Best B2B Payment Tools for Small Businesses
When it comes to consumer or B2C payment options for small businesses and online retailers, there is no shortage of options. And chances are you’re already familiar with almost every big name in the online and mobile payments space, from Square to Apple Pay to PayPal to Venmo to Google Pay … the list goes on and on. But the B2B space has different needs, different requirements, and different payment processing desires that make some of these common consumer payment options less than ideal. For example, unlike a brick-and-mortar retailer, you may not need the option for in-person payments and transactions.
From invoicing to eCommerce and direct sales, selecting a B2B payment platform that best works for your business and your customer can seem like a daunting task. This is why we spoke with several of our UpCity partners and experts in the B2B, eCommerce, and business accounting fields to get their input on the best B2B payment tools and digital payment platforms currently available. They had several recommendations, and their advice should help you find the right starting point and the right B2B payment solution for your business.
Recommended B2B Payments Solutions for Small Businesses
Just like with other services and tools you investigate for your small business, it can seem that there are just as many payment methods and providers as there are different products and services in your industry. Whether you’re a wholesaler, a service provider, or any other type of B2B company, there is sure to be a payment solution that helps streamline your operation. And there are several proven and reputable payment options available for everything from processing credit card payments and debit cards, to recurring payments, wire transfers, and so on.
These are important considerations and can be a great first place to start; how do our clients or customers prefer to pay us? Often you can narrow down your list of options based on what each platform offers, what the associated transaction fees may be, and whether your customers’ preferred method of payment is available.
From there, the selection can come down to what you need in addition to basic payment processing. Since data is critical to every area of your business, choosing a payment platform that offers robust data and analytics information might help you make the choice. And the right choice for your B2B payment solution might be multiple tools.
“A combination of tools that offer ease of payment plus a comprehensive amount of data is what works for us. Some of our favorites include Stripe and Zelle for payments and NetSuite for data. QuickBooks Payments is also a great B2B payment tool that integrates accounting features for smaller businesses. We primarily utilize QuickBooks Online to manage invoices and vendor payments, all the while reviewing detailed financial reports and forecasts through its intuitive reporting dashboard.” –Asad Kausar, CEO of Dabaran Inc.
Several of our panelists mentioned and recommended QuickBooks for a variety of reasons. But one of the most common reasons was simply because of how many businesses and organizations, particularly in the B2B space, are already utilizing some of the accounting software and other tools that QuickBooks offers.
“QuickBooks direct payments from invoices make receiving payment quick and easy for both parties. In addition, QuickBooks has an integration with WordPress and WooCommerce for B2B website payments to be made by the customer on your website, added to your QuickBooks Online account, and automatically deposited into your synced bank account. These make getting paid both by invoice and through your B2B website’s checkout option quick and easy.” –Sarah Banowetz, Managing Partner at Banowetz Marketing
If your B2B company is already utilizing one or more tools offered by QuickBooks, you might also look into payment providers or solutions that integrate or work with that system to expand your B2B transaction options.
“I like the bill-pay partner used by QuickBooks, Melio. Melio is excellent because it is easy; anyone can be up and running within minutes, and the interface is intuitive. If you have low-volume accounts payable (AP), don’t need flashy features like an approval workflow, and don’t need to make cross-border payments to international vendors, I recommend Melio. I use it myself in my company, and it is very inexpensive. For clients with higher volume AP, multiple staff touching AP, bills that require routing to various departments for approval, and those who make frequent international payments and deal with different currencies, I recommend Bill.com. Bill.com is a more robust software that integrates nicely with QBO (as does Melio). Bill.com can also easily handle large volume AP and can save clients that cut many checks both time and money.” –Benjamin Szweda, CEO of Szweda Consulting, LLC
As mentioned above, the B2B payment processing options that your customers prefer or currently use can be one quick and easy way to narrow down your list of options. So too can thinking about expanding your payment options so that current and new customers have their choice of payment method, and they can even change or switch as their business and payment needs change.
“QuickBooks is an excellent payment system for service-based businesses to not only get paid but also easily track accounting. Plus it gives the client online payment options like credit, debit, and bank transfer. Klarna, Affirm, and Bread are financing options and are amazing for eCommerce stores with higher-priced items ($100+). Being able to offer to finance can make or break an eCommerce business, and offering financing through these companies will drastically increase your sales.” –Dan Lacasse, Web Strategist at Phantom Eye Design
QuickBooks isn’t the only software solution that you may already be using, though. HubSpot now offers a payment option that integrates with their CRM and automation tools, and it can be a valuable addition for startups and organizations that want a quick and easy way to get ACH payments and other online options running as soon as possible to grow their profit potential.
“For businesses using Hubspot as their CRM and marketing automation platform, Hubspot Payments is a fully integrated payment solution. It ties into Stripe on the back end, integrates with deals, and handles dunning and other important tasks for companies dealing with recurring billing agreements.” –Brian Craig, Managing Partner at LegalScapes
QuickBooks and HubSpot are far from the only options available, though. And there are several other payment processors in the B2B space that might be the right fit for your needs.
“The one that I immediately recommend for most small businesses is Stripe. It’s by far the most trusted payment processing tool for B2B companies, and it is a robust and reliable option.” –Jason Moss, President of Moss Technologies REI Marketing Solutions
If ease of use and cost were the two top items on your list of criteria, there are also several options available and recommended by our B2B experts that are perfect for startups or companies that want to get their online payment functionality going in a hurry.
“WaveApps, Freshbooks, and Zoho Books are three popular options that are easy to use and low cost–making them perfect for a lot of smaller firms that are just beginning to move into the digital payment landscape.” –Amanda Engel, Founder of Defined Digital
Hear From Industry Experts
Read the latest tips, research, best practices, and insights from our community of expert B2B service providers.
Finding the Right B2B Payment Method or Online Payment Gateway
Selecting the right payment processing solution for your B2B payments may seem like a bit of a daunting task, but the benefits are enormous. From improved cash flow to reducing or eliminating the need to process paper checks (and make that nightly deposit run to your financial institution), business-to-business payment solutions are flexible, convenient, and critical to helping you grow and expand your B2B operation.
Still, there can be a large number of questions and details that business owners like you want to consider as you evaluate your B2B payment options. What forms of payment will we be able to use, or what types of payments can we issue? Do we need to offer a digital wallet option for our repeat customers? Will this be easy enough for one-time customers to make a payment? Visa or Mastercard, or both?
Even with this advice from our panel of experts and partners here at UpCity, making the right payment software choice for your business can still seem like a challenge. Fortunately, this is just the tip of the iceberg when it comes to advice and expertise that is available. Whether you have questions about customer experience, processing fees, comprehensive fintech solutions, and SAAS options, or any other types of electronic payment questions, reach out to one of the dozens of business accounting and sales experts available through the UpCity platform.
You are certain to find an advisor and partner who can help you select and implement a tremendous payment service solution that meets your business needs and offers room to grow and expand, too.
About the author
Rebecca helps keep all things content running at UpCity. Prior to joining, she was a magazine editor at an agency for several award-winning publications based in the Minneapolis-St. Paul area, and a content specialist for several brands within the SMB/B2B landscape. She also has significant experience in digital content creation, most notably targeting hunters and anglers (despite being a vegetarian) during her time at Gander Outdoors. Rebecca has also worked in PR, covering a diverse terrain of products and events, including the promotion of local musicians and music festivals and the latest craft beer offerings from local breweries.