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32-799: Trademart Brussels is a 200 000  m business-to-business wholesale trade centre in Brussels , Belgium, located on the Heysel/Heizel Plateau , housing showrooms that sell consumer products. The marketplace is closed to the public but open to certified retail buyers and interior designers , manufacturers and industry professionals. It is the largest purchasing centre for retail professionals in Europe. Trademart houses more than 350 exhibitors and 1500 brands in fashion, baby and kids, home and living (interior), sports and retail services. It connects demand and supply. This article about

64-553: A Belgian building or structure is a stub . You can help Misplaced Pages by expanding it . Business-to-business Business-to-business ( B2B or, in some countries, BtoB ) is a situation where one business makes a commercial transaction with another. This typically occurs when: Business-to-Business companies represent a significant part of the United States economy . This is especially true in firms with 500 employees and above, of which there were 19,464 in 2015, where it

96-436: A fine . Payments can be effected in a number of ways, for example: In general, payees are at liberty to determine what method of payment they will accept; though normally laws require the payer to accept the country's legal tender up to a prescribed limit. Payment is most commonly affected in the local currency of the payee unless the parties agree otherwise. Payment in another currency involves an additional transaction for

128-469: A "most valuable analysis" of the correct contractual construction of such payments. An initial up-front partial payment for the purchase of an expensive items or service is often referred to as a " down payment "; this is also called a deposit in British English . A payment may involve more than two parties. For example, a pre-paid card transaction usually involves four parties: the purchaser,

160-780: A debt). The Middle English word "payen", which came from the French, was also used in both ways. There are two types of payment methods; exchanging and provisioning . Exchanging involves the use of money , comprising banknotes and coins . Provisioning involves the transfer of money from one account to another, and involves a third party. Credit card , debit card , cheque , money transfers , and recurring cash or ACH ( Automated Clearing House ) disbursements are all electronic payments methods. Electronic payment technologies include magnetic stripe cards , smartcards , contactless cards , and mobile payment . Progress payments or instalment payments are often used to allow payment in stages for

192-526: A guarantee or other security for a debt does not constitute a payment. The root word "pay" in "payment" comes from the Latin "pacare" (to pacify), from "pax", meaning "peace". In the Middle Ages, the term began to be used more broadly, to mean "to pacify one's creditors". As the Latin word was made part of Old French "paier", it retained the meaning "appease" but gained the meaning "to pay" (as in paying

224-479: A result, smaller businesses with less capital often struggle to stay afloat. In B2B, brand reputations greatly depend on the personal relationship between businesses. On the other hand, in B2C, the business's reputation is often fueled by publicity through the media. In many cases, the overall volume of B2B (business-to-business) transactions is much higher than the volume of B2C transactions. The primary reason for this

256-421: Is clearer, it has spot sourcing contract management that offers a flat retail rate for each item sold. Time is also different as B2B has a slower process than B2C which is concluded in shorter periods (that could be minutes or days). Business-to-business generally requires an upfront investment whereas business-to-consumers do not need a business to spend money on infrastructure. The last difference mentioned here

288-551: Is estimated that as many as 72% are businesses that primarily serve other businesses. One possible argument of economics to explain the levels of Business-to-Business activity is that it allows for business segmentation. B2B is often contrasted with business-to-consumer (B2C) trade. B2B involves specific challenges at different stages. At their formation, organizations should be careful to rely on an appropriate combination of contractual and relational mechanisms. Specific combinations of contracts and relational norms may influence

320-447: Is expected to double to 18.82 per cent in 2011. There is a fast growth of mobile payments around the world. Google Pay, Apple Pay and Samsung Pay are the three main choices for mobile payments, while some banks also allow NFC Payments. In some countries, mobile wallets have become a dominant way of mobile payments. Historically, cheques have been one of the primary means of payment for purchasing goods and services, though its share in

