B2B Customer Payment Portal: Definition, Types & Process

Although B2B customer payment portals are often confused with customer payment portal software, they target different audiences and offer different functionalities and integrations.

What is a B2B Customer Payment Portal?

A B2B customer payment portal facilitates customer payment collection by customers of B2B businesses the ability to pay their receivables, which are often high-volume and complex. When the portal is connected to accounts receivable software, it helps to streamline the payment process and make it easier for the business to track and manage invoices and process payments.

This is in contrast with customer payment portal software, which is typically targeted towards small business clients who don’t require the same level of complexity when it comes to their accounts receivable. They simply need a way for their customers to make a straightforward transaction. Another major difference between the two is that B2B customer payment portals are meant to integrate with other business software such as accounts receivable automation software (or are part of it),  ERPs and accounting software, while customer payment portal software focuses more on integrations with ecommerce platforms or online store websites.

Key features of a B2B Customer Payment Portal

Many companies first create a customer payment portal template to lay the foundation for the key features businesses should focus on to allow customers to optimally make and manage payments.

An online customer payment portal should offer:

• Multiple payment methods and types. Make payment convenient for customers by offering a variety of payment options that include credit and debit cards, ACH transfer, electronic wallets, etc.
• Payment history. Customers should be able to easily view their history payments made via the portal and any outstanding invoices, even if they are not yet overdue, in one centralized location.
• A user-friendly UI. The quicker and more intuitive your interface is, the more likely customers will consider using it to pay their receivables.
• Integration with current business technologies. Ideally, it should work together with your ERP, payment processors, and multiple banks to deliver a comprehensive A/R management platform.
• Automated payment approval workflows. Payments can be automatically routed to the pre-defined stakeholders, reducing errors and costs incurred by fully manual approval workflows. This is critical for larger organizations, who need to eliminate bottlenecks in their cash flow.
• Analytics and reporting. In an integrated invoice-to-cash A/R platform, for example, the payment portal is connected to analytics and reporting. This allows you to track payments and manage cash flow based in real-time. You’ll also be able to identify trends and patterns in payments and gain insights into payment performance on a macro level so that you can optimize where necessary.

The Process of Implementing a B2B Customer-Facing Payment Portal

• Be able to accommodate a variety of customer needsDoes your portal offer a variety of payment methods, terms and preferences? Is it intuitive? Is it available at any time during the day or month? Addressing these preferences will encourage customers to use the portal and help businesses further streamline the payment process.
• Select the technology and payment options that meet those needs. Select the relevant payment gateways, payment methods and business technology to integrate with your portal.
• Focus on user experience and security. Ensure the design is user-friendly. This includes integrating as much as possible with existing systems, such as the current ERP, accounting software and payment gateways.
• Promote your portal. Include incentives such as discounts and rewards so that customers are encouraged to use a new payment method and build loyal customers for the future. Sometimes even just talking up the benefits of a payment portal such as convenience and security are enough to get your customers to use it. Every email reminder sent to your customers regarding invoices should include instructions for how to use and access the payment portal.
• Encourage and respond to customer feedback. There may be ways you can improve the customer payment portal experience. When you incorporate customer suggestions to improve the portal, you not only enhance the user experience but build customer trust as well.

Benefits of Using a B2B Customer Payment Portal

Since B2B customer payment portals focus on B2B businesses, they offer different benefits tailored to their audience.

These benefits include:

• Supporting multiple payment terms. A robust online customer payment portal can handle both customers on different payment terms and a combination of customers who use automated payments and those who don’t.

• Improving the B2B collections experience. Customers have a variety of payment methods to choose from as well as different payment terms. In addition, the ability to pay their receivables 24/7 is more convenient for teams that work in different time zones and helps to facilitate timely payments. When connected to an invoice-to-cash A/R management and automation platform, they can also receive automated payment reminders and confirmation that enhance their experience.
• Security. Unlike check and ACH transfers which can fall prey to fraud by malicious actors, a B2B customer payment portal has measures in place to ensure secure transactions. It is almost impossible for a customer payment portal to be hacked and for the payer to be scammed.
• The elimination of manual processes.  Collecting, approving and managing payments manually increases overhead while at the same time increases the chance of error.  Automating customer payment collections helps to streamline the payment process, reduce costs and improve accuracy.

How Gaviti Helps You Streamline Your A/R Process

Gaviti’s A/R invoice-to-cash management solutions streamlines your accounts receivable lifecycle, from invoice distribution and collections to payment and credit management.

Its Self-Service Payer Portal includes:

• Multiple payment types and methods. In addition to supporting multiple currencies and bank accounts it also supports payment through credit and debit cards, local bank transfer, ACH/echeck, wire transfer and electronic funds transfer. Gaviti users can also opt to put some of their customers on auto-pay and have funds automatically deducted when an invoice is due.
• Integrated payment gateways. Integrate leading secure payment providers such as BlueSnap and Stripe – or the payment gateway of your choice to ensure your customer’s payments are processed securely.
• Enhanced customer experience. Offer customers online payments at any time through a user-friendly interface and deliver automated payment reminders to customers, reducing the chance of delays in payments.
• Automated payment reconciliation. When connected with Gaviti’s A/R invoice-to-cash management platform, you can also match incoming payments with the corresponding invoices in real-time, reducing manual effort, improving accuracy, and providing you with up-to-date visibility into your cash flow.

Want to learn more about how Gaviti can help you streamline the entire A/R process? Speak to a Specialist! 

FAQs

Is a B2B Customer Payment Portal Secure?

Yes. B2B customer payment portals are secure. They are quite difficult for malicious actors to hack or use to scam customers.  

How Does a B2B Customer Payment Portal Streamline the Payment Process?

A B2B customer payment portal delivers a convenient and secure way for customers of B2B businesses to pay their accounts receivables. This may include automated deduction of payments on a specific schedule and automated payment workflow approvals. It also integrates with other technology such as payment gateways and ERPs to improve the efficiency throughout the A/R process. When connected to an A/R management and automation platform, it can also include payment reminders, payment reconciliation and insights related to analytics and reporting that help businesses streamline the payment process.     

How Does a B2B Customer Payment Portal Work?

A B2B customer payment portal works by offering B2B businesses the ability to pay their receivables online. It also offers multiple payment options and payment terms to its customers to enhance the customer experience and allow them to pay at any point, across multiple time zones. Once the payment is made, the payment will go automatically to your bank account or other destination of choice. If the payment portal is connected to a cash application tool, it will be reconciled automatically. 

See why Gaviti is ranked as the #1 Credit & Collections Software on G2: