6 B2B Payment Processing Tools for 2021

Different B2B Payment Processing Tools

B2B payment processing tools fall into three major categories:

• Payment gateways: Payment systems that let B2B clients send you money for subscriptions and services securely.
• Merchant accounts: B2B clients can pay money for subscriptions/services into these accounts. 
• Subscription management platforms: Systems that let you automate recurring payments for subscriptions and services.

The following list includes tools from all three categories.

1. Venmo 

Over 60 million people worldwide use Venmo to share mobile payments. Small businesses can link a debit card to Venmo’s app and request electronic payments from clients for services. Features include:

• Facebook integration for sharing money with clients.
• Payment-tracking.
• Fast money transfers.
• Competitive transaction fees.
• Data encryption for peace of mind. 
• No fees for sending money via debit card.
• Automation features.

Venmo charges clients who send credit card payments, and there are fees for cash-out transfers to bank accounts.

Although Venmo encrypts digital payments, there’s little protection for small businesses that transfer sizable sums of money. 

Learn more: 7 Best SaaS Billing Systems 2020.

2. QuickBooks

QuickBooks is the world’s most-used invoicing platform, with a broad range of features for small businesses of all types. There are two ways to send money via QuickBooks:

• Vendor payments through the Online Bill Pay feature.
• Transferring payments between two QuickBooks accounts. 

Users can transfer the following payments between QuickBooks accounts:

• Wire transfers
• Paper checks
• Business credit cards
• Imported bank transaction
• Journal entry

There are fees for using the money transfer features, but these costs are low compared to other platforms. 

Generate B2B financial insights from one dashboard. Learn more about Baremetrics here and you should start your free 14 day trial today! Do check out our online demo as well. 

3. Stripe

Stripe is an all-in-one payment gateway platform that facilitates B2B transactions. You can set up automated payments for subscriptions without breaking a sweat. Stripe accepts the following forms of payment:

• B2B credit card processing (Visa, Mastercard, etc.)
• Bank debits and transfers
• Buy now, pay later
• Cash-based vouchers
• All major currencies

With an easy-to-use interface and various security features, Stripe is one of the most popular payment options for SaaS business owners that want to send and receive funds quickly. Users can also send payments via the Stripe app, available on iOS and Android devices.

Learn more: Stripe Analytics and Metrics on Baremetrics.

4. Recurly 

Recurly is a subscription management platform used by many of the world’s biggest SaaS and subscription companies. It’s not the cheapest platform on this list, with prices starting from $99 per month. However, it brims with features such as

• Custom catalogs
• Data analytics with insights about the payment cycle
• One-time purchases
• Integration with other systems such as PIMs 
• Streamline the payment process
• PCI compliant

Recurly users can also up-sell and cross-sell subscription services and convert free trial customers into bonafide subscribers.

The payment platform has advanced functionality, and businesses benefit from automated subscription communications and simple subscription management. 

5. Zuora

Like Recurly, Zuora is a subscription management platform that automates many of the tasks associated with business-to-business payments. Users can integrate the tool with Salesforce. Zuora features include: 

• Cloud-based subscription management
• Quick fund transfers
• Automated subscription communications
• The ability to manage renewals
• Move clients through the checkout process quickly

Users can also integrate the payment processor with Zuora analytics for further insights into billing trends. 

Learn more: Stripe vs. Zuora: Features, Pricing, Reviews, and More.

6. Braintree

Braintree is an online payment solution for B2B companies that want to receive payments from clients. Users can accept various payment methods, including PayPal, with a click of a button. Features include:

• Customizable interface
• The ability to charge repeat customers
• Enhanced data security
• Accepts credit and debit card payments
• Accepts Apple Pay, Google Pay, and Samsung Pay
• Various third-party integrations to optimize subscription management and manage cash flow
• Great for startups and small companies

Bottom Line

Integrating your chosen payment tool with a SaaS metrics platform like Baremetrics provides you with additional insights into B2B payments, helping you track financials and grow your subscription business. 

Baremetrics is the No.1 data platform for e-commerce, SaaS, and subscription companies, with customizable dashboards that influence decision-making. Start your Baremetrics FREE trial now!