The Importance of B2B Digital Payments in SMBs (Small and Medium-Sized Businesses)
In today’s world, B2B digital payments have become a necessity for SMBs to succeed in the modern business landscape. Digital payments enable cash flow management and enable business to gain a competitive edge over their competitors.
The following are ways in which digital payments benefit Small and Medium-Sized Businesses:
1. Faster Payments Processing
Payments are processed instantly through digital payments, allowing SMBs to receive payments from customers and clients faster.
2. Efficient Approval processes
All the stakeholders and customers will be able to view the invoices and comments in one place, which makes the approval process easy to manage.
3. Reduced Admin Costs
Lower transaction fees than traditional payments methods that save SMBs money in the long run, digital payments reduce manual interventions and errors and result in three times a higher cost efficiency as compared to the traditional purchase-order process cost.
4. Improved Cash Flow
B2B offers real-time access to transaction data, helping SMBs track their income and expenses more accurately.
5. Stronger Customer Relationships
According to a recent study, 72% of the SMBs are reported to be expecting their customers to continue preferring digital payments in the future.
Concerns of the digital payments are majorly security and privacy risks, technical issues and system failures, and the possibility of financial exclusion for individuals without access to the necessary technology or financial services.
-B2B digital payments increase security as they use encrypted transactions and protect sensitive information, reducing the risk of fraud and theft.
As technology continues to grow and advance, more people become more comfortable with digital transactions, it’s likely that digital payments will become the dominant form of payment worldwide.
Digital Payments bring sustainability as they eliminate the need for physical currency and paper-based transactions, reducing paper-based transactions, and energy consumption. They also provide opportunities for financial inclusion, allowing more people to participate in the formal economy.
Churpy’s Invoice Marketplace has the following benefits from automating the entire invoicing process to enabling you to configure your account to receive automatic payments reminders for certain customers on specific times of the month. These are sent out as notifications to the relevant parties, and you don’t have to keep up with emails and calls.
Monitor invoice-related discussion- you can be able to discuss figures and other things in a central, retrievable place.
Churpy Invoice Marketplace enables convenient payment options including MPESA, Card, Bank CRN.
All operations on our marketplace are closely monitored by Churpy Reconciliation so that you don’t have to worry about incoming transactions from the marketplace lane.
This software is designed for small and medium-sized businesses as it digitizes payments and provides robust security features ensuring that all transactions are secure and compliant with industry standards.
Please Book a demo with us today and explore how we can help you gain quicker financial closes, improved cash flow and faster payment processing on the Churpy Electronic Invoice Presentment and Payment.