Business-to-business payment management is critical to the success of every business. Businesses often need to pay each other for activities, shipments, contracts, or other things where they have partnerships with one another. Moneris and the Bank of Montreal have developed a new system that will make these B2B payments easier for everyone to follow.
The Moneris financial technology company provides payment processing services for clients throughout Canada. The company will be expanding its reach through its new partnership with the Bank of Montreal or BMO.
Moneris will offer support for business-to-business payments with Moneris B2B Pay, a new payment processing solution supported by BMO. The program will handle automated processing efforts to support faster payments between businesses, helping them stay afloat during this uncertain time in history.
B2B Pay comes as clients are becoming increasingly reliant on digital payments. The pandemic has forced people to focus on digital payment processes instead of traditional paper-based ones. While the advancement to digital-only payment efforts had been considered inevitable, the evolution has sped up in the past year due to the pandemic.
Canadian businesses can use the B2B Pay system to handle payments in moments. It provides a more secure and rapid approach to payment management that all parties can trust. The system also comes from two of the country’s most trustworthy financial services organizations, so it will be something that will attract many potential clients.
What Makes Moneris B2B Pay Work?
Moneris B2B Pay will help purchasers and vendors handle virtual business card payments. B2B Pay can work with cards like BMO Approve2Pay. A purchaser can start handling payments through a virtual card. Such cards do not require a physical presence. The proper information for each card account can go online through B2B Pay. The system can read all data and automate transfers, ensuring transactions can remain consistent and thorough.
A vendor can also accept funds without outside issues. The funds can go towards the proper accounts when collected.
The system provides a simplified approach to handling payments that all people can utilize. It becomes easier for people to keep track of payments between businesses with the new system.
What Makes It Special?
The B2B Pay system provides an automated approach to payments. The processing effort works fast, and it doesn’t require manual inputs or other unnecessary efforts. The system reduces the cost of trying to handle payments, plus it ensures payments can go forward a little faster.
The system also automatically produces remittance reports. These are necessary for reconciliation efforts that usually happen after each month.
The setup also has a secure design that encourages trust. The system uses fraud protection and identity confirmation data to ensure all transactions stay safe and accurate. The design also boosts relationships between businesses, as they will use systems they can agree to use.
Moneris and BMO are also promoting the work as a stress-free solution. The system provides a scalable approach that can fit whatever needs businesses hold when getting their operations moving right. People can contact the two entities to see how the B2B Pay setup works and what they can benefit from the most.
What BMO Customers Can Utilize
BMO commercial customers can use the Moneris B2B Pay system alongside the BMO Approve2Pay system if they wish. Customers can use the Supplier Enablement Services provided by Moneris. The system gets the vendors a client utilizes to take virtual card payments. The system can work even when the firms that use it aren’t currently supporting such payments. The system adds to the flexibility a business has in managing payments.
Necessary For All Businesses
The B2B Pay system will be critical for all businesses in Canada to explore. Back-office operations have to stay online without worrying about how payments work. Online B2B payments make it easier for virtual cards to operate.
The system also works with cloud-based systems and machine learning efforts to make it easier for B2B payments to move forward. Activities can be forwarded well and can stay active, plus predictive reviews make it easier for B2B payments to work right. The cloud-based approach also ensures the content can be made available online as necessary.
While businesses can afford to allow their employees to telecommute, the process of handling payments will remain rigid. Payments must go through a consistent network to make it easier for the program to run well. The B2B Pay system will make it easier for the program to work.
Backed By Two Prominent Entities
The new B2B payment support system comes from two of Canada’s top financial service groups. Moneris is a popular Toronto-based business that handles online and in-store payment transactions throughout Canada. The company supports businesses in all industries, plus it offers twenty-four-hour customer support for whatever needs businesses may hold.
Moneris takes pride in how the company supports the Canadian economy. Moneris manages billions of transactions each year, plus the company supports hundreds of thousands of merchant locations throughout Canada.
Bank of Montreal also has one of the most massive infrastructures in Canada. BMO has been around for more than two hundred years. The company has assets of close to $1 trillion as of early 2021. BMO serves more than twelve million customers and provides commercial banking and wealth management solutions for businesses throughout Canada.
What Traditional Cards Work?
The B2B Pay system can also work with many traditional cards that the two businesses hold. These cards include credit and debit cards from all the major banks throughout Canada. The new system will focus on supporting whatever payment cards businesses wish to utilize, even if they entail virtual ones.
The partnership between Moneris and BMO will make it easier for businesses to manage payments with one another. People can handle their payments well and ensure their funds move forward without risking possible losses. People will appreciate how the system works and how it will manage all the payment needs they may hold for future purposes and projects.