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Best B2B Payments Companies: Top 5 Options
Business-to-business (B2B) payments companies facilitate seamless and secure financial transactions between businesses. These companies offer a range of services and solutions tailored to the needs of each business, including sales, invoicing, and different types of payments.
Increasing automation is driving efficiency and creating new opportunities for the global B2B payment processing industry, which is expected to exceed $111 trillion in 2027 from $88 trillion in 2022.¹
In this article, we explore the top B2B payments companies in the market, highlighting their features, pricing, pros and cons.
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Top B2B Payments Companies in the Market
Quick Summary
| Provider | Great for |
|---|---|
| Stripe | International payment processing |
| Adyen | Omnichannel payment processing |
| Bill.com | Automating accounts payable/receivable |
| AvidXchange | Automating invoicing |
| Square | Small and mid-sized businesses |
Stripe
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Stripe is a well-known name in the payments industry, and it offers a broad range of solutions for businesses. It supports remote and in-person payment processing.
Businesses can accept domestic and international payments through credit and debit cards, wire transfers, and ACH/e-checks. Businesses can integrate Stripe into their point-of-sale (POS) systems or websites, or build their own solution using its API. Stripe supports international payments in over 135 currencies.
| If you have a Wise Business account, you can also link your account to Stripe to save money when receiving international payments. |
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Pricing
Stripe's pricing is competitive and transparent, with a straightforward fee structure.²
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Adyen
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Adyen is known for its omnichannel payment solutions. Its unified platform enables businesses to accept payments online via a payment gateway or in-store via its POS systems. It also provides integration for in-app or mobile payments.
Adyen also provides businesses with merchant accounts to receive payments. Small businesses can accept a full range of payment methods through the platform, including credit and debit cards, digital wallets and direct debits, in over 30 currencies.
Pricing
Adyen's pricing is tailored to individual business needs. It offers competitive rates for various payment methods.³
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Bill.com
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Bill.com specializes in automating accounts payable and receivable processes for businesses. It provides a cloud-based, AI-enabled platform for managing invoices, approvals, and payments.
Bill.com provides scalable packages for businesses of different sizes. All packages include standard approval workflow, payment support, AI-powered data entry, and unlimited document storage.
The platform tracks accounts payable and receivable, syncs with accounting software, allows automatic data entry, and provides payment reminders.
Pricing
Bill.com's pricing varies based on the plan and usage. It offers competitive rates for its services.⁴
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AvidXchange
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AvidXchange provides software and services focused on automating the accounts payable process for businesses. The cloud-based platform offers features such as invoice processing, approval workflows, and electronic payments.
Businesses can have paper invoices sent to a P.O. Box and converted to an electronic format, reducing manual data entry.
AvidXchange offers four modules: invoice automation, purchase order automation, utility bill management, and bill payment automation. Businesses can integrate AvidXchange with their enterprise resource planning (ERP) and enable automation for more than 150 accounting applications.
Pricing
AvidXchange offers custom pricing tailored to the specific modules and services businesses need.
Square
| Pros | Cons |
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Square is another well-known payment service provider offering versatile payment solutions, including POS systems, e-commerce tools, and invoicing services. It is used by businesses of all sizes, ranging from startups to large companies with multiple stores.
Square is popular among small and mid-sized businesses because it charges no monthly fees for its basic plan and provides a flat transaction fee structure. It offers four services: Square POS, Square Appointments, Square for Restaurants and Square for Retail.
Pricing
Square offers transparent pricing with competitive rates. Fees vary depending on the type of transaction and payment method.⁵
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Factors to Consider When Choosing a B2B Payments Company
When selecting a B2B payments company, businesses should consider several key factors.
Suitability for Business Size and Industry
It is important to compare providers and choose one that aligns with the company's size and industry-specific needs.
Integration Capabilities with Business Systems
Some providers offer a wide range of integrations with other applications and systems, while others have a more limited offering. Businesses should make sure they choose a solution that integrates seamlessly with their existing software and systems.
