Embedded B2B Payments
Convenient, fast, and secure payment options so your customers have everything they need to pay their invoices.
There’s a good chance your customers use digital wallets in their personal lives along with the other 53% of consumers who prefer them over traditional payment methods. Digital wallets provide speed, convenience, and enhanced security while making it easy to track payment histories and shopping habits. That is why businesses are beginning to follow suit, as The Federal Reserve reported a 31% increase in digital wallet use by U.S.-based companies in 2023.
This blog explains how enabling customers to manage and use digital wallets benefits your B2B company.
Expedites payments
Getting paid on time remains a pain point in the B2B space. More than 50% of invoiced sales in the U.S. were past due in 2025, with the average business waiting 43 days to get paid. Delinquent payments suppress cash flow and make for a stressful work environment.
Once your customers easily set up their digital wallet, they no longer have to re-enter their banking or card information. Paying bills becomes as easy as clicking a button. Another feature, AutoPay, enables you to simply draft recurring fees from your customer’s digital wallet, ensuring you get paid on time. Your customers will appreciate not having to deal with late fees.
Eliminates check usage
Check fraud continues to run rampant. However, 91% of the 500 treasury practitioners surveyed by the Association for Financial Professionals said their companies still use checks.
Digital wallets eliminate the risk of check fraud by providing your customers with digital payment options via ACH and with credit cards. These payments are easy to track and unlike checks, can't get swiped out of mailboxes or stolen in transit. They also don't take days to arrive and clear, which means you get paid faster while protecting your customers' financial data.
Simplifies the payment process
More than 70% of B2B buyers were born after 1980. They're not accustomed to writing out checks. Some may not even know how.
Digital wallets from Bill360 provide the flexibility and convenience your buyers usually get when buying gifts off Amazon and paying the reigning fantasy football champ through Venmo. Digital wallets enable your customers to make easy, one-touch payments from anywhere and at any time using a phone, tablet, or laptop.
Strengthens buyer-seller relationships
It's important to find new business. But recent reports found that acquiring new customers is five times more expensive than retaining current ones, so it’s important to stay loyal to those who have been with you since the beginning.
Unlike checks, digital wallets provide data that helps you track buying histories and spot patterns, enabling you to assist customers on decision-making and gain insight into what products they prefer.
Payments made through digital wallets are tokenized and encrypted, adding another layer of protection your customers will appreciate. These payments are easy to track and reconcile, bringing a quick resolution whenever there is a billing discrepancy, and customers will appreciate not having to spend money on stamps and envelopes.
Environmentally sound
ESG (environment, social, and governance) continues to grow, especially in the B2B space, where companies want to deal with sellers who care about sustainability.
Accepting payments through digital wallets means you won’t fill wastebaskets with envelopes, paper receipts, and photocopies of old checks, nor will your customers. Digital wallets reduce your company’s carbon footprint while making it easier than ever to make and accept prompt payments.
Open digital wallets with Bill360
Bill360 enables your customers to set up and manage their own secure digital wallets through a self-service buyer portal. They get the ease and convenience of a one-touch payment process while you get paid faster. That is why our clients are paid an average of 10 days faster than their previous accounts receivable process.
Use our free AR Health Checkup and learn how digital wallets can help your B2B save time and speed up collections.
FAQ
Why are digital wallets better than checks?
Digital payments are far more secure than paper checks and they get you paid way faster, enabling you to access the cash you need to grow your business.
How do digital wallets help my customers?
Once they set up digital wallets, your customers will no longer have to re-enter banking or card information when paying a bill. They can just click a button, and the bill is paid, saving them time and getting you paid faster than ever.
How do digital wallets save me time?
Accounting automation automatically reconciles digital payments to the correct invoices, freeing your employees to better serve customers or do more creative work. And you'll no longer waste time manually depositing checks.
