For merchants who are involved in B2B transactions and procurement services, there are challenges when it comes to the B2B experience. Similar to consumers, business professionals expect a satisfactory experience in terms of online shopping and the speed at which peer-to-peer (P2P) payments can be processed and completed.
An application like Zelle is an example of a P2P service where involved parties can send and receive payments quickly. Users first sign up for the application using either email address or mobile phone number. This can be done through either a mobile banking application or through the Zelle application itself.
To send payments, users simply provide either the recipient’s email address or mobile phone number. Anyone who has a bank account in the U.S. can be a recipient. After entering the amount of monetary value to be sent, the selected recipient would get a notification with instructions on how to complete the transaction.
In the context of the coronavirus (COVID-19) situation, an application such as Zelle is useful when it comes to making contactless payments as well. According to an announcement, Zelle has seen an increase in the number of application enrollments since the start of March 2020.
More than half of the user base consists of consumers between the ages of 25 and 54, indicating that both millennials and Gen X individuals are using Zelle and enjoying the ease and convenience of it. Meanwhile, baby boomers between the ages of 55 and 72, according to the announcement, have also increased their interactions with the application.
“As events have unfolded and lives changed, consumers are using Zelle to help those in need, and as a result, these heart-warming stories are strengthening connections with family, friends, and communities,” Lou Anne Alexander, the chief product officer at Early Warning, said. Early Warning is the company behind the Zelle Network.
Alexander added how the application is enabling individuals to send and receive funds for purposes such as rent payments, emergencies, groceries, and gifts. According to the announcement, 837 financial institutions are currently participating in the Zelle Network via contract.
Another application that is a leader in online P2P payment services is Venmo. Similar to Zelle, the application allows users to send and receive funds for goods and services. An account can be created using either an individual’s phone number or email address. In addition, the application makes it easier to find a list of an individual’s contacts, allowing for smoother transactions. This is done by syncing one’s contacts on either their mobile phone or Facebook.
Along with providing merchants and consumers a way to easily complete transactions, Venmo is also dedicated to protecting account information. Through account activity monitoring and ensuring that unauthorized transactions do not take place, the application helps improve the whole B2B and B2C experience.
Like Zelle, Venmo acknowledged the virtues of going digital when it comes to making payments. This is especially important amid the COVID-19 pandemic, where contactless payment methods are being championed by consumers, credit card companies, and mobile applications alike.
“As we continue to navigate the evolving situation, we know many of you are getting used to the new norm of working from home, practicing social distancing, and taking steps to help contain the spread of the virus,” the post stated.
As a global leader in brokering merchant accounts and the ultimate resource for payment card acceptance, Merchant Broker understands the importance of keeping businesses afloat and thriving during this challenging time. The Merchant Broker team not only provides an outstanding customer experience to clients across the globe, but also adds value to any business via a personalized approach.
To begin taking your business to the next level, contact the Merchant Broker team at firstname.lastname@example.org.