Cost Structure and Transaction Fees
Each provider offers a different cost structure, which will be more suitable for some businesses than others. It is important to understand the pricing model and fees associated with each service so that you can choose the best option for the business.
Benefits of Using B2B Payments Companies
Using B2B payments and invoicing companies offers businesses several benefits to enhance their financial operations.
Streamlining Accounts Payable and Receivable
B2B payments companies automate many aspects of accounts payable and receivable, reducing manual data entry and paperwork. Invoices can be processed electronically, eliminating the need for time-consuming manual processes.
Automation speeds up payment processing, reducing payment cycle times. This is especially important for businesses that need to meet tight deadlines or take advantage of early payment discounts.
Enhanced Payment Tracking and Reporting
B2B payment solutions provide real-time visibility into financial transactions. Businesses can access real-time data and reporting for better financial control. They can track payments, monitor cash flow, and access detailed transaction histories, enabling better financial decision-making.
Many B2B payment platforms offer customizable reporting tools, allowing businesses to generate reports tailored to their specific needs. This can provide valuable insights into the business's financial performance.
Minimizing Human Errors and Improving Efficiency
Automation reduces the risk of costly human errors in financial transactions, such as duplicate payments or payment discrepancies caused by manual data entry. This ensures that invoices are paid accurately and on time, fostering better relationships with suppliers and partners.
By automating routine tasks, businesses can free up employees to focus on more strategic activities. This can improve productivity and allocation of human resources.
Challenges and Considerations in Implementing B2B Payments Solutions
While B2B payment companies offer numerous advantages, there are also challenges that businesses need to address. Understanding these challenges is essential for making informed decisions about implementing and using B2B payment solutions.
Adoption and Training for Stakeholders
Adequate training is necessary to ensure that employees can effectively use the B2B payment system. This training can be time-consuming and may temporarily affect productivity during the transition.
Some employees may resist adopting new payment processes, especially if they are used to traditional methods. Overcoming this resistance may require a change management strategy and effective communication.
Data Security and Compliance Obligations
With the increased use of digital payment methods, the risk of hacking and data breaches is heightened. Businesses must invest in robust cybersecurity measures to protect sensitive financial data and adhere to regulatory requirements.
Depending on the industry and location, businesses may have to comply with a multitude of regulations regarding data protection, payment processing, and tax reporting. Navigating these compliance requirements can be complex and time-consuming.
Integration Challenges with Legacy Systems
If a business has been using a particular accounting or ERP system for an extended period, integrating a new B2B payment solution can be challenging. Incompatibility issues can lead to delays and frustrations in payment processing.
Businesses with highly customized legacy systems may find it difficult to seamlessly integrate a new payment solution without extensive customization.
Conclusion
B2B payments tech companies play a crucial role in facilitating efficient and secure financial transactions for modern businesses. They help companies receive and send domestic and international payments online and automate their accounting processes.
Businesses should carefully evaluate and implement reliable B2B payment solutions, that provide flexibility and security while increasing the efficiency of their transactions.
By selecting the right provider for their unique needs, businesses can optimize their financial processes and focus on their core operations.
International B2B payments with ease: Try Wise Business
If your business needs to send or receive international B2B payments on a regular basis, consider opening an account with Wise Business.
Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account offers a user-friendly and efficient solution for international B2B payments.
Save time and money
with Wise Business
A Wise Business account is easy to set up and easy to use. You can use it to make international B2B payments at the mid-market rate. That means less time spent raging about why your bank charged so much for your transfer, and more money to spend on exciting things…like taxes.
You can also receive payments like a local with international account details. Set up your account online, and see how you can make easy B2B cross-border payments today.
| Read the guide on how to open a Wise Business account |
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Sources:
- B2B Payments to Exceed $111 Trillion Transactions Globally in 2027
- Pricing & Fees | Stripe Official Site
- Adyen pricing
- Pricing & Plans | BILL
- Square Processing Fees, Plans, and Software Pricing
All sources checked September 2023.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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