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04/05/2019
Expert: How Smaller Merchants can Compete with Large Competitors

By Brandon Spear

SMBs are at a disadvantage in the digital space, just as small, mom-and-pop businesses have been at a disadvantage in the brick-and-mortar race. Larger brands can spend more on brand recognition, have better scale with which to offer discounts, and even bargaining power with manufacturers. But, there are changes SMBs can make to better compete. Here are four:

Make it easier to buy

"Small businesses can create a smoother purchasing experience by choosing payment providers who offer better options. Providing a choice to customers is key for conversions -- a survey by Forrester found that when sellers began providing online POS financing options, they saw a 32 percent increase in sales. Options a small business might want to consider include checks, ACH, EFTs and credit cards -- or an all-in-one solution like Credit as a Service. Keep in mind that there are pros and cons to all options, so it's good to have variety. For example, while credit cards are useful, they can rack up processing fees that must be absorbed or passed along to customers. Solutions like Credit as a Service, for example, enable sellers to extend lines of credit to their buyers and be paid the moment they send an invoice," said Brandon Spear, President, MSTS.

Use data to get more business

"Many small businesses don't have the proper tools to make educated business decisions. Due to a lack of data, or access to the data, many go off gut instinct instead. Using an analytics platform can turn the data they have on their customers and prospects into actual insights they can use to generate additional revenue. Choose partners that offer out-of-the-box dashboards that can be configured to any need. This can help identify new customers, increase share of wallet and open up new cross-selling opportunities," said Spear.

Get the last two in the full article on BizReport. 

In the Press

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01/24/2020
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PayThink: B2B Must Follow the Same User Experience Rules as Consumer Payments

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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