352-797: Is that in B2B, lagging in the digital transformation, has to deal with back-office connectivity and invoicing a number of different partners and suppliers, while B2C results in more seamless transactions as options, such as cyber-cash, allows the business to accept a wider variety of payment options. B2B typically only allows payment via credit card or invoice, making the purchasing process longer and more expensive than with B2C. B2B, as there are normally bigger amounts involved over longer periods of time, usually have higher costs than B2C, which consists of quick, daily transactions. Businesses typically want to buy on net terms, meaning that B2B merchants have to wait weeks, if not months to get paid for their goods or services. As

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384-409: Is that in a typical supply chain there will be many B2B transactions involving subcomponents or raw materials , and only one B2C transaction, specifically the sale of the finished product to the end customer. For example, an automobile manufacturer makes several B2B transactions such as buying tires, glass for windows, and rubber hoses for its vehicles. The final transaction, a finished vehicle sold to

416-744: Is the retailer supplying goods to the consumer. In B2B there are business people on both sides, whereas in B2C there is normally one business person and one consumer. In the first case, the decision is pursued by need (because the other business needs it), and in the second case, they are expectations rather than needs. B2B has many sellers and different stores, whereas B2C, is usually just one supplier. B2B concentrates on raw data for another company, but B2C focuses on producing something for consumers. A B2B transaction entails direct-sourcing contract management, which involves negotiating terms that establish prices and various other factors such as volume-based pricing, carrier and logistics preferences, etc. B2C transaction

448-454: Is the tender of something of value , such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire . The party making the payment is commonly called the payer , while the payee is the party receiving the payment. Whilst payments are often made voluntarily, some payments are compulsory, such as payment of

480-433: Is the transaction pattern for the intermediate trading market. It concentrates similar transactions of various industries into one place, as it provides a trading opportunity for the purchaser and supplier, typically involving companies that do not own the products and do not sell the products. It is merely a platform to bring sellers and purchasers together online. The better platforms help buyers easily find information about

512-404: The construction of buildings or other assets. Instalment payments were planned for in the case of Cadogan Petroleum Holdings Ltd v Global Process Systems LLC , where the latter would pay in instalments for the acquisition of two gas plants. Their contract stated that ownership would not pass until the payments were complete and that any failure to pay an instalment would allow Cadogan to rescind

544-472: The cheque is not presented to the bank until the next taxable year, even though the payer could stop payment on the cheque, in the meantime. Postdated cheques , however, are not considered payment when delivered. Generally, payments by credit card take effect at the point of the sale and not when a payer is billed by the credit card company or when the payer pays the credit card company's bill. A business that reports on an accrual basis, would report income in

576-827: The consumer, is a single ( B2C ) transaction. B2B2C means "business-to-business-to-consumer". According to the TechTarget website, the purpose of the terminology is to "extend the business-to-business model to include e-commerce for consumers". B2B2C aims to "create a mutually beneficial relationship between suppliers of goods and services and online retailers". According to Lomate and Ramachandran, it enables manufacturers (the first "B" in B2B2C) to connect with, understand and serve their end customers ("C") without undermining their sales and distribution networks, including online sellers (the second "B") or excluding them from continuing customer engagement . Payment A payment

608-442: The contract , "without prejudice to any accrued rights". The High Court ruled that the wording allowed Cadogan to retain the instalments which had been paid even though they did not acquire the assets in exchange. The court referred to a text written by Jack Beatson , later a Lord Justice of Appeal , on Discharge For Breach: The Position of Instalments, Deposits and other Payments due before Completion , which Eder J described as

640-410: The conversion. The payee may compromise on a debt, i.e., accept part payment in full settlement of a debtor's obligation, or may offer a discount, E.G: For payment in cash, or for prompt payment, etc. On the other hand, the payee may impose a surcharge , for example, as a late payment fee, or for use of a certain credit card, etc. Payments are frequently preceded by an invoice or bill, which follows

672-447: The enterprise's online store. Through the website, the company can promote its products vigorously, more efficiently and more comprehensively which enriches transactions as it helps their customers understand their products well. Or, the website can be created for business, where the seller advertises their products to promote and expand transactions. A good example of a vertical B2B model is manufacturers vs wholesalers. Horizontal B2B

