Company Delivers One-Click-Simplicity to Handle Enterprise Cash Cycle
Across the cash management process of many businesses, Bank Lockbox Services have been around for decades as a way for treasury & finance teams to improve their receivable process for checks and other corporate payments sent through the mail. But in today's digitally connected Internet economy, electronic alternatives to traditional lockbox services have emerged. Today we'll explore a little bit about the advantages and disadvantages of a lockbox services and how electronic lockbox alternatives such as an online billing portal may be the next step in the evolution to a traditional commercial lockbox service.
When it comes to ecommerce, you may be surprised to learn that there are many similar requirements between B2B and B2C – such as the need for quality product images, intuitive navigation and a seamless customer journey. But B2B businesses also face their own unique challenges; factors like high sales volumes, long buying cycles and multiple decision makers getting involved along the way. This means they require a slightly different approach to the standard B2C business plan.
Today PayStand, is introducing a completely new way for enterprise payments to leverage the blockchain. For the first time in the industry, PayStand customers have the option to certify and notarize payments on the blockchain (from payment requests & invoices to completed payment receipts) to ensure that the history of payments are secure, auditable, independently verifiable, and free of tampering.
That kind of growth offers a great opportunity for businesses in the B2B space. However, it also opens up the potential for significant competition.
Here are 3 strategies that B2B companies should employ in 2018:
It’s been said that “software is eating the world” - and it’s true. Software platforms for businesses (aka B2B software platforms) are proliferating at an accelerating rate, serving a dizzying array of business needs including accounting, project management, time tracking, billing, CRM, and many others. Developers are racing to fill the needs, creating broad-based “generic” platforms as well as highly specialized tools that cater to the specific needs of particular industries. So whether a company sells organic beverages to corner groceries or horse feed for thoroughbreds, there are probably multiple tools available to help them to better manage their business. The abundance of tools creates an imperative for platform providers to continuously add new capabilities to deliver value to their users. Increasingly, B2B software platform providers are turning to payment services as a key area of innovation.
What happens when you apply SaaS principles to payment processing?
You may not realize it, but you probably depend on multiple SaaS (Software-as-a-Service) products to get through your work day (and at home in the evenings, when you tune into your favorite streaming service). SaaS refers to an Internet-based service for which you pay a monthly subscription fee, and in return receive access to the latest improvements and technical support.
When we launched PayStand almost one year ago, most of our early customers had never heard of Bitcoin, or if they had, they were skeptical about accepting it in their organizations. Silicon Valley is abuzz with development and investment in Bitcoin-related technology, but as in the early days of the Internet, there is speculation, volatility, and media frenzy surrounding the virtual currency. Several business owners and nonprofits we spoke with have adopted a “wait and see” approach, but like having the option to enable Bitcoin in the future. At PayStand we offer our merchants one payments platform with traditional methods alongside Bitcoin (which we call "eCash"), so they can extend the option to their customers when they're ready.
When we first started talking to business owners and nonprofits about lowering their transaction fees, we were surprised to discover that many of them had no idea what they were currently paying to accept credit cards. So, we offered to take a look at their current merchant statements to find out. What we found was even more surprising: most of the statements showed that these merchants were paying a lot more than the percentage rate they were originally quoted for credit cards. It took some digging to figure out the effective rate being paid, however, because merchant processor statements are universally inscrutable.