The global B2B payments market is booming. On course to a predicted £87 trillion in transactions by 2027, businesses are recognising the importance of finding the right payment solution to process seamless, secure, and efficient financial transactions. For enterprise businesses in particular, a strong B2B payments strategy coupled with the right solutions can be the difference between success and stagnation.
In this article, we'll explore;
- The top 5 B2B payments platforms in the market - assessing their features, pricing, and the unique benefits they offer.
- Key factors to consider when selecting a B2B payments provider
- The potential challenges to be aware of during implementation.
Top 5 B2B Payments Companies: Features, Pricing, and Considerations
1. Stripe
Stripe is a leading B2B payments company known for its global reach, versatile payment options, and powerful API capabilities. Its platform enables businesses to accept a wide range of domestic and international payments, including credit/debit cards, wire transfers, and ACH/e-checks. Stripe's focus on seamless integration and fraud protection makes it a popular choice for businesses of all sizes.
Pros:
- Global reach, with support for 135+ currencies
- Wide range of payment methods
- Robust API for customization
- Lower cost, open-banking-powered payment methods in UK
- Strong fraud protection
Cons:
- Does not offer a built-in virtual terminal
- Limited offline payment options
Pricing:
- No monthly subscription fee
- Transaction fees: 1.5% + £0.20 for cards, 2.5% + £0.20 for international cards, 1% capped at £2 for direct debit
2. Kriya
Kriya is a B2B BNPL - or PayLater - specialist that enables flexible B2B payment terms for enterprise businesses. B2B buyers expect to have the same flexibility that they enjoy in B2C transactions, Kriya allows merchants to offer this through both online and offline channels. Kriya’s PayLater solution allows buyers to select pay in 3, or 30/45/60 day payment terms, while the merchant is paid upfront on delivery of the goods or services. Kriya conducts instant, seamless credit checking, authentication & sets spending limits at the point of purchase, taking on all of the credit risk.
Pros:
- Offer PayLater options to your buyers
- No credit risk for the merchant - Kriya takes it on
- Receive payment upfront, even when buyers PayLater
- Automated credit checking and authentication
- Built for all types of B2B payments: Online & Offline channels
- Backed by Barclays, Santander, Northzone & more
- API, hosted payment flow, plugin integration options
Cons:
- Not suitable for some small businesses
Pricing
- Transaction fees tailored to your business size, payment terms and buyer risk profile Contact the team to find out more
3. Adyen
Adyen is renowned for its omnichannel payment processing capabilities, enabling businesses to accept payments seamlessly across various channels, including online, in-store, and mobile. Its unified platform, real-time reporting, and support for multiple currencies make it a compelling choice for enterprises seeking a comprehensive B2B payments solution.
Pros:
- Seamless omnichannel payment processing
- Support for multiple currencies
- Accepts payments in almost 100 countries
- Real-time reporting and analytics
- No monthly, setup, integration or closure fees
Cons:
- Minimum invoice amount
- Lack of features for physical storefronts
- May not be ideal for small businesses due to complexity
- Initial setup can be time-consuming
Pricing:
- No monthly fee
- Processing fee: £0.11 per transaction + payment method fee determined by card network users
4. PayPal
PayPal is one of the most well-known payment providers globally, offering a reliable and secure platform for businesses to manage their transactions. With its extensive reach, businesses can accept payments from customers in over 200 countries. PayPal supports various payment methods, including credit/debit cards, PayPal balance, and bank transfers, making it a versatile choice for B2B payments.
Pros:
- Extensive global reach
- Supports multiple payment methods
- Easy integration with e-commerce platforms
- Strong security features and fraud protection
- No setup or monthly fees for basic accounts
Cons:
- Transaction fees can be high for international payments
- Limited customer support for small businesses
- Account holds and limitations can occur without notice
Pricing:
- No monthly fee for standard accounts
- Transaction fees: 2.9% + £0.23 per transaction within the UK, 4.4% + a fixed fee for international transactions
- Additional fees for currency conversion and chargebacks
5. Worldpay
Worldpay is a global payment processing company that offers online, in-store, and mobile payment processing. Known for its robust security features and extensive support for various payment methods, Worldpay is a reliable choice for businesses looking to streamline their payment processes.
