All You Need to Know about B2B Payments6 min readReading Time: 3 minutes
What do you know About B2B Payments. Or what are you wondering about? Find out all the answers in this article. We have prepared all the details for you. If you’re ready, let’s start.
B2B Payments Landscape and Methods
You finally launched your company after all the hard work, unpredicted obstacles, sleepless nights, heavy regulations, and spending much more than you have planned.
As entrepreneurs ourselves, we have been there! But hey! Congratulations! Your great effort totally deserves a celebration. However, there are still many things to do ahead of you.
We do not want to cast a shadow on your big success but the main road starts now. Since your goal is to expand your business in the market, you must comprehend all the details about Business-to-Business payments, and the most functional way to utilize them.
About B2B Payments in 2023
To sustain your business, no matter whether you are a real estate agent in the French Riviera or a custom-made embroidery artist from Norway, you need to cooperate with other businesses such as suppliers, landlords, accountants, designers, etc.
Yes! We know how tough it can be to keep the bonds strong and trustworthy in the sector when the money and profits are involved. That’s why most of us try to keep our old connections secure while stepping forward to create new ones.
It is possible to define B2B payments as the money transactions processed between two companies for exchanged products or services.
When we compare B2B with B2C (Business-to-Customer) payments, we can clearly divide them in the terms of intervals and amounts.
While B2B payments are much higher sums and are often split across months or quarters, B2C ones are smaller amounts.
The Best B2B Payment Methods
Considering you will not want to limit your business in the borders of your country, When the subject is B2B transactions for global money transfers, it is possible to find a myriad of options including cash, check, bank wire transfers, debit/credit cards and payment gateways like PayPal, Venmo, Jeton, GooglePay, Skrill and Neteller.
However, nowadays, another way of B2B is highly trendy among merchants and business owners.
Offshore banking! Especially, the ones facing international money transfer fees and costs intend to open an offshore account in the countries they are working with.
Actually, in a world evolving into a massive village day by day, the benefits of an offshore bank account are pretty significant.
Do you remember what happened to Greece and Iceland in 2016? After a night’s announcement about capital controls, the people rushed to ATMs to cash out all their money.
What about Qatar’s embargo by Saudi Arabia, The UAE, Egypt, and Bahrain? Just some years ago Poland, Hungary, Portugal, and Argentina nationalized all retirement savings against all those resistant protests.
Citizens and investors in these countries had terrifying times and had nothing to do but wait. These chaotic situations have exemplified those who believe their countries are safe and stable.
Besides protecting your assets from any possible threat in your residential country, offshore account countries offer profitable interest rates and other advantages for your deposits.
Moreover, a new country may welcome you with different funds and investment choices which may not be available either in your residential country.
Especially, in the countries which are famous for their offshore services, competitive and advantageous foreign exchange rates are provided. Thus, instead of paying exchange fees twice, you can utilize better rates with fewer transaction fees. Oh! Let’s not forget that offshore bank accounts offer ex-pat tax advantages. Better interest rates and low taxes! Sounds amazing, right?
Would you like to go for an offshore account in The Kingdom Bank and meet our high-standard online services?