For B2B (business-to-business) transactions, efficient transfers of funds are crucial to keeping your business’s customs running smoothly. However, the default method for B2B funds transfers is the obsolete and slow bank and wires transfer methods. Traditional methods waste time, are slow and insecure.
Cashflow.io believes there should be a better solution to this.
Let’s explore how Cashflow.io is perfectly positioned to offer businesses easy B2B bank transfers for companies within the US, Canada and even abroad.
The Current State of B2B Transactions
We can split these B2B transactions into two important categories: domestic and international.
For international B2B transactions, the default method is wire transfer. These are subject to high fees that can eat out of every transaction. For example, a typical transfer fee ranges from $45 and $50 for payments going out of Canada and the US. For businesses working with companies in other countries, a better transfer method is needed.
When looking at domestic transactions, the landscape is far more varied. Over 80% of Canada’s $9T annual transactions are remote back-office transactions, with only 10% using POS and less than 5% making use of eCommerce. Even more worryingly, 40% of B2B remote back-office payments are using paper cheques!
Traditional bank transfers are holding back the growth of scaling businesses. This is because bank transfers are a ‘push’ payment method. This means every payment must be initiated by the payer. This means more admin time for the paying business and slower payments for the receiving party.
Traditional domestic payment methods result in:
- Delayed or late payments
- Increased staffing costs
- A lack of protection
The Solution: Cashflow.io
Cashflow.io is a cloud-based remote back-office B2B payments & financing automation service. The services offer enterprise cash flow automation tools without the enterprise costs & heavy integrations.
Where Cashflow.io is most useful here is it provides a secure, online remote back-office payment method, perfectly suited for both domestic and international B2B transactions.
‘Push’ payments through protocols like bank transfer, ACH and Visa Direct is super simple. Cashflow.io allows you to automate all your payments with a single log-in, saving you time and alleviating pressure on your payment team.
Avoid the exorbitant wire transfer fees for international payment by using a simple Visa card transaction.
Moreover, Cashflow.io collates all your bank accounts and providers into one easy platform. This means less time logging into accounts, writing cheques and visiting banks – giving you more time to build your business.
When receiving B2B payments, Cashflow.io transforms funds transfers from a ‘push’ payment method to a ‘pull’ one. First, you’ll need to create a payment order, and Cashflow.io will send an invoice and payment offers to your customer for them to agree to these terms.
You can set up automated payment requests that will pull funds using pre-authorized debits. This reduces late payments and keeps both parties’ admin costs to a minimum.
Through Cashflow.io, you can even offer pay later in instalment plans. This helps lower the burden on those payees most likely to delay payment – and allows you to gain a pricing edge on competitors without affecting your bottom line.
Cashflow.io will connect you’re your payees with instant same-day financing options to make payment easier for them and ensure you get cash to you straight away.
Let’s get started!
So, what are you waiting for? Get started with Cashflow.io for free! This trial tier gives you 25 free transactions a month or $25,000 in volume – whichever you meet first.
Once you’re ready to transition over to Cashflow.io as your main remote back-office payment solution, you can get started for as little as $50 a month – or go ‘Pro Unlimited’ for $100 a month. There are zero integration costs and no long-term commitments or contracts. Get started today at cashflow.io/signup and eliminate your B2B transaction woes.
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