Be fast or be last- we all know that businesses pay utmost importance to pace. This is why one of the things that gives them a headache is excruciatingly slow transactions. Small-to-medium-sized Businesses (SMBs) are not new to these financial difficulties when using outdated payment methods. Traditional business-to-business (B2B) payment solutions are often slow and come with high processing fees. On the other hand, real-time payments (RTPs) are faster and can provide immediate cash flow since they happen instantly and are available 24/7.
There are several payment options available for B2B payments, such as checks, bank transfers, credit cards, and ACH (Automated Clearing House). However, these options can have downsides like slow processing times and high chargebacks, which can impact cash flow and growth. Fortunately, digital payment platforms now exist that can streamline operations and process transactions faster. They offer seamless invoicing, instant payments, and cash flow management.
This article outlines five of the best B2B payments software for SMBs in 2024. By using these platforms, businesses can optimize their financial processes and achieve growth.
1 Forwardly
Overview
Forwardly is the best solution for SMBs looking to simplify their business payments and manage cash flow effectively. Small businesses may say goodbye to payment delays and excessive costs. SMBs can receive payments in as little as 22 seconds, at any time and from any location. They can also benefit from free same-day transfers and bill payments, saving them hundreds of dollars. Most importantly, even with these features, Forwardly has no monthly subscription fees or any other hidden cost surprises. No more breaking the bank with absurd, sky-high prices.
The software integrates seamlessly with leading accounting software like QuickBooks Online and Xero, making it the perfect choice for businesses of all sizes. Forwardly offers automatic reconciliation with 2-way sync capability. This saves businesses up to 5 hours of manual data entry every week.
Key Features
Instant Payments
Forwardly provides a solution for business owners to achieve greater financial agility and efficiency through instant payment processing. Forward the RTP network and the FedNow Service from the Federal Reserve to transfer payments as fast as 22 seconds all year round.
Bank Agnostic
Forwardly is also bank agnostic, meaning users do not need to create a new bank account, switch banks, or pre-fund a settlement account. If your bank offers the FedNow Service or the RTP Network, your transaction will be processed immediately in 22 seconds. There is a 1% charge for instant payments ($1 minimum, $10 maximum per transaction).
Same-Day ACH payments
If your bank does not support the FedNow Service or the RTP Network, the transaction will be processed as a Standard Same-Day ACH. Fortunately, charges will be covered until your bank is supported. Same-day ACH payments through Forwardly are free.
Automatic Payments
Business owners can use Forwardly to set up automated recurring or regular invoice payment schedules. Automatic payments enable you to maintain a consistent and reliable payment flow, ensuring that payments are made on time and reducing the number of debtors to zero.
Cash Flow Forecasting
With advanced cash flow forecasting, business owners can accurately predict and plan for upcoming vendor payments. They can make more informed decisions to maintain their financial stability.
Effortless Bill Payments
Forwardly provides a 1-click bill payment solution that makes the bill payment process effortless for users. With Forwardly, users can schedule payments up to 90 days in advance and make partial payments. Users can easily see how much money they have in their bank before paying bills. Moreover, payment approval workflows give businesses better control and visibility over their bill payments. This helps them avoid late fees as they can settle payments in seconds.
Forwardly offers efficient and cost-effective payment options to SMBs that no longer need to deal with delays, high processing fees, or outdated payment methods. Additionally, business owners can benefit from Forwardly's partner program to unlock referral revenue opportunities.
It's no wonder Forwardly is an award-winning modern payment solution, recognized as the "Accounting Tech of the Year" at the US Fintech Awards and the "Best Real-Time Payments Solution" at the 2023 PayTech Awards. It's one of the only accessible RTP options for B2B payments in the US, ensuring business owners can access the latest technology and the fastest payments available for B2B payments.
2 Melio
Overview
Melio simplifies B2B payments for SMBs. It offers an easy-to-use platform where users can pay domestic and international vendors, expedite payments, or pay by card, all in one place. The B2B payments software can also provide tailor-made payment capabilities specifically designed for small businesses. Business owners can integrate its embedded accounts payable and receivable technology to provide customers with a seamless and customized workflow.
There are no subscription fees when signing up for a Melio account. It also doesn't charge for ACH to ACH bank transfers. Users can schedule partial payments and make multiple payments at once with the tool. They can easily track their payments with full transparency over their expenses to stay in control of the cash flow.
Key Features
Pay Over Time
Business owners can divide large amounts into monthly installments. Vendors are still bound to get paid in full and on time with Melio's pay-over-time method.
Mobile App
Melio has a dedicated mobile app so users can send B2B payments on the go, add new vendors or invoices, edit payment methods, or track the status of payments with a few finger swipes. It can also remind them about due bills. For now, it is only available for iOS users.
