We Mean Business: Benefits of B2B Transactions
Doing business in The Bahamas can be extremely challenging, as many of the systems in place are still paper-based. While the rest of the world has seen a drastic digital revolution where money transactions are done via online platforms and apps, The Bahamas is now just catching up.
Kanoo’s founders began designing our digital payments platform in 2017, allowing Bahamians to participate in this revolution and do business globally. They recognized the need for an affordable, convenient, digital payment option as it would bring many opportunities for local companies to faster and more efficiently.
Due to the pandemic, we’ve seen many challenges confronting the B2B space. As it stands, most local businesses rely heavily on in-person processes, costly paper invoices, and slow-moving checks. But, we’ve found that digital payments are a safer, more accessible, convenient, and more cost-effective option, especially for small and medium-sized enterprises (SMEs). Also, with digital payments, the money goes directly into your account.
Accepting digital payments saves you time, money, and energy, which gives you the freedom to grow your business. This method ensures your business has consistent cash flow and accurate bookkeeping. Studies show that customers who have multiple payment options at their disposal can lead to merchants getting paid faster, improving cash flow, and allowing companies to expand at a quicker rate.
Digital transactions have proven to be much more secure than paper-based ones, as most platforms are protected and regulated to keep your money. Transactions occur in real-time on digital payment platforms like Kanoo. Our merchants and users have easy access to their funds and can track their transactions.
In COVID-19, local businesses are now shifting their business models to include digital payment options to stabilize their business, and in some cases, expand their operations.
Bahama Eats, a local delivery service company, was the first Business 2 Business transaction to take place on Kanoo, thanks to a partnership between them and Super Value/Quality Super Markets. Bahama Eats offers on-demand grocery, retail, restaurant, and liquor delivery services in New Providence. By downloading the app, customers can add items from Super Value to their cart. Once they check out, Bahama Eats will assign a personal grocery shopper to collect the items and send a link to complete the grocery payment. Then, the shopper delivers those items to the customer.
Kanoo’s Chief Sales Officer, Jevon Butler, notes that Kanoo is all about empowering Bahamian businesses and consumers, and this partnership is just another example of that.
“It’s exciting to see merchants take advantage of the ‘Business to Business’(B2B) feature where you can pay funds directly to a vendor and receive instant confirmation of that payment. This milestone represents the further inclusion of new companies such as Bahama Eats and Kanoo into the economy with the assistance and support of legacy entities like Super Value,” Butler explained.
“And as our merchant base continues to grow, Kanoo anticipates more B2B transactions taking place across our platform.”