You’re probably familiar with the more traditional method of B2B card payments, which follows the pull pay model. Pull pay generally follows this process: you receive an invoice from your supplier, you approve the invoice and share your card number with the supplier, the supplier processes the transaction, and then you reconcile the payment amount with the invoice amount.
But have you explored buyer-initiated payments, also known as push pay?
With buyer-initiated payments, you — the buyer — retain complete control of the card transaction. Here’s how:
- You’re proactive based on when you want to make the payment, not reactive based on when the supplier decides to process the transaction.
- You ensure that the payment amount always matches the invoice amount, because you control the transaction.
- You never have to share your card number with suppliers, which greatly reduces the potential for fraud.
- Reconciliation is automatic.
- And the overall process is faster, more secure and more efficient.
Want to learn more about the power of buyer-initiated payments? Please contact us. We’re here to simplify payments for you.