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As a B2B business owner, managing payments can be complex and time-consuming. With numerous reliable and efficient payment options available in the market, how do you figure out the best option for your business? In this blog post, we will explore the top six B2B payments companies to help streamline your operations and process transactions faster, including Forwardly, Melio Payments, Bill.com, Veem, GoCardless, and Expensify. 

Melio Payments

Melio is a small business-focused account payable tool. It offers a simple and easy-to-use platform that allows businesses to pay their bills and invoices using a bank transfer or credit card. The platform offers several features, including recurring payments, payment tracking, and easy integration with QuickBooks Online. Melio Payments is perfect for small businesses that need a simple and intuitive platform for managing payments.

Pros:

  • Easy to send payments made through ACH, credit cards, and checks
  • Schedule future and automate recurring payments
  • Simple and user-friendly interface for users
  • Sync with accounting software, such as QuickBooks Online and Xero
  • Offers payment by check, with Melio handling the printing and mailing process
  • Offers basic bill approvals workflow
  • Makes it easy to track the status of payments for simple AP management
  • Split bills for multiple payments and payment methods

Cons:

  • High fees for credit card payments, expensive for businesses to accept credit card payments from their customers
  • High processing fee for faster payment option: Fast checks ($20) and up to $30 for fast ACH bank transfer
  • Limited payment options, with only ACH transfers, credit cards, and checks supported
  • Slow transaction speeds; typically takes three business days to process payments and longer for check to be updated in the system
  • Complicated late fees and can withhold payments to vendors if issues arisee
  • Complex and multiple payment  approval processes for payments and vendors
b2b payment options

Forwardly

Forwardly offers a cash flow management tool with an end-to-end payment solution offering seamless and secure payment transactions within the app. The platform provides several tools to help manage cash flow, including cash flow forecasting, automated invoice payments, and instant payment transfers. Forwardly is the best payment processor for small businesses that need to manage their finances efficiently. Forwardly currently supports The Clearing House’s RTP network and will fully support the upcoming FedNow Service from the Federal Reserve. 

Pros:

  • Payments are received in seconds, 24/7/365; Forwardly stands out as a leading B2B payment company by being the exclusive real-time payment (RTP) option for B2B payments in the United States and the fastest way to receive payments from business clients.  
  • Saves time by using a one-click invoice approval for sending or receiving payments
  • Integrations with leading accounting software, such as QuickBooks Online and Xero, with the immediate roadmap including many more leading accounting and ERP systems
  • No monthly cost; free for all users as it’s 100% free to make an account and send payments
  • Up to 60-80% lower processing fees than legacy payment options: Cost of receiving payments is j 1% (minimum $1, maximum $10 per transaction) and send payments for free
  • Cash flow forecasting to predict upcoming payments and business cash flow
  • Robust partner program with referral revenue opportunities

Cons:

  • Single payment option: While Forwardly is currently the only solution in the USA with the ability to receive payments in seconds from any bank, some businesses may prefer slower, more expensive legacy options such as credit cards, wires, or checks
  • US Only: Forwardly only supports domestic US bank-to-bank instant payments
  • Forwardly does not support international currencies but offers a cashflow tool for users worldwide
  • Daily limit of $10,000 for real-time payment to vendors unless approved for higher limits
b2b instant payment options

Bill.com

Bill.com is among the most well-regarded of all B2B payment companies, offering automated accounts payable solutions and financial automation software tailored to small and midsize businesses (SMBs). The platform helps businesses streamline payment processes, including invoice scanning, approval workflows, and electronic payments. Bill.com is an excellent choice for businesses looking to automate their payment processes and reduce administrative workload.

Pros:

  • Automated bill payment and invoicing
  • Integration with popular accounting software such as QuickBooks, Xero, and NetSuite
  • Ability to assign approval workflow and customizable permissions
  • Multiple payment options, including ACH, credit cards, and checks
  • Great platform for remote working environment for users with an easy mobile app
  • Their support team can reissue a check if necessary
  • Great for accounts payable as vendor can directly submit their direct deposit info

Cons:

  • Slow payment processing causes workflow delays; can hold payments up to a few days to a week
  • Costly subscription fees for additional features start at $45/month per user
  • Some users have reported difficulty with customer support and occasional bugs and technical glitches
  • Difficult to get support as tech support is only available by chat
  • A learning curve for first-time users and those unfamiliar with the software
  • Complicated onboarding process with syncing historical client data potentially causing errors
  • Limited customization options for branding and appearance
  • Limited detailing for In-depth payment descriptions or grouping 
b2b payment solutions

Veem

Veem offers a global payment platform that simplifies how you can send and receive payments domestically and internationally.  The platform offers competitive exchange rates and allows businesses to pay vendors and suppliers in over 100 countries. Veem is an excellent choice for businesses that conduct international transactions regularly.

