In B2B business transactions, the scale of operations is larger, numerous buyers participate within a single organization, and a more advanced approach to handling transactions is expected. Uncover how these distinctive characteristics set B2B apart from consumer sales, creating a dynamic and nuanced landscape for business interactions.
Credit Card Payments on the Rise
Credit card payments are on the rise, driven to a large degree by the pandemic and the sudden move to remote transactions. Payments have become increasingly cashless, according to PwC. Their data shows a 42% increase in global cashless payment volumes, with 89% of respondents cited in their 2025 & Beyond series agreeing that the shift to e-commerce will cause these numbers to continue to increase.
Businesses are even more likely than consumers to favor using credit cards for payment. According to the Association for Financial Professionals (AFP), B2B check usage has fallen to an all-time low of 33%.
These transactions are also increasingly taking place in a digital environment rather than at a point of purchase or face-to-face. Deloitte predicts that:
“The acceleration toward digital payments may reach a tipping point driven by innovation and increasing customer acceptance.”
They say businesses are reconsidering their operating models and considering “consumer preferences, digital identity, next-gen technology, and continuing innovation.
The writing is on the wall: your B2B customers and clients increasingly expect to have credit card payment options that include digital payments.
Customers Expect Credit Card Payment Options
Chances are the businesses you sell products and services to expect that you will be able to process credit card transactions. It’s just a common expectation of doing business with a reputable vendor.
That’s one important reason to explore opportunities for accepting credit card transactions. But there are others. Here we share what we consider to be the “Top 5” advantages of accepting credit cards in B2B transactions—for both your business and your customers.
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Convenience and Customer Service
Face it. Customers today—especially B2B customers—expect to have the convenience of paying via credit card. And they want that process to flow smoothly. They don’t want to call in to provide their information to one of your staff members. They want to simply “click and go.” Today's business customers are looking for more payment options that offer both security and convenience. In addition, today’s credit card providers often offer rewards like cash back, airline miles, and discounts for credit card usage.
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Getting Paid Faster
When your customers and clients pay via check, processing time is involved. That time delays your ability to have access to your money and has a negative impact on cash flow. When customers can conveniently “click a link” vs. mailing in a check you will need to process and deposit, you can access your money faster. Your business customers can also “delay” their out-of-pocket payments until they receive their next credit card bill, even though you’ll already have your money in the bank!
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Increased Cash Flow
Cash flow and accounts receivable are two crucial concepts for business. Accepting credit cards can help you better manage cash flow while minimizing accounts receivable. You get paid faster, allowing you to manage your expenses and business investments better.
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Discounts
Taking advantage of discounts available from Visa and Mastercard. Level II and III discounts provide lower transaction costs for B2B vendors compared to standard processing options because of the detailed transaction data provided. This also reduces the risk of fraud and improves processing efficiency. Level II and III processing also allows higher transaction limits and more detailed reporting options. This type of processing can be more complex and involved—Spark Solutions Group can explain and simplify this process, helping you to maximize your payment volumes.
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Reduce Bad Debt Risk
When you are paid upfront and securely through a credit card transaction, you don’t have to worry about your customers defaulting on their payments. Consider taking a deposit or scheduling automatic payments. You can eliminate the need to chase after customers for payment. That can have a significant positive impact on staff productivity and peace of mind.
There are few reasons not to accept credit card payments—aside from the high fees associated with certain service providers. That’s why it pays to choose wisely when choosing a credit card vendor partner.
If you’re not accepting credit cards, or if you’re processing credit card payments through a service like QuickBooks and have reached the point where you’re bringing in $50K, or more, a month, it’s time to explore other options that may be available to you.
Credit Card Payment Solution Options
Are you processing more than $50K a month in payments? Chances are you are already using—or looking to use—an out-of-the-box solution like QuickBooks Payments, however, there are some things you need to know. Check out our new guide, Conquering Change Anxiety: Migrating From QuickBooks Payments To New B2B Payment Solutions, to dive into the limitations of QuickBooks Payments for growing businesses and what to look for in a credit card processing solution that will best fit the unique needs of your business.
