Managing your accounts receivable can become particularly daunting when you don’t have access to traditional payment and accounting options. We’ve told you about some horror stories, including a business that ended up with $10 million in their accounts receivables. Streamlined B2B payments can help you make sure that this doesn’t happen to you.
Why Cannabis Needs Unique B2B Payment Solutions
The cannabis industry has typically struggled when it comes to traditional bank accounts and electronic payments. As a result, many businesses have become accustomed to using workaround schemes that can lead to a wide range of issues.
Instead, Hypur encourages marijuana-related businesses (MRBs) to get legitimate MRB bank accounts, gaining access to sustainable banking and payment practices. This includes a reliable B2B payment method that’s easy to use whether you’re paying to or requesting payment from a grow house, distributor, processor, or retail dispensary.
Simply Send and Request B2B Payments
Simplicity is the core of Hypur’s B2B payment solution. Using an intuitive interface, you can easily send a payment to your partners. With direct, account-to-account transfers, your payments never go through a middleman or use a shady workaround scheme. The same applies to requesting payment. Your payments work easily, even if your vendors or partners aren’t using Hypur (yet).
To make it even easier to send or receive B2B payments, you can autofill the information in the request. You can also bulk upload requests for payment from a spreadsheet, which is quick and convenient to populate using reporting from your existing accounting software.
If you have multiple bank accounts for various divisions of your business, you can also have funds directed to a specific account. This give you centralized control while sending funds to different accounts.
Should you make an error in sending or receiving payments, the B2B payment platform also makes refunds simple. With just a click, you’re able to refund B2B payments.
Need to simplify your B2B payments?
Track Business to Business Payments
While it’s great to conveniently send and receive payments from business to business, tracking those payments can be just as important. It’s vital to know who still owes you money, and who you still owe, in order to manage cash flow, predict revenue or profits, and keep the lights on.
With our tracking and reporting dashboard, not only can you see who still needs to pay you, but you can also send a reminder for outstanding requests. If, on the other hand, someone has scheduled a payment in the future, you can also see that on the platform and forgo the reminder. If you need further details about payments, you can see the invoice attached to the payment request on the dashboard.
“I think it’s great! Hypur makes reconciliation quick and easy. The accounting team and I can simply track sales, fees, and revenue.” – Tom Deschamps, Müv
Instead of fighting with shady B2B payment methods or workaround schemes, opt for a simple and transparent solution. Just imagine how much you’ll be able to focus on other elements of your business when you aren’t busy chasing money.