Pros:
- Extensive global reach with support for multiple currencies
- Robust security features, including fraud prevention tools
- Versatile payment options, including credit/debit cards, ACH, and mobile payments
- Detailed reporting and analytics
- Customizable payment solutions for different business needs
Cons:
- Complex fee structure can be difficult to understand
Pricing:
- No monthly fee for standard accounts
- Transaction fees vary by payment method and region; typically around 2.75% + £0.20 per transaction
- Additional fees for premium features and advanced security options
Factors to Consider When Selecting a B2B Payments Company
When choosing a B2B payments company, you’ll want to consider your business’ specific needs, identifying the critical factors that payment solutions need to fulfil. Every business will have a different set of criteria based on the market, internal processes and existing tech stack.
Suitability for Business Size and Industry
The size and industry of your business play a crucial role in determining the most suitable B2B payments provider. Larger enterprises may require more robust and customizable solutions with API integration options for white-label solutions. While smaller businesses may prioritise simplicity and cost-effectiveness, with out of the box solutions.
Integration Capabilities with Existing Systems
Seamless integration with your company's existing accounting, ERP, and other business systems is essential to streamline financial operations and minimise disruptions. Audit your tech stack and assess the provider's ability to integrate with your current software infrastructure.
Buyer Experience
Business buyers increasingly expect the flexibility and immediacy we’re accustomed to with consumer payments. Providing a frictionless buyer experience should be a priority when reviewing your payment provider options. Some often overlooked factors within the buying experience you should consider include; whether you’ll be collecting payments across multiple channels, whether you’ll need to offer flexible payment terms, whether you need seamless buyer authentication - Learn more about how Kriya can help with all of these factors here.
Fraud Protection
Payment fraud occurs when someone uses stolen or fraudulent payment information to buy something. Fraudsters may utilise stolen credit card information or illegal electronic fund transfers. Payment providers can help mitigate fraud through secure payment methods, fraud detection software & authentication. Kriya handles the authentication of buyers seamlessly within the payment flow. We’re able to check creditworthiness and authorise buyers without disrupting the transaction, ensuring you have peace of mind, while the buyer is inconvenienced.
Cost Structure and Transaction Fees
Understanding the pricing model, including monthly fees, transaction fees, and any additional charges, is crucial in determining the overall cost-effectiveness of the B2B payments solution. Identify the payment use-cases you offer and compare the fee structures across different providers to find the most optimal fit for your business.
Data Security and Regulatory Compliance
Robust data security measures and adherence to relevant industry regulations are non-negotiable requirements. Ensure the B2B payments provider offers comprehensive security features and maintains compliance with applicable laws and standards.
Challenges and Considerations in Implementing B2B Payments Solutions
While the benefits of B2B payments companies are numerous, businesses should also be aware of the potential challenges and considerations associated with implementing these solutions.
Adoption and Training for Stakeholders
Transitioning to a new B2B payments platform may require extensive training and change management efforts to ensure seamless adoption by your employees. Resistance to change and the temporary impact on productivity during the implementation phase should be anticipated and addressed proactively.
Data Security and Compliance Obligations
Safeguarding sensitive financial data and adhering to regulatory requirements are critical concerns when implementing a B2B payments solution. It’s more important than ever for enterprise merchants to implement robust cybersecurity measures and stay informed about evolving compliance standards to mitigate risks and maintain the trust of their buyers. Discuss security and compliance with any payment partners you’re considering.
Integration Challenges with Legacy Systems
Integrating a new B2B payments platform with existing legacy systems can be a complex and time-consuming process. Businesses with highly customised or outdated software may face compatibility issues, which can lead to delays and disruptions in payment processing. Review how each payment provider can be integrated, and speak to the teams behind the solutions to understand integration processes and lead times. It’s vital for the teams responsible for the integration of payment providers to be involved in the buying decision & onboarding process to capture any unforeseen issues or challenges.
Are You Innovating or Leaving Money on The Table?
Give buyers the choice to pay on their own terms and provide a seamless checkout experience with Kriya Paylater. We handle the transaction from end-to-end, with a frictionless buyer journey.
- Instant buyer authentication & spending limits set
- Flexible payment terms
- Kriya pays you in full on delivery of order
- Kriya takes on the risk & handles payment collection
PayLater is driving real growth for our merchants:
- 40% Buyer Adoption
- 2x Likelihood of repeat orders
- 45% Revenue Growth
- 4x Increase in acquisition of new buyers
Talk to our team today to find out more about how we can help you
