helps you to create plans, manage contracts, follow-up collections, handle upgrades/downgrades, offer promotions/discounts, in taxation, for deep insights, generate revenue and operation reports and many more.
Smart utilization of billing solutions and a payment platform always helps B2b companies to setup certain workflows and adapt seamless business process.
If you are interested to know about the kind of payment gateway pre-integrations we have please contact our team here.