According to eMarketer, online transactions passed the $1 trillion threshold for the first time in 2012. The fact is that online shopping between businesses and between businesses and consumers is continuing to grow at astronomical rates. As statistics from CPC Strategy Show, 80% of Americans have shopped online, and 50% have done so more than once. Is your business prepared to handle payment processing services going into the future? If not, here are three ways using an eCommerce payment processing solution can help you succeed in the future.
B2B, business to business, and B2C, business to consumer, buyers have completely different needs. Subsequently, you will need to provide them with different payment processing services. There are three different levels of processing credit cards. Level 1 is usually used for general consumers. Level 2 is for businesses and governmental bodies looking for some tracking features. Level 3, however, provides the most data with each transaction, including quantity, description, postal code, and many other bits of data. Level 3 processing is used for governments and corporations.
In 2007, digital payment methods surpassed the popularity of paper checks for the first time. Since that time they have only grown in their ubiquity. Online payment services allow you to exchange money for your B2B transactions in a quick, convenient way. More importantly, however, B2B transactions can be conducted safely using reputable payment processing companies. Do not let your company or your clients add to the staggering cybercrime statistics. According to the FBI, there were 280,000 reported crimes in 2012 alone. Use card processing solutions that can help protect you.
According to Lauren Indvik of Mashably, U.S. online sales are set to grow 13% this year to $262 billion. If your company is not taking advantage of website credit card processing, it is far more likely to miss out on the boons of that growth. Why? As eCommerce News points out, credit cards are the most popular payment method in the country. Make sure you remain an important part of the B2B “food chain” of ERP vendors, commercial banks, billing and collections, and business process outsourcing firms by providing your clients with these important services.
Whether you have a need for level 2 or 3 processing for your B2b transactions, processing payments in a safe way is key to protecting, growing, and customizing your business. Regardless of whether you are a small business or large, there is a company that can help you to grow in these ways. Do not wait any longer to take advantage of them.