A Guide To B2B Credit Card Processing For Business Payments

The B2B credit card processing industry offers solutions for business payments. In fact, commercial credit card volume is worth over $400 billion annually. This is one of the growing business payment segments among ACH, check and wire transfers. As a business owner, you can save on B2B credit card fees and reduce risk with a reliable merchant service provider. Of course, since corporations are incentivized to use corporate credit cards, you need to have a B2B processing solution in place. Follow this guide to B2B credit card processing for business payments.

Lowering Interchange Rates 

Interchange rates are charged by the issuing bank for B2B credit card processing.  When your company uses a credit card to make a purchase from another business, the issuing bank charges a fee. Fees are processed for each transaction, which adds up overtime. Especially for companies making large sales, these transactions can impact your bottom line. When processing B2B payments, the equipment needs to process the transaction at level 2 or 3 to qualify for lower fees. With more detailed transaction information, you can secure the best interchange rates for business payment card processing.

Accept All Types Of Business Cards

To accept business payments, you need a B2B processing provider to handle all card types. Businesses typically issue corporate cards for large transactions where the company is responsible for the charge. Small companies use business cards where the company and employee are both liable. Alternatively, you can accept procurement cards, or p-cards, when working as a vendor. Plus, your company can get paid with fleet cards that cover automotive related costs for gas, maintenance and transportation. Regardless of your industry, these are all essential business cards to accept as payment. Certainly, implement a B2B credit card processing company that can handle all types of cards.

Merchant Category Codes

Merchant category codes (MCC) help credit card processing systems identify your company. Your business will fall under a MCC, or a category that is based on your merchant type. Each credit card provider has its own list of codes that correspond with different business categories. In some cases, B2B processors can offer special features to specific codes. Verify the correct code with each credit card company. This way, your MCC may qualify for lower B2B interchange rates. Additionally, some credit card companies use MCC codes to restrict transactions on prohibited items. Consider what credit card networks other companies use to make business payments to ensure that your products are up to MCC standards.

Secure Your Card-Not-Present Transactions

The top B2B credit card processing providers secure your card-not-present transactions. In these cases, the cardholder is not present with the business secured credit card and cannot provide proper identity verification, such as a photo ID or a PIN. With a reliable provider, businesses can place orders for goods from other businesses over the phone, online, through fax or by mail.  You can secure payment processing software to integrate into your current system. Certainly, find a software that is capable of gathering important level 2 and 3 data. The processing company requires this data to complete and authorize the payments. Consider what steps are important for securing B2B credit card payments during card-not-present transactions.

Maintain PCI Compliance

The top B2B credit card processing companies must maintain PCI compliance. Take the right steps to become fully PCI compliant for business payments. This way, you can protect the security of the data collected from credit cards during transmission and storage. Protect your business and other businesses by following the required procedures established by the PCI council. Plus, you can minimize your chances of fraudulent charges and data breaches. Follow the PCI guidelines to process credit cards from other businesses securely. It is your responsibility to become fully PCI compliant with your merchant account. Processing companies may already have PCI compliance included for free or for an additional fee. For protection, make sure your B2B credit card processing systems are PCI compliant.

There are several solutions you can use for B2B credit card processing for business payments. First, secure the best interchange rates for business payment card processing. Next, accept all types of business cards by implementing a company that can handle them all. Then, ensure your products are up to MCC standards by considering all credit card companies. Furthermore, secure B2B credit card payments for card-not-present transactions. Finally, make sure your B2B credit card systems are PCI compliant for easy business credit card transactions. Certainly, there are multiple solutions you can use for B2B credit card processing payments.

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