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704-514: The nature and dynamics of the negotiations between firms. Vertical B2B is generally oriented to manufacturing or business. It can be divided into two directions: upstream and downstream. Producers or commercial retailers can have a supply relationship with upstream suppliers, including manufacturers, and form a sales relationship. As an example, Dell works with upstream suppliers of integrated circuit microchips and computer printed circuit boards (PCBs) . A vertical B2B website can be similar to

736-414: The next. For U.S. tax purposes, cash payments generally are taken to occur at the time of payment. Payment may also occur when a person transfers property or performs a service to the payee in satisfaction of an obligation. A payment by cheque is normally deemed to occur when the cheque is delivered, as long as the cheque is honoured on the presentation by the payee. This rule also generally applies where

768-444: The payer's legal obligations. The acceptance of a payment by the payee extinguishes a debt or other obligation. A creditor cannot unreasonably refuse to accept a payment, but payment can be refused in some circumstances, for example, on a Sunday or outside banking hours. A payee is usually obligated to acknowledge payment by producing a receipt to the payer. A receipt may be an endorsement on an account as "paid in full". The giving of

800-472: The payment mix is falling worldwide. In 2001, in the United States, cheques accounted for 25% of the U.S.-based payment mix; and in 2006, this was projected to fall to 17%. The timing of payment has legal implications in some situations. For tax purposes, for example, the timing of payment may determine whether it qualifies as a deduction in a taxpayer's calculation of taxable income in one year or

832-462: The post of Small Business Commissioner under the Enterprise Act 2016 to "enable small businesses to resolve disputes" and "consider complaints by small business suppliers about payment issues with larger businesses that they supply." The principal difference between B2B and B2C is that the first one refers to commerce transactions between manufacturer and retailer, and the second one it

864-463: The relationship have comparable negotiating power, and even when they do not, each party typically involves professional staff and legal counsel in the negotiation of terms, whereas B2C is shaped to a far greater degree by economic implications of information asymmetry . However, within a B2B context, large companies may have many commercial, resource and information advantages over smaller businesses. The United Kingdom government, for example, created

896-798: The seller, the issuing bank and the acquiring bank . A cash payment requires at least three parties: the seller, the purchaser and the issuer of the currency. A barter payment requires a minimum of two parties: the purchaser and the seller. The infrastructure and electronic clearing methods are formed by the payment provider . Global credit card payment providers are Diners Club , Visa , American Express and MasterCard . Maestro and Cirrus are international debit card payment providers. Blockchain also provides an infrastructure for payments using digital currency and potentially better security, fewer intermediaries, and lower transaction costs. In 2005, an estimated $ 40 trillion globally passed through some type of payment system. Roughly $ 12 trillion of that

928-411: The sellers and the relevant information about the products via the website. A good example of a horizontal B2B model is bankers vs corporate lawyers. A 2022 Amazon report highlighted a "rapid transformation of B2B e-procurement in recent years", with 91% of the B2B buyers surveyed in their study stating that they preferred online purchasing. In B2B commerce, it is often the case that the parties to

960-461: The supply of goods or services, but in some industries (such as travel and hotels) it is not uncommon for pre-payments to be required before the service is performed or provided. In some industries, a deposit may be required before services are performed, which acts as a part pre-payment or as security to the service provider. In some cases, progress payments are made in advance, and in some cases part payments are accepted, which do not extinguish

992-580: The year of sale though payment may be received in a subsequent year. Payment of most fees to government agencies by cheque, if permitted, usually takes effect after a set number of days for clearance or until the cheque is actually cleared. Payments by credit card, if permitted, and cash payments take immediate effect. Normally, no other forms of payment are permitted or accepted. Commercial late payments and consequent interest entitlements are regulated in some countries, for example in Member States of

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1024-510: Was transacted through various credit cards, mostly the 21,000 member banks of Visa and MasterCard . Processing payments, including the extending of credit, produced close to $ 500 billion in revenue. In 2012, roughly $ 377 trillion passed through noncash payment systems. This led to total account and transaction revenues of nearly $ 524 billion. In the U.S., debit cards are the fastest growing payment technology. In 2001, debit cards accounted for 9 percent of all purchase transactions, and this

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