Pros:

  • Fast and efficient; Veem’s payment platform allows businesses to send and receive payments quickly and easily
  • International exchange; exchange rates within the app for international payments
  • Multiple currencies; supports payments in various currencies, making it easy for businesses to make payments to international vendors and suppliers
  • Offers a free basic plan or a premium plan for $14.99 USD monthly
  • Provides real-time tracking and notifications of payment status
  • Fast ACH transfer (1 business day)  0.5% of the total payment amount
  • Can be integrated with accounting software, including QuickBooks Online, Xero, and Oracle Netsuite

Cons:

  • Compared to other payment platforms, Veem’s feature set may be limited, especially for businesses with more complex payment needs
  • Only offers basic reports templates for billing and invoicing
  • High fees for international payments: 3.5% for International Wire (Local currency)
  • Exchange rates may not be favorable for all currencies
  • Veem’s customer support can be slow to respond at times, which can be frustrating for businesses with urgent payment needs
  • Veem’s verification process can be lengthy and may require significant documentation, which can be a barrier for some businesses
  • Limited list of local banks to be set as beneficiary account requires manual creation in the app
  • Long international transfers can wait up to 5 business days for settlement, compared to other options that offer within a day or two
b2b payment companies

GoCardless

GoCardless is a payment processing platform that allows businesses to collect recurring payments from customers worldwide. It enables automated bank-to-bank (ACH) transfers, eliminating the need for businesses to chase payments and reducing late payments. With GoCardless, businesses can set up payment plans, manage subscriptions, and offer customers flexible payment options. While the platform offers ease of use and reliable processing, there may be limitations for businesses operating in certain industries or countries, and there are transaction fees.

Pros:

  • Easy to set up and use, with a simple and user-friendly interface
  • No monthly fee for users with core features available for collecting ad-hoc services and recurring payments
  • Low transaction fees for smaller transactions (best for transactions below $3,000- capped at $4)
  • Offers Direct Debit and online bank transfers
  • Provides automated payment tracking and reconciliation
  • Offers domestic exchange rate within the app for account receivable
  • Integrates with a variety of software platforms, including Xero, QuickBooks, and Salesforce
  • Offers subscription payments for recurring payments

Cons:

  • No support for credit card payments
  • Limited payment options compared to some competitors
  • Some users have reported difficulty with customer support and dispute resolution
  • Limited customization options for payment pages and emails for the basic platform tier
  • Costly monthly fee for premium access starts at $75 and can go to $350+ a month
  • Complicated pricing structures; transactions of +$3,000 charge an additional 0.3% fee on top of the base transaction fee (1% + $0.40) to the portion of the transaction above the $3,000 threshold
  • Complicated pricing structures for international payments that may not provide a clear payout estimate for users
  • Onboarding direct debit process can be challenging, and disputing cancelations or issues is tricky
b2b payment options in US

Expensify

Expensify offers a comprehensive expense management platform that streamlines the process of submitting and approving expenses. The platform allows businesses to easily scan receipts, track expenses, and generate expense reports. Expensify is perfect for businesses that need to manage reimbursement efficiently.

Pros:

  • Easy-to-use mobile app for capturing receipts and tracking expenses on-the-go
  • Offers a corporate card program (The Expensify Card) for streamlined expense management
  • Has 4 pricing editions ranging from $4.99 to $5; a free trial is also available
  • Integrates with a variety of accounting software, including QuickBooks Online, QuickBooks Online Advanced, NetSuite ERP, Sage Intacct, and Xero
  • Offers automated expense reporting, including receipt scanning and automatic categorization
  • Provides real-time expense tracking and visibility into spending
  • Can assist with travel; a concierge books flights, hotels, and cars for the user in a chat
  • Supports unlimited receipt scanning and mileage tracking to next-day reimbursement to automate pre-accounting systems

Cons:

  • Pricing can be relatively expensive and complicated compared to other expense management software options
  • Some users have reported occasional issues with the app syncing and duplicate expenses
  • The user interface can be overwhelming for some users and is not new-user friendly
  • Customer support can be challenging to use and slow to respond to inquiries and support requests
  • Desktop and mobile experience is not seamless for all users: The app can be glitchy with the smart scan feature, and the desktop platform can be overwhelming
  • There’s a big push for users to sign up for the Expensify card
features of b2b payment options
b2b payment option - Forwardly

Choosing the right payment solution can significantly impact your business operations. Notably, B2B payment companies like Forwardly, Melio Payments, Bill.com, Veem, and Expensify are all excellent payment solutions that can help you streamline your payment processes and increase efficiency. Evaluate your business needs and choose the solution that best fits your requirements. 

Sign up for Forwardly today to simplify your B2B payments.

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