June 20, 2024

How Does B2B Payment Processing Work?

B2B payment processing refers to the systems and methods that businesses use to complete transactions between each other. These are typically more complex than B2C payments due to factors like invoicing, bulk purchasing, and varying payment terms.

This process often requires the integration of payment processing systems with other business software to handle aspects like tax compliance, proper accounting, and maintaining payment records.

What Are the Benefits of Integrating Payment Processing with Payroll Systems?

Integrating payment processing with payroll systems can streamline workforce payments and reduce errors. By automating transactions, businesses can ensure timely payments and maintain tax compliance without manual intervention.

Furthermore, this integration can improve financial reporting accuracy and make the reconciliation process more efficient, allowing for better financial decision-making.

Puzzl Group Inc. (Zeal) is a financial technology company, not an FDIC insured depository institution. Banking services provided by Bangor Savings Bank, Member FDIC. FDIC insurance coverage protects against the failure of an FDIC insured depository institution. Pass-through FDIC insurance coverage is subject to certain conditions.