5 Reasons to Partner with a B2B Payments Provider

The demand for seamless, dependable payment processes continues to rise, fueled by the growing adoption of digital payment methods like virtual cards. As Daniel Artin, Head of Strategic Partnerships at Boost, explains:

“Virtual cards are growing at a double-digit rate, with a 20% increase expected over the next five years. SaaS companies that embrace digital payments will reduce competition and increase market share.”

This surge in digital payments presents businesses with a crucial decision: should they buy, build, or partner? Building an in-house solution offers control but demands significant resources, expertise, and costs. Buying a pre-built solution can sacrifice flexibility and fail to meet the specific complexities of B2B payments. Partnering with a trusted B2B payments provider offers a balanced solution with access to advanced technology and expert support without the heavy lift of building or maintaining infrastructure.

Here are five key reasons why partnering with a B2B payments provider is the strategic move your business needs.

Traditional payment methods like checks or standard commercial cards often come with high processing fees and a heavy reliance on manual resources, creating unnecessary expenses for businesses. Digital payments offer a smarter, more cost-efficient alternative, reducing paper usage and streamlining operations.

While digital payments alone help lower transaction costs, partnering with a B2B payments provider enables businesses to implement fully automated solutions that drive even greater efficiency. Automation reduces overhead, minimizes human intervention, and ultimately improves the bottom line. By automating labor-intensive tasks like invoicing, reconciliation, and cash application, businesses free up valuable human resources, reduce the risk of errors, and save both time and money, enabling teams to focus on higher-value activities that drive growth and innovation.

Partners like Boost optimize costs by providing access to Level 3 data and large-ticket interchange rates. These systems lower interchange fees, making card acceptance significantly more affordable for suppliers. Businesses can save up to 50% on their cost of acceptance by leveraging these advanced capabilities.

2. Faster Transactions

Delays in payment processing can disrupt cash flow and operational efficiency. The right B2B payments provider can automate the entire payment lifecycle, from invoice generation to reconciliation, ensuring faster, smoother transactions.

Replacing manual processes like paper checks with digital solutions such as virtual cards accelerates transaction times from days to minutes. Partners also provide tools that automate cash application, helping businesses shorten accounts receivable cycles, improve cash flow predictability, and ease the burden on understaffed teams.

Navigating compliance requirements and ensuring data security are critical challenges for businesses. A B2B payments partner integrates automated compliance tools, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, to streamline these processes and reduce risk.

By frequently updating their systems to meet evolving local and international regulations, partners ensure businesses remain compliant without the need for costly overhauls. Additionally, they employ robust security measures, including encryption and secure data storage, to protect sensitive financial information and minimize the risk of data breaches or fraud.

Making informed decisions requires clean, actionable, and customizable insights - exactly what a B2B payments partner provides. Advanced reporting tools eliminate errors, ensure accuracy, and deliver real-time visibility into transaction data.

Through automated payments and straight-through processing (STP), businesses gain greater transparency and control over cash flow. Customizable reporting tools allow businesses to tailor insights to their unique needs, such as optimizing supplier payment terms or aligning with regulatory requirements. This empowers finance teams to operate more efficiently and strategically in a competitive market.

Partnering with an innovative B2B payments provider enables businesses to remain agile and competitive in a rapidly evolving marketplace. With access to advanced technology, businesses can quickly adopt new payment methods, streamline processes, and reduce operational friction.

A key aspect of agility comes from working with a partner whose solutions are easy to integrate into existing systems with minimal downtime. Seamless integration ensures businesses can adopt new technologies without disrupting operations, maintaining momentum and efficiency during transitions.

Scalable solutions allow seamless expansion across regions, currencies, and payment methods, eliminating bottlenecks that can hinder growth. Reliable, automated payment processes also foster trust and loyalty among clients and suppliers, enhancing a business’s reputation. In a competitive landscape, this reliability becomes a key differentiator, positioning businesses for long-term success.

Ready to partner with Boost? Contact us today to get started.  

Boost Payment Solutions is the global leader in B2B payments with a technology platform that is purpose-built to meet the complex demands of today's commercial trading partners. Our five-times patented proprietary technology solutions bridge the needs of buyers and suppliers around the world, eliminating friction and delivering process efficiency, payment security, data insights and revenue optimization. Boost was founded in 2009 and operates in 180+ countries.