Business Friendly B2B Card Processing

Credit card processing services make financial transactions simple and clean for business owners. However, it is widely known that business-to-business credit card sales tend to be more complex than straightforward consumer end transactions. That is because business-to-business sales are more likely to be more expensive withdrawals that can take days. Here are some great B2B credit card processing feature benefits that can help make the process smoother.

If you’ve ever been charged a surcharge for using a credit card, the reason was probably that the business you were purchasing from was trying to avoid paying the interchange fees. It makes sense for some businesses not to stay on the hook for those fees. Although, many see it as a cost of doing business or they back the extra fees into the price to avoid irritating their customers.

B2B Card Processing Features

It is easy to incorporate B2B credit card processing technology into your current business management software. Many types of credit card solutions are very tech-savvy and intuitive, making it simple to merge with your accounting practices without getting bogged down in a lot of the details.

Level 3 Credit Card Processing

You can enhance how you perform transactions when you accept Level 3 level corporate cards. Level 3 is the highest tier of the transaction, and aids in the reduction of costly fees for an increase in profit. The most detailed information is required in this process and can include the item quantity, product code, item description, address information, tax ID, and many more items of information for this to be processed. Credit card companies request this additional information so that there is a lower interchange fee as a tradeoff. It helps to expand the number of customers you work with in order to receive high-cost transfers for bare minimum prices.

Secure B2B Credit Card Encryption

You can expect the highest quality of data security you work with a B2B payment system. This includes point-to-point encryption, fraud filters, and tokenization. Point-to-point encryption is a security tool that aids in the obscuring of sensitive data so that credit card data is fully encrypted. This occurs when the card is swiped into the payment portal and also while the data is being transferred between different parties. It helps for the approval and authorization of card usage without any of this information being exposed to any hackers or intercepting parties. Tokenization is another security measure that can keep financial information safe. It has the ability to hide information such as credit card numbers, CVV codes, the full name of cardholders, bank account numbers, and expiration dates. The information is substituted with non-specific ID codes called tokens. They are spontaneously generated as soon as a customer puts in their information into a point of sale device. Other security devices are fraud management tools. This can be done through a velocity filter, Geo IP tracking filter, a negative database, a CVV filter, an address verification filter, a threshold on financial amounts, and more.

Flexible Considerations

Credit card processing systems can be tailored to your specific needs. For example, you can work with one that takes into consideration the industry that you work with and the volume of payments you manage between merchants. Some industries work in the trillions of dollars, while others only in the tens of thousands. The frequency of how many contracts you work with and how many people involved can also change how your credit card processing system functions for your company. This flexibility provides a better option than wire transfers, electronic bank transfers, and checks, which are less convenient.