Either you are starting a new business or upgrading an existing one, you need other companies to supply you with inventories, furniture or different services in large quantities. Think for a minute that you are dealing with office furniture supplier and he has to send you the items. But he demands that the payment should be given online. You think why he is demanding to make e payments for the b2b e commerce & wholesale platform deal just made. He could easily receive the cash on delivery. There are several reasons behind it but first, let’s have a look at the term B2B Wholesale.
Describing B2B Wholesale:
Broadly speaking wholesale refers to the buying, selling or both of products in abundance. The quantity of the items are not 10 or 50, they go in 100s or even 1000s in a single purchase. An individual in an ordinary wholesale buys or sells the products but in B2B Wholesale this dealing comes between two or more businesses or companies.
Consider this example where you are starting your business of cloth manufacturing and you need raw materials in massive quantity. Next, you connect to a wholesale platform, get registered and find the potential suppliers. When you find the right one, fill in the requirements you want and the material will be delivered to you at the factory address.
Importance of e Payment Tools:
But the question is of paying off the bills. How will it happen? As you cannot pay a big amount in cash so the only solution that is possible is by e payment. Many of the businessmen don’t prefer to use this method but there are many advantages to it. A few are mentioned below;
Availability and pace are quick:
You can pay whenever you want whether it is day or night, also the whole process is fast-paced. There are no rules that you can only pay if you are in the US. You can practically pay from any part of the world only you need an online account.
Growth in Transactions:
The sales of online products have increased as the payment method of these sales have converted from cash to e payments. So people prefer to buy products online more than shopping form any retail store.
When you make a payment in cash by visiting the store, you have to pay more for the trip fare. In online payments, there is very little or no fee is taken which could save the wholesale dealer thousands of dollars each month.
Automatic Repayment Option:
You don’t need to adjust the setting of the bill payment every time you make a transaction. There is an option of automatic repayment which can be adjusted to the demands of the customer and wholesale dealer.
Immediate and Speedy Steps:
The steps to take in making and receiving the payments are easy and fast. Almost in an instant the payment is sent and received on the other end.
Trusted by Merchants and Clients:
This type of payment method has the trust of both the merchants and the customers alike. The customers can make quick payments and the merchant can receive it immediately. So it is a reliable way to pay.
Various e Payment Tools for B2B Wholesale:
Many of the B2B wholesale platforms have introduced e payment methods for saving transfer of money from one business to the other. Order Circle has also introduced this method along with other platforms. Here are a few prominent ones;
If your business is an international one then this is the best option as it deals in more than 100 currencies. Although the features are like any other but there are other points like a mobile app and adding coupons.
Braintree doesn’t charge extra if your transaction gets cancelled or there s no refunding fee. The payment is only for that dealing which has been carried out. Apart from different cards, bitcoin is also accepted as payment.
This app is used to make domestic and international payments for your medium or small businesses. The payments can be done via debit cards, e-checks and credit cards. There are features like preventing fraud and free security suite.
Wepay is an e payment tool which can be personalized according to the demands of the user. Options of the bank to bank transfer and payments to multi- parties are a plus point that most people consider using.
If you don’t have a company of your own and doing business as an individual then PayPal should be your most trusted online payment to consider. It is now accepting crypto-currency to open new horizons for the young and bold businesses.
This is exclusively for the credit cards users which are a gateway to provide safe transactions. There is no start-up or monthly fee taken but you will have to pay for the purchase you make.
Now it must be very clear to you the importance of e payment tools in B2B Wholesale. You can use whichever tool you want to make transactions with.