Evaluating B2B Commerce Solutions: Billing Features

Technology that powers B2B Commerce online for wholesalers, brands, distributors and more have evolved quite quickly in recent years. Those who may have researched what’s in the market even a few years ago may be surprised to see how much more technology can support various business approaches.

That’s why it’s helpful to review what features your business could benefit from, and evaluate potential solutions against that criteria. To help in this regard, Zoey has developed and maintained a checklist, newly updated for 2021, that has a wide array of features that you can expect to find within B2B Commerce solutions, and how they can benefit your business.

One area that’s shown a lot of growth in recent years is capabilities surrounding billing. From the ability to offer Net Terms (Buy Now Pay Later) to doing Deposit/Balance Billing collection. As such, it helps to evaluate solutions based on what capabilities you need to exist, and whether they support them.

With that in mind, here are scenarios featured in the checklist you may wish to review:

  • Credit Cards: Accept credit cards for instant payment collection from business customers. Level 2/3 support can bring down fees because of the reduced fraud risk, and more business-oriented capabilities.
  • ACH: Accept payment directly from other bank accounts electronically at a heavily reduced cost compared to credit cards.
  • Deposit and Balance Billing: Divide an order into multiple payments, such as a deposit/balance scenario, or billing increments over time, based on the terms an order requires.
  • Invoicing: Send invoices for payment capture directly from the B2B Commerce solution, as opposed to needing to send it to an accounting solution. Great for those businesses who wish to manage everything related to online commerce from a single location.
  • Net Terms (Buy Now Pay Later): Set payment terms, customizable for each customer that allow an account to buy now and pay later. Display for both your buyers and your internal team which orders have been paid, which are still open and which are past due.
  • Lines of Credit: Set credit limits for each account, allowing them to buy now and pay later up to the amount you’ve approved each buyer to obtain.
  • Store Credit: Some businesses prefer to issue Store Credit over cash refunds as a way of managing their returns.

To see the entire list of features, organized helpfully by category to help you plan for your next site, download our checklist:

Get Your Copy Now!

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