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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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09/12/2019
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09/05/2019
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09/04/2019
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09/04/2019
B2B Cart Abandonment: Hidden Problems and Possibilities

MSTS is out with a new report on B2B sellers and buyer payment preferences. There are valuable insights and solutions to some of the challenges faced by B2B sellers, but one statistic shocked me.

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08/23/2019
3 Ways Women Entrepreneurs Can Solve Cash Flow Concerns

By Martha Salinas

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08/21/2019
Finding A New Norm In A Post Brick-And-Mortar World

By Brandon Spear

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08/07/2019
What's New in B2B Payments? Credit as a Service

By Brandon Spear

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07/02/2019
Top 21 Business Financial Streamlining Tips from the Pros

1. Establish a Succession Plan - Jay DesMarteau, Head of Commercial Specialty Segments, TD Bank

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06/10/2019
Brandon Spear on CaaS: ‘Find a way to solve payments pain points and you’ll create a real advocate inside a business’

With Brandon Spear

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06/07/2019
How Tech Gives SMBs the Confidence to Go Up Against Goliaths

By Brandon Spear

For small and midsize businesses (SMBs), competing against big-name brands can seem difficult, if not impossible. Numerous advantages, including greater brand recognition and larger budgets, often stack the deck against SMBs.