Breaking down common B2B payment methods

There are a myriad of payment methods you need to understand, from virtual cards to traditional physical corporate cards, checks, electronic ACH transfers, SWIFT wire transfers, and cash. But it can be hard to decide what is best for your business. And when or where should you be worried about fraud? Let’s explore the ins and outs of payment methods and find out the safest, and best, option for your business. 

Virtual cards

• What are they? 
  • Virtual cards are digital representations of physical credit cards, specifically designed for online transactions. They are also the most efficient receivables payment type due to their speed and security.
• Fraud rate: 79% of organizations were victims of payments fraud attacks or attempts in 2024 (2025 AFP Payments Fraud and Control Survey)
• Other considerations:
  • Enhanced security: Virtual cards reduce the risk of unauthorized transactions with their single-use nature. 
  • Streamlined tracking: Easy reconciliation and tracking of expenses make virtual cards a preferred choice for many businesses.

Check out our blog post to learn more about the perks of virtual cards.

Physical corporate cards

• What are they? 
  • Physical corporate cards are traditional credit cards issued to employees for business-related expenses. These cards offer convenience and flexibility for in-person transactions.
• Fraud rate: 21% of organizations faced some kind of corporate/commercial card fraud in 2024
• Other considerations:
  • Employee control: Corporate cards allow companies to monitor and control employee spending, setting predefined limits and tracking expenses. 
  • Vendor acceptance: The usability of physical corporate cards depends on the vendor’s acceptance of card payments.

Check

• What are they?
  • Checks are a longtime staple that permit the transfer of funds between accounts. Despite technological advancements, checks remain a widely used B2B payment method despite being the least efficient receivables payment type, with payments taking a minimum of 1-3 business days to be posted and the majority of payments taking up to 3-5 business days. 
• Fraud rate: Checks are the most vulnerable payment method to fraud with 63% of organizations facing check fraud activity in 2024.
• Other considerations:
  • Processing time: Checks may take longer to process compared to electronic methods, impacting cash flow. 
  • Manual effort: Handling physical checks involves manual effort, contributing to potential delays in payment processing.

ACH

• What are they? 
  • ACH transfers involve electronically moving funds between bank accounts. ACH is a commonly used and efficient option for recurring payments. ACH payments are efficient, with over 65% of payments posted in 1-3 business days.
• Fraud rate: 38% of organizations using ACH debits and 20% using ACH credits were subject to ACH fraud in 2024.
• Other considerations:
  • Processing speed: ACH transactions typically take a few business days, affecting the immediacy of fund transfers. 
  • Cost-effective: ACH transfers are generally more cost-effective than wire transfers, making them an attractive option for routine transactions.

Wire transfer

• What are they? 
  • Wire transfers are electronic transfers of funds between banks, providing a quick and direct method for B2B payments. They are particularly useful for international transactions.
• Fraud rate: 30% of organizations face some kind of wire transfer fraud in 2024.
• Other considerations:
  • Speed and certainty: Wire transfers offer SWIFT and guaranteed fund transfers, ensuring timely transactions. 
  • Cost: While effective, wire transfers may incur higher fees compared to other payment methods.

Cash

• What are they? 
  • Cash transactions involve physical currency and are relatively less common in B2B dealings due to security and tracking concerns.
• Fraud rate: 5% of organizations face some kind of cash fraud in 2024 (up from 4% in 2023).
• Other considerations:
  • Security risks: Handling large sums of cash poses security risks and may require additional precautions. 
  • Recordkeeping challenges: Cash transactions may lack the transparency and ease of recordkeeping offered by digital methods.

Mobile Wallets

• What are they? 
  • Mobile wallets, such as Venmo and PayPal, facilitate electronic transactions, offering a convenient and widely accepted way to send and receive payments.
• Fraud rate: 3% of organizations face some kind of mobile wallet fraud in 2024.
• Other considerations:
  • User-friendly: Online payment services provide a user-friendly interface, simplifying the payment process for businesses and clients. 
  • Transaction fees: Businesses should be mindful of transaction fees associated with online payment services.

The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers. 

Source:
2025 AFP Payments Fraud and Control Survey