B2B Payment Solutions
The use of paper checks for B2B payments has been on a steady decline for the past decade driven primarily by organizations focused on improving efficiency and reducing costs as well as supporting sustainability or “green” corporate initiatives. Additionally, organizations that adopt an electronic B2B payment strategy benefit from commercial card rebate programs which can turn a cost center into a revenue center.
Electronic payment solutions for B2B transactions are becoming increasingly desirable to buyers and suppliers alike for the following reasons:
- Organizations of all sizes need payment models that increase efficiency and decrease costs.
- Companies have a growing need to transmit and receive enhanced data along with payments.
- The current credit crisis has made credit lines and factoring products more elusive and expensive, thereby paving the way for the consideration of purchase card products.
The characteristics of the B2B marketplace are significantly different than the B2C world. Solutions designed for the latter tend to be commoditized and cater solely to the simplistic relationship between a consumer cardholder and a merchant, whereas payment solutions geared to the B2B community must take into account the complexities of existing contractual relationships between corporate or institutional purchasers and their suppliers. Boost understands these relationships intimately and maintains a constant pulse on the changing B2B landscape. We have insight into the unique demands of corporate and institutional commerce and utilize this knowledge to create well-coordinated programs for both sides of the transaction. To that end, we provide only B2B solutions to B2B problems.
The global card brands, after years of primarily serving the consumer market, have begun to understand the needs and idiosyncrasies of commercial commerce. In order to attract corporate and institutional buyers that have historically paid their suppliers with checks to the electronic payment arena, and to accommodate previous objections to card usage and acceptance, they have recently made significant changes to their business models.
Boost’s proprietary access to the card brands enables us to stay ahead of the knowledge curve for our clients and customers.