International Payments with Mastercard
Melio allows international payments with Mastercard, regardless of the vendor's location. Users can earn rewards when using their card for payment, like cash back, miles, and additional points.
Upload Multiple Bills
Users can now choose as many files as they need to upload at once. There's no need to manually upload them one by one to add them to Melio. Everything gets displayed on a single screen for review and confirmation.
Melio charges 1.5% for instant transfer wherein vendors receive payment within minutes. Only ACH bank transfers are free. Overall, with its easy bill capture, security, and dedicated mobile app, it promises to make B2B payments as secure and convenient as possible for business owners.
3 Veem
Overview
Veem streamlines payables and receivables for SMBs. It supports payments in various currencies and provides real-time tracking, including notifications of payment status. It simplifies how business owners send and receive payments in over a hundred countries in seconds.
Veem offers flexible payment options via Multi-Rai Technology, empowering users to pay and get paid on their terms. It also offers multilingual support via chat, email, and phone round-the-clock. The B2B payments software is PCI-DSS compliant and SOC 2 certified, ensuring bank-level encryption for all business transactions.
Key Features
Tracking & Transparency
Business owners can track payments in real-time. Veem offers real-time visibility into the status of incoming payments. They get to see where the payments are with detailed tracking. They can also get time stamps and detailed reporting to know when they will receive the payment.
Simplicity and Ease of Use
Veem offers time-saving features like payment requests. Users can create a unique URL to share their payment portal with anyone or give clients the option to pay without setting up an account. They can schedule invoices to eliminate repetitive tasks and reduce late payments.
Invoice Creation
Users can also create invoices in QuickBooks or Xero, and the B2B payment software automatically sends a payment request with the invoice attached. The status gets updated once the payment is completed.
Veem is purpose-built for business payments. It provides flexible payment options and delivers funds securely and in a compliant manner. It is designed with simplicity in mind, freeing back-office transactions from tedious tasks. It is advantageous for SMBs that conduct international transactions with its support for 70+ currencies.
4 Plooto
Overview
Plooto automates the tedious processes of managing business payments. It is an end-to-end platform for payables and receivables. It employs industry-standard encryption and strict security protocol within its AP automation software, minimizing the risks associated with manual processes.
Plooto provides a secure and user-friendly platform for online check payments. Anyone can create and send checks online, accelerating the payment processes for SMBs so they can skip bank lines and gain time for more important tasks. It also supports ACH, EFT, international transactions, instant transfers, and CRA payments.
Key Features
Real-time Tracking
Plooto offers immediate visibility into the accounts payable progress with real-time tracking of payment statuses. Users can monitor the initiation, processing, and completion, helping them gain control over finances thanks to its transparency.
Credit Card Acceptance
Plooto offers a competitive, transparent rate of 2.9% + $0.3 per transaction for credit card payments. It supports multiple credit card providers and accepts payment as fast as two business days. For now, it can only receive payment.
Invoice Management
Plooto creates payments from invoices through its Capture. Once the invoices are uploaded, they are automatically processed and published into the software. It syncs them automatically when they are paid. This feature enables fast reconciliation to keep books accurate, organized, and up-to-date.
Plooto is not free. However, it does offer a 30-day free trial. It allows for seamless automation of payment with a range of features to improve financial management. It supports various payment methods and offers complete transparency for transactions.
5. BILL
Overview
BILL transforms the financial operations of SMBs, seeking targeted and integrated solutions to manage cash flow. It streamlines payment processes with automation to reduce the administrative workload. It also integrates with popular accounting software like Sage Intacct and Microsoft Dynamics.
Key Features
BILL offers a centralized view of all tasks and notifications across accounts, including spend and expenses. It provides 360-degree visibility over vendor and customer activity through audit trails and real-time transaction reporting. SMBs can stay organized and quickly find documents online like past invoices, proof of payment, etc.
BILL processes ACH payments for 2 to 5 days. It fully automates them in the payables and receivables processes, including invoice intake and storage and approvals routing. It also supports other payment options like credit cards, checks, instant transfer (1% fee on the vendor), and instant payment delivery (1% fee on the sender, minimum of $9.99)
The financial operations platform also features a dedicated mobile app so anyone has the freedom to review, approve, and pay on the go. For SMBs that need more control and security, BILL contains customizable user roles and approval workflows.
BILL is designed with privacy and security in mind, evidenced by its AICPA SOC 2 compliance. It is a suitable platform to manage accounts payable, accounts receivable, spending, and expenses.
Conclusion
Managing business payments with a digital payment platform gives SMBs flexibility, transparency, and control over how they pay and get paid. The five B2B payments software outlined above improve cash flow, achieve faster reconciliation, and gain visibility of payment transfers. Choose based on business needs, goals, and budget, although it's best to go for flexible payment methods, the lowest transaction fees, and the fastest transfers.
