B2B cross-border payment Part 2 - Top 3 B2B payment systems in ecommerce in Vietnam

In the article “Is USDC a good B2B payment method?”, FinFan discussed USDC and other B2B payment methods in ecommerce.

But how it works is still a big question for many business owners. Therefore, in this essay, we will mention more about the B2B payment system in ecommerce to get the answer to this.

Let’s learn about how many types of B2B payments are in ecommerce in Vietnam once again.

Overview of B2B Cross-border Payments in 2022-2023

*Analysts estimate that $39.3 trillion of cross-border business-to-business (B2B) payments will be made in 2023, and reach $56.1 trillion by 2030. Add the wholesale banking sector to that (which includes institutional investments and currency trading), and the current value of cross-border B2B payments is $186.2 trillion, accounting for 98% of all international transactions.

Growth has been a consequence of globalisation that has increased trade, and so the need to transfer currencies across borders. That commerce has been driven by large enterprises trading in physical goods, but the growth in B2B ecommerce will see it become the leading contributor by 2030, worth $22 trillion.

This is B2B catching up with the consumer market. Increasingly, businesses are going to online marketplaces to purchase goods and services (eg Alibaba, Amazon Business, Upwork, ECPlaza). Meanwhile, the pandemic accelerated the move for many to open up or improve their online sales channels, and service demand from consumer businesses that needed to do the same.

They are being supported by the emergence of a new breed of fintech players that are making it easier and cheaper for large and SMB companies to send and receive B2B payments from abroad.*

*Source: bvnk.com

Still today it has had 4 most used types of B2B payments in Vietnam, there are:

Online Checks

It is not a common payment method for Vietnamese people. However, it’s often used by enterprises as an alternative to credit cards.

Many studies show that the online check (also known as a cheque) service, among the other payment methods in Vietnam, currently accounts for 11% of all online transactions.

Entrepreneurs will use checks via the Internet when making payments by filling in the required information form from the bank. Notably, it would be best if you tried to fill in the exact transaction date and transaction value and check them carefully before pressing the “send” button in order to conduct transactions.

After that, the transactions office will automatically process it for entrepreneurs as soon as they receive the information. One of the biggest advantages of this payment method is that the transactions are faster and more convenient than many traditional checks. However, this method might be quite complicated for some people due to its complex procedure.

Banks transfer

That is the most used payment method in Vietnam, the entrepreneurs can transfer money by using ATMs or even only computers and phones.

Most businesses use this payment method in economic transactions. In addition, wire transfer is one of two payment methods accepted on invoices.

Using card

This was once the most basic and widely used form of payment in Vietnam. This method, however, has some limitations, especially in the midst of the Covid 19 pandemic, when the government carries out policies such as a lockdown or social distance anytime.

Using e-wallet

Through the development of technology, people in Vietnam have changed their ways to pay some of their bills. E-wallet is one of these payment methods, which most people (especially small and medium enterprises) often use for their transfers.

Read more:

. 3 best e-wallets in Vietnam

In some developed countries, entrepreneurs can also use ACH payments like the method of B2B payment in ecommerce.

How B2B payment system in ecommerce works in Vietnam

Although entrepreneurs use whatever method, the B2B payment system in ecomerce works with 4 steps:

Step 1: The buyers ask sellers for samples of products or services and prices.

Step 2: The buyers and sellers will have a deal with each other to close the sale prices of products or services.

Step 3: The buyers choose one of the above payment methods and take payments to the sellers.

Step 4: The buyers receive the products or services that they pre-order.

3 popular B2B payment systems in ecommerce that entrepreneurs often use.

2C2P

2C2P is a full-suite payments platform helping global businesses securely accept payments across online, mobile and offline channels.

They started in Southeast Asia in 2003 and have since grown in strength to over 400 professionals globally. Armed by a wealth of insights, we are ready to support your global ambitions, connecting businesses from Asia to the Americas, Europe and beyond.

OnePAY

OnePay is a product for professional e-commerce business units. OnePay allows businesses to make online payments on the website, via email or Tel/Fax. This solution accepts international cards Visa, MasterCard, Amex, JCB and domestic cards of Vietnamese banks.

FinFan

FinFan, a Neobank specializing in cross-border payment and money transfer in Vietnam, had a License of Foreign Currencies Acceptance and Payment approved by the Central Bank of Vietnam in 2014, licensing from our Strategy Bank to do Banking services, and was the first entity in Vietnam allowed to disburse money into E-wallet.

We operate based on the values of transparency and trustworthiness to provide products as a Neo-bank, such as CASH – IN & CASH –OUT (Payroll, e-Commerce, Import-Export, etc., Cross - Border Payment (Over 150 countries + currencies), Remittances (strong currencies like GBP, AUD, EUR, USD, CNY with competitive FX rate), Virtual Cards.

We are proud that we not only became the first Vietnamese non-bank partnered and integrated with Ripple Net but also partnered with over 20 top global brands as MoneyGram, Thunes, Remitly, Ria, Terrapay, PaySend, etc.