Payment patterns and solutions have witnessed a revolutionary transformation in the past decade. The online transaction facilities have observed a trend growth in the B2C (Business To Consumer) market. However, reports have shown the steadiness continuing in the B2B (Business To Business) market. As per published records, 64% of business owners still have reliance upon traditional payment methods. Most businesses use bank checks for transactions for stereotypical reasons in the industry. This scenario is shocking to observe, given the payment gateways are offering the best solutions.
The Indian payment gateway industry is offering solutions to both B2B and B2C markets. However, the awareness and reliance on the same are not enough in the former one. Businesses are evading the extended payment solutions proposed by the chief service providers. To get detailed information and ideas about how to use a payment gateway in the B2B market, visit the Cashfree website. This Indian payment gateway uses the best fruits of technology and offers varied services to businesses. Let us dive into this discussion to learn more about these payment solutions.
Traditional payment methods are secure but far behind the advancement of online transactions.
B2B Payment Market: Current Situation
Companies in the B2B marketplace vary vividly in complexity and size of production and operations. Some firms have large accounts divisions, while some have a regular accountant to note things out! Nonetheless, companies should cast aside traditional and paper-based payment methods. Here are some key takeaways from the majority of updates.
- Most businesses are still relying upon cheques as the basic medium of transaction.
- Regular credit card payments, ACH payments and electronic bank transfers are growing instead of the more convenient methods available by the Indian payment gateway providers.
- 67% of businesses are not looking for better prospects as their satisfaction is still in credit cards.
- B2B payment markets have grown and evolved only by 4% since 2018.
Common Challenges Faced By B2B Payers
B2B markets do face regular challenges proposed by the old and traditional methods of payments. Businesses need to utilise the services offered by the best Indian payment gateway service providers to break this chain.
● A Large Number of Transactions
The bigger the business setup, the larger the amount and frequency of transactions. Unlike B2C markets, businesses transact in lakhs and crores. Transferring huge funds through traditional methods is time-consuming and slow.
● Risk of Potential Fraud
The chances of fraud or missed transactions are prevalent in payments made through cheques. However, most businesses think otherwise and tend to believe the chances of fraud are higher in online payment methods. Indian payment gateway services are ruling out this claim potentially with its services.
● Lack of Transparency
Forecasting different payments made through different channels at varied periods can be a challenging task. It creates a lack of transparency in the business, and the reliance on the accounting team increases more.
● Payment Timing Fluctuations
Managing separate payments can be a lengthy process. On an average estimation, it takes a 45-day long cycle for a large business to confer all its monthly payments to different sources.
● Involvement of High Costs
Methods like wire transfer involve costs for receiving and sending money. In the case of international transactions, the process can be much more costly if there is no secure and redeemable service like that of an Indian payment gateway.
Solutions Offered By Payment Gateway Service Providers
Indian payment gateway service providers are beating the odds in the B2B market and offering the best services to rule out these challenges. The leading names in the industry are providing competent services at pocket-friendly prices.
Online transactions made through a payment gateway are much faster than bank transfers, especially when the amount is huge. One can also save their data in case of cumulative payments.
Buying the services of an Indian payment gateway service provider is less costly than processing and managing several methods of payments. Since they offer every possibility on one dashboard, the costs are lower.
Increased Payment Transparency
Make all the payments through one secure channel and get the information documented without any hassle. No need to juggle through cheque books and payment receipts to get the records of monthly transactions.
The convenience and services offered by Indian payment gateway service providers are unmatched by traditional methods. They channel all the payment methods on one dashboard. So, it becomes easier to process urgent payments too.
Offers Solid ROI
Reduced costs, faster payments, regained time, and a better approach to making payments count as the ROI (Return On Investment) of using payment gateways. Businesses get services and customer care support at their disposal!
Payment solutions for B2B markets are as convenient, outgoing and helpful as in the B2C scenario. Leading service providers are leaving no stone unturned to offer the best products of technology. Businesses should start trusting the channels and adopt the services offered by the best Indian payment gateway service provider. Send funds electronically without any hassle!
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