Custom Software Development for Financial Services
B2B eCommerce is on the rise, and marketplaces are one sector where it holds a lot of promise. B2B marketplaces were projected to produce $3.6 trillion in revenue by 2024 even before the pandemic. COVID-19 limitations have boosted interest in these platforms even further.
The smoothness of payments is also critical to the success of a B2B marketplace. Paper checks and other outdated B2B payment methods aren’t up to the task. It’s past time for digital solutions to take center stage.
We’ll look at the most common and effective B2B eCommerce payment methods in this article. The knowledge you acquire will aid you in selecting the most appropriate payment mechanism for your marketplace.
Payment options for Financial Services marketplaces
Marketplaces are spoiled for choice when it comes to remittance choices. We’ll look at the most popular approaches used by well-known platforms.
Debit and credit card payments
Debit and credit card payments are accepted by the majority of B2B networks. All major credit cards are accepted by Amazon Business. The same can be said for Upwork (except for virtual cards). Users must use a credit card to position their order.
Platforms for digital payments
Venmo, PayPal, Payoneer, Dwolla, and Google Pay are just a few of the prominent online payment platforms. They all allow for money transfers between companies without the need to use bank accounts (though they are linked to bank accounts).
This method is fast, and most payment platforms operate globally, accepting a wide range of currencies.
Digital payment systems are preferred by marketplaces because they have superior fraud protection. However, not all of them are practical, and some are limited to some platforms. Venmo, for example, can only be found on mobile devices, which can be inconvenient.
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