B2B businesses have seen a shift to digital payments over traditional methods such as cash and cheque in the last decade. They have been adopting online payment methods for payment acceptance for their regular operations and daily activities.
Demonetization and COVID 19 has further boosted the trend due to the impact and change in the method of business, invoicing, etc. The B2B business examples are wholesaling, commercial property selling or construction, etc. The B2B transactions may contain Bulk and small payments depending upon the purpose.
Ideal B2B Payment Gateway – PayKun
PayKun payment gateway is an ideal payment service provider for the requirements of B2B businesses. It provides a very high successful transaction rate. With PayKun, you can receive hassle-free payments directly in your bank account. It has all the suitable features relevant to the B2B transactions. The primary ones are discussed below:
Global Payments:-
It supports both domestic and international payment acceptance. In a short period of time, it has earned its place among the top payment gateways in India.
Affordable Solutions:-
The businesses have a cost-saving system and would make sure that they choose the most cost-effective service provider and at the same time providing quality services. PayKun payment gateway is one such solution. It has the most affordable international fees and the lowest domestic transaction rates (TDR).
120+ Payment Options:-
It offers multiple payment method options, facilitating the full optimization of the payment gateway services for their business payments.
The clients and customers can make easy payments with their preferred payment method from the options such as debit cards, credit cards, mobile wallets, net banking, UPI, etc, and available sub-types in it.
Easy Onboarding and Ideal Settlement Options:-
PayKun registration is smooth and easy. It needs to fulfill basic obligatory requirements and only needs basic KYC. The merchant is guided throughout having one point of contact.
The settlement cycles provided are T + 1/2/3 working days (as per the business model/transaction history/volume, etc).
Security:-
It is important to have a secured payment system for business transactions. PayKun – B2B payment gateway in India is highly reliable and reputed.
Online payments can lead to fraud and cybercrime. With PayKun, the payments are very much secured. It is a 3D payment gateway. It is PCI DSS compliant, SSL certified, and follows AES Encryption standards. All in all, it follows the highest security standards required by the online payment processor.
Due to the stringent verification process for merchant registration and customer transactions, it is hard for fraudulent activities to occur on the merchant or customer’s side.
Integration:-
The merchant can integrate PayKun with their website or the mobile application. It supports all the major platforms and has ready robust plugins and SDKs.
Payment Links:-
If the business payments are not collected through the website or app then they can use PayKun Payment Links or master links and can still provide the PayKun Payment Gateway checkout to its clients and customers.
Transaction Analysis and Management:-
With the smart merchant dashboard the business payments, transactions, clients, order details, settlements, etc. can be tracked, analyzed, and managed well.
Reports and transaction status information provides a tool for controlling.
The transaction status comes up instantly with the reason for the failed transactions. This provides clarity and transparency, unlike the cheque payments which may unexpectedly bounce. You can also reach out to the client and customer for the failed transaction for knowing the reason.
Support:-
A dedicated account manager is assigned to each merchant account as one-point of contact available through call, email, and even Whatsapp.
For general queries, PayKun provides call, email, live chat, and WhatsApp support during business hours.
B2B Payment Trends:-
The businesses still use cash, cheques, and paper invoices/bills however the changes in the ways the business has started operating and to reduce the costs and elevate the income the companies are bringing the use of the paper transactions down.
Aa per a study from Juniper Research, the people transacting with digital wallets will go up from 2.3 billion in 2019 to almost 4 billion by 2024 i.e half of the population of the world. The transaction value of the wallet will be pushed upwards by more than 80% by this. It would amount to $9 trillion per year.
Statista Reports:-
For digital payments in India, it is expected that the total transaction value would show an annual growth rate (CAGR 2020-2024) of 16.7% which would result in the predicted total amount of ₹8,859,999m by 2024.
For Digital Payments worldwide, the transaction value in 2019 was $4.1 trillion and it is estimated to reach around $4.8 trillion in 2020.
Concluding:-
Your business would need a payment gateway to process payments faster and easier transactions because there are various options available in the market. To keep up with the competition and meet the market demands, the payment area needs to be covered. Thus as per your B2B business model you need to opt for a B2B payment gateway in India to avail of the various advantages.
