B2B financial services, better known outside the industry as business to business financial services offers a wide range of services between businesses including e-commerce, e-checks, electronic payment processing and handling of bad or NSF (non-sufficient funds) checks.
B2B financial services are a type of service that must supply cash on demand to a variety of business or businesses and consumer throughout a marketplace. This marketplace may the internet for e-commerce and e-checks, but it may also be through ATM’s (automated teller machines) currency converts and other cash disbursement facilities in airports, hotels, major cities and all types of stores, banks and shopping facilities.
B2B financial services are considered to be very specialized types of services that require additional security for online transaction as well as a way to track fraud and theft effectively and efficiency in today’s global and online economy. Since it is no longer acceptable to wait several days for an international confirmation in most business settings, electronic transfers of funds through e-checks or online credit card processing is becoming more and more essential in business.
One of the many options that B2B financial services can offer an existing or new online or physical business or retail outlet is the ability to actually convert e-checks into cash that is deposited into a secure account on a daily basis. Since may consumers are becoming more and more hesitant about placing their credit card information online, e-checks are becoming increasingly popular with consumers.
B2B financial services typically use companies such as VeriSign, NACHA and ICheckOnline to provide secure and safe banking for both the business as well as the customer. For businesses working together it is possible to set up direct accounts that are handled slightly different that a consumer to business account.
Since internet shopping, especially over the holiday season continues to grow at a rate of about 40 million dollar per year, the demand for secure, safe B2B financial services will also continue to grow. Many of these services will offer both financial services for online business as well as the ability to help to build websites that can offer a variety of payment methods including the e-checks and more traditional credit card e-commerce websites.
In addition many of the B2B financial services will also help with automatic follow up and redeposit of NSF electronic checks as well as all required methods of collection of outstanding debts on bad checks. With this level of security as well as service more and more companies are moving away from only accepting e-commerce through credit cards and are becoming more involved in using e-checks as part of the payment options on their websites.