The dominance of digital payment methods has grown astronomically in the last five years, but it was the B2C sector that embraced it quicker. The B2B businesses are now coming around, but they are still a mile behind.
What are B2B payments?
Business to Business (B2B) Payments are the transactions made between two companies or businesses. This is different from Person to Person (P2P) and Customer to Business (C2B).
Operators in the B2B sector had grown used to the longer processing time and more tedious nature of traditional payment methods. But there have been significant changes in the last few years which every B2B business has to adapt to.
B2B businesses now have to move quickly, and with the simplicity, quickness, and seamlessness that digital payment methods bring, it's a no-brainer why businesses have to adopt them.
Fincra's Wallet Feature
One of the payment methods available via digital is the wallet feature that Fincra provides. Fincra provides B2B payment solutions and has API-enabled interfaces to generate faster, more secure B2B payments.
Fincra is dedicated to helping businesses scale, and one way it can achieve that is by making payment seamless and reducing the cost. Making payments can be expensive with transfer fees, card charges, and foreign exchange processes.
And that's where Fincra's Wallet feature can help scale your business. Wallet is a payment and collection feature in Fincra that allows merchants to manage their funds within our products.
Merchants who have completed KYC and get onboarded on Fincra can have access to a Wallet for each currency (NGN, KES, GHS, USD, GBP), where they can view their balance as well as make payouts and conversions (moving money from one Wallet to another).
With Wallets, you can view your Available Balance (amount available for new transactions), Locked Balance (amount of transactions being processed) and Ledger Balance (available balance plus amount for transactions being processed).
How to fund Wallet on Fincra
- Merchants can fund their Wallets through a Bank Transfer (to a Virtual Account tied to a wallet)
- Manually, by reaching out to our support team via email for wallet funding to be processed by an admin.
With Wallet, Fincra merchants can carry out many actions like Debit, Credit, Get All wallets and Deactivate wallet.
Merchants can Fund wallet, Get wallet balance, Debit/Credit a wallet (via conversion) via Merchant Portal and via API (for those integrated to us via API)
Merchants get notified for every credit or debit to the wallet via email while available, locked & ledger balance is updated accordingly per transaction carried out on the merchant's profile.
Fincra's Wallet feature integrates quickly and seamlessly and comes with robust security to limit fraud risk.
You can give our products and services a quick spin by signing up for a demo at: https://sandbox.fincra.com/auth/signup