The most compelling reason is that many of your clients prefer doing business that way. This is especially true with smaller and start-up businesses, as they tend to rely heavily on corporate credit cards. Accepting B2B card payments helps connect your business to these customers.
Today online and electronic payments comprise only a fraction of B2B sales. However, that volume is growing — and quickly. Forrester Research reported that 2016 B2B e-commerce sales totaled $885 billion, a $75 billion increase over the previous year. That figure that is expected to increase to $1.13 trillion (with a T) by 2020. There is great potential in the industry and you can start tapping into that revenue NOW by accepting credit card transactions.
And that’s not all….. consider these additional advantages.
- Payment integration: Credit cards allow for payment integration, while cash, checks and money orders must be manually processed and entered into your accounting system.
- Faster deposits: Credit card payments post much more quickly than checks.
- Interchange savings: Level 2 and 3 card processing allow for increased security and lower interchange rates.
- Increased security: Debit cards, ACH payments and checks are all tied to a customer’s bank account. Credit card transactions allow for additional fraud protection (for both parties) and easier customer returns.
- Reduced fraud: EMV/Chip Card-enabled solutions are now available for face-to-face card transactions.
Ready to reduce risk, attract new customers AND streamline your B2B accounting operations? Contact OMEGA Processing Solutions today for an account analysis. www.omegap.com