The emergence of options such as buy now, pay later (BNPL) services was first introduced to business to consumer (B2C) transactions, giving customers the ability to access products and services they need today while paying at a later date or over a series of instalments.
As a supplier, wholesaler or distributor in the Fast Moving Consumer Goods (FMCG) sector, your business likely deals with a high volume of B2B payments.
E-invoicing has transformed how businesses send and receive invoices. It automates the exchange of invoice information directly between a supplier’s and a customer’s accounting software.
For businesses built in the cloud, pivoting, scaling and expanding to new countries can be achieved at a very low cost. These companies also implement some of the latest systems and processes in payments technology — think instant payments, secure payment networks and the ability for customers to choose from a range of options in how and when they pay.
Wholesale and supply businesses rely on great relationships with their business customers. Not only is this the lifeblood of their business, but providing a great experience for current customers ensures suppliers are referred to other great businesses in their customer’s networks as well.
Late payments aren’t new to Australian businesses. For many businesses, having almost $40,000 in outstanding invoices is the reality of operating, but it doesn’t have to be the case.
Business automation has been a growing trend in recent years as companies seek to realise efficiencies and make improvements across a range of systems and processes.
One of the main changes businesses have adopted since the start of the COVID-19 pandemic is a faster move to contactless and cashless payments.
Late payments are an ongoing problem for Australian businesses. If you’re a business owner, you’ve probably seen the statistics and felt the effects of these in your own business.
Chasing up late payments is something business owners and their finance and accounting teams spend a lot of time doing.
Chasing late payments can cost your business a lot of money, and today, Australian small businesses spend an average of 12 days per year chasing late payments – many of which are still likely relying on out-dated and inefficient manual processes.
Late payments amongst Australia’s SMEs have been an ongoing issue for many years. To address the issue, various policy measures have been introduced, especially when it comes to larger businesses paying SMEs.
When economic uncertainty hits, you may find it more difficult to manage your cash flow. This article outlines how to balance your business’s cash flow in an uncertain economy.
With a virtual terminal you can process payments in-store, over phone or online using a tablet. It’s easy & secure! Read more
Over the last decade, payment service providers (PSPs) have made a range of payment methods available to customers, particularly when it comes to online payments.
The payment processing industry has progressed rapidly in recent years, particularly for business to consumer (B2C) transactions. Platforms that offer integrated payment technologies for businesses to business (B2B) transactions are also becoming more widely adopted, allowing businesses to accept online payments and transform the way in which they trade.
Providing a great customer experience is critical for long-term business growth. Studies show increasing your customer retention by just 5 per cent can lead to revenue increases of at least 25 per cent.
Businesses that sell online need a payment gateway to accept online payments. As the infrastructure that ensures all your payments occur seamlessly in the background, it’s important that you understand what payment gateway providers are available and how this integrates with the rest of your business.
Many things need to be operating successfully for a profitable business, but the most important factor is cash flow management. Without adequate cash flow, it becomes difficult to pay suppliers, manage stock and cover the everyday expenses of running a business.
As businesses have started using technology more, online payment fraud has become a common problem. Email payment fraud is one of the most common and costly online scams.
If you’re an accounts receivable professional or a business owner, you’d know the headache of following up overdue payments all too well. You may use a range of strategies to collect overdue payments, from agreeing on payment plans with your debtors to sending the invoice for debt collection.
The COVID-19 pandemic has permanently changed the way in which business is done and how customers shop. In 2020, retail e-commerce sales worldwide amounted to USD 4.1 trillion and are projected to grow to USD 6.54 trillion in 2022.
Despite innovation in payment methods offered to consumers, the way businesses pay each other has changed very little over the last 40 years.
Today, cash flow is the leading cause of business failure. In fact, 30 per cent of businesses say they only have enough cash flow to survive for three months or less.
Revolutionary fintech functionalities are a ‘game-changer’ for retail and business-to-business transactions. COVID-19 has propelled the move to eCommerce into hyperdrive and app developers have risen to the occasion, providing business owners with effective tools to streamline their payment process.
When we think of processing payments, it typically takes place when certain milestones are reached between your business and the customer.
Business is inherently about two things — people and numbers.
When you run a business, turning a profit is often a key focus as a business gets off the ground and continues to grow.
For many businesses, 2020 has been the year that has forced them to innovate and implement digital technologies in their business systems and operations.
Making sure you get paid on time is critical to your business’s cash flow.
When it comes to being a business owner, you’re either old school and run it with pen, paper and logbooks, or you have switched to digital technologies where your business data is automated and looking back at you from behind a screen.
We’ve already invented 3D printing, spray-on skin and self-driving cars, so you would expect we can seamlessly send and pay off invoices without errors in an instant, right?
Merchant Fees. They’re as annoying as they are confusing. Many business owners don’t know enough about how they work or what they are paying for, let alone the breakdown of costs behind each transaction.
Developing a loyal customer base of repeat shoppers gives your business resilience to weather economic cycles and periods of uncertainty.
Thankfully here in Australia, we’re handling the COVID-19 pandemic incredibly well and there is now a visible sign of the light at the end of the restriction tunnel, with a planned restoration of all businesses opening by July.
There are two ways to build a profitable business, increase sales or decrease costs.
Over the last few years, Business to Business (B2B) and Business to Consumer (B2C) efficiency, revenue and customer engagement has differed enormously.
For all retail, supplier or wholesale businesses, there are plenty of ways you can take advantage of the days prior to and including V-Day.
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