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12/04/2019
Cart Abandonment Issues? It Might Be Your Outdated Payment Processes

By Brandon Spear

B-to-B retailers are in a constant struggle with cart abandonment. While sellers may be quick to point fingers at the product or blame customer indecision, it’s quite often outdated payment processes that leave buyers unsatisfied and running to the competition.

The fact is customer expectations are evolving. And even in the B-to-B space, customers want seamless buying experiences that provide personalization, ease and convenience. However, B-to-B companies face difficulties trying to meet these expectations: 90 percent of B-to-B buyers who make purchases once a week experience some sort of pain during the purchasing process.

B-to-B sellers looking to provide a modern, efficient purchase experience must first understand where buyers encounter friction. By doing so, B-to-B sellers can increase customer satisfaction, inspire loyalty and, ultimately, attract new customers. But first, they must know the most common buyer pain points and how to update payment processes in order to alleviate them.

Credit Cards Don’t Cut it — Offer Buyers Multiple Payment Options

Buyers expect their B-to-B purchase experiences to reflect the ease and personalization of their personal buying experiences. And for many buyers, using a credit card to pay for large, repeat purchases is a major pain point. Credit cards create several post-purchase issues with expense reporting and surcharges, not to mention insufficient lines of credit and potential for fraud. More than half of all B-to-B buyers agree vendors should offer additional payment options beyond credit cards to improve the purchase experience.

One way retailers can solve for this pain point is by offering an alternative payment method, such as extending payment terms across all channels. Offering invoicing at checkout with 30-, 60- or 90-day terms boosts buyer satisfaction and increases average order volume. When buyers have the option to pay on terms, they're more likely to return. In fact, over 80 percent of B-to-B buyers said they would choose a seller over others if that seller offered invoicing at checkout.

Streamline Payment Processes With an Omnichannel Experience

Today’s B-to-B buyers want access to their preferred payment option regardless of where they complete a purchase. An integral part of modernizing payment processes is ensuring that all products and services are available to customers at all touchpoints, from online to in-store. A streamlined, omnichannel payment experience secures loyal customers. Even more, omnichannel customers are 25 percent more profitable than customers who shop with exclusively “human-only experiences.”

You can read the full article on MyTotalRetail.com.

In the Press

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01/23/2020
PayThink: B2B Must Follow the Same User Experience Rules as Consumer Payments

By Brandon Spear

Enhancing the B2B purchasing experience isn’t just crucial for keeping current customers satisfied, it’s an essential strategy for gaining new ones.

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01/14/2020
How AI is Demystifying B2B Customer Loyalty

By Dan Zimmerman

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01/03/2020
How B2B Sellers Can Win the Arms Race Against Cyber Criminals

By Brandon Spear

Online buying has derailed traditional buyer-seller relationships. In days past, B2B sellers based credit extensions on trust. Today, those extensions are often made without ever coming face-to-face—opening up a Pandora’s box of potential fraudulent activity.

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01/02/2020
Why B2B Payments Should Take a Page from B2C’s Playbook

Call it a tale of two payments trends.

Or: It was the best of cash flows. It was the worst of cash flows.

The payments realm is a bifurcated one, where business-to-customer payments are increasingly marked by speed, convenience and instant transactions.

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12/23/2019
Facilitating B2B eCommerce, Payments, and Credit as a Service®

Many businesses need to process transactions across borders, between large companies, and beyond. But how can it all run efficiently? How does the B2B eCommerce space differ from B2C eCommerce?

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12/06/2019
Curing The $2.4T Manufacturing Sector’s Cash-Flow Crunch

The U.S. manufacturing sector, valued at approximately $2.4 trillion, accounts for an estimated 11 percent of the national gross domestic product (GDP). However, U.S. manufacturing has encountered significant damage recently over the ongoing trade war with China. In fact, the U.S.

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12/04/2019
Exec: Continually Adapting Keeps 40-Year-Old B2B Solutions Provider Growing

When Brandon Spear took over as president for MSTS four years ago, the company began to shift away from what it had been focused on for 40 years prior.

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12/04/2019
Cart Abandonment Issues? It Might Be Your Outdated Payment Processes

By Brandon Spear

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12/02/2019
Four Ways Women in Business Can Succeed Without Relying on Loans

By Martha Salinas

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10/31/2019
The Future Of Venture Capital Funding Is Female

By Martha Salinas