Electronic payment solutions for B2B transactions can improve cash-flow and business management for suppliers and buyers
Moneris Solutions Corporation (“Moneris”), one of North America’s largest processors of debit and credit card payments, today announced it will be providing electronic payment processing solutions to the business-to-business (B2B) marketplace in Canada, currently valued at $2.8T.¹ B2B payments refer to any payment conducted between two companies, rather than between a company and individual consumer. Moneris’ B2B payment solutions will enable businesses to accept electronic payments from commercial customers and help move them away from less efficient invoicing and paper-based systems.
Moneris will offer its first B2B solution in spring 2016 through an arrangement with Boost Payment Solutions, LLC (“Boost”), a leader in B2B electronic payment services. The solution is designed to solve the payment challenges faced by suppliers and buyers who have not yet moved to electronic methods of payment acceptance. Suppliers are often subject to payment delivery wait times of 60 days or more and lack an automated process for logging payment information. On the other side of the transaction, buyers incur the added burden and risk associated with issuing and delivering cheques. B2B electronic payment acceptance benefits both parties by offering simplified accounting processes and an opportunity for improved cash flow.
“As a leading provider of payment processing solutions for merchant businesses, it’s a natural extension of our services to move into the world of business-to-business payments,” said Rob Wilkinson, vice-president, B2B sales, Moneris. “We’re eager to enter this expanding market and to work with leaders in the B2B technology arena to improve the payment process for suppliers and buyers.”
Moneris’ B2B services target business suppliers accepting payments from commercial customers and card issuing partners who require support enabling suppliers for card acceptance. Suppliers will be offered accounts receivable solutions that move them off of traditional cheque and invoicing systems, speed up payment delivery times and optimize business operations. Card-issuers will benefit from supplier enablement services that help simplify the migration to electronic payment acceptance for suppliers. Services will include strategy consulting, onboarding management, supplier enablement and reporting analytics.
Moneris is currently working with Boost to offer Boost Intercept®, the first B2B payment platform in Canada. Boost Intercept supports multiple commercial card platforms and addresses pain points around security, reporting, data automation and cost.
“Our decision to work with Moneris was a natural one, given their market dominance and their unequivocal commitment to serve the B2B community,” said Dean Leavitt, Chairman and CEO, Boost. “We’re confident that our collective expertise and the Boost Intercept platform will forever change the electronic payments landscape for businesses in Canada.
Moneris is focused on driving B2B growth for existing and new customers.
- Businesses moving from cheque to electronic card acceptance save $24 for every $1000 in sales (Source: Visa Canada)
- 32 per cent of small businesses experienced an increase in sales when they started to accept credit cards (Source: Visa Canada)
- Small businesses account for the largest share of Commercial Consumption Expenditure (CCE) spend (45 per cent)¹
- Wholesale trade ranked first in Canadian commercial spending by industry¹
¹Visa. Commercial Consumption Expenditure (CCE) – Canada 2013, November 2014.