B2B Payments

Recently there's been a surge in the online world - one involving B2B payments. Dozens of startups have launched platforms to make B2B payments easier, numerous companies are catching on and using B2B payments as a way to cut costs and simplify payments, and countless organizations are using them as a way to minimize security risks associated with paper checks such as hacked bank accounts, fake checks, or forged signatures.
B2B payment stands for "business to business," or in other words, there's no bank acting as a middle man for the transaction. This is what allows businesses to slash costs, often by a very significant amount, and to simplify payments.
Banks often charge a processing fee, which can be a flat fee, or a percentage ranging anywhere from 2-5%. Even though this may not seem significant, if a business transfers a few hundred million dollars in the course of a year to employees, CEOs, research and development, and overseas producers, that's a massive six to ten million dollars spent on just processing fees!
The beauty of B2B payments, is that by cutting out the middle man, you also slash the massive fees that they often charge. This isn't to say that B2B payments aren't completely free, however - B2B organizations need to make their money somehow. That being said, however, they generally have far lower processing fees than a more traditional bank.
Despite all of the benefits of B2B payments, some businesses are refusing to jump on the bandwagon.
A lot of businesses already have huge, automated systems set in place to take care of processing revenue, transferring money, and paying employees, and having to change these systems over to a B2B payment method would be a huge cost upfront. Most businesses have been using paper checks as their primary means of transferring money over the last century, and by having to redo the entire system they would potentially have to spend an enormous amount of money.
In addition to this, many are skeptical of the new B2B payments market, because they believe that online checks are far less secure than paper checks. In a way they're right - with online checks, you often don't know if who you're sending it to is legitimate, and if he'll go back on his word and refuse to deliver his service. This was a very legitimate concern in the early to mid 2000's, but technology has advanced to make online payments far more secure since then. Unless you use an untrustworthy, sketchy payment service to handle your online payments, you don't have to worry that much about scams.
It doesn't help that some B2B vendors are inexperienced in this new marketplace, too. Some B2B processing companies have cost customers tens of thousands of dollars by simply choosing an inefficient processing method - and this is in addition to fees!
Many companies are working in b2b payments systems but six among them are soaring high in the business market due to efficient solution providing capability
In summary, B2B payment services are likely the future. I seriously doubt that they're going anywhere anytime soon, and based on the number of businesses which are hitching their wagons to this industry, I'd say it's about time that you do too.

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