Managing invoices, billing, payments, and credit is no longer a standardized process due to proliferating payment options such as digital wallets, direct fund transfers, global payments, in-house credit, purchase orders, currency conversions, and credit card transactions. Business customers want quick access to past invoices online to review prices, products ordered, payment histories, and account balances. Split-shipping and drop-shipping options further complicate getting a picture of where clients stand.
Large wholesale customers might receive lines of credit or require EDI access where purchase details are electronically exchanged between ERP systems. Most B2B companies offer more ways to pay for orders than just credit cards, PayPal, or checks. Large orders almost always require a purchase order, and some products are tax-exempt while others are taxable when businesses use the supplies and products in their business operations instead of reselling them.
Flexible payment options, often via a payment hub, are increasingly in big demand, and managing all these transactions becomes almost impossible without software customizations. Even the best off-the-shelf software won't have built-in functionality for payment options that didn't exist when the software was developed.
Most companies offer their best customers credit terms or flexible payment options, and customized software can handle tasks like registering new customers, generating secure forms for credit applications, running credit checks, and authorizing lines of credit.