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05/20/2019
Four Tips for Reducing Your DSO

By Brandon Spear

Patience is an increasingly important virtue for B2B businesses. According to a study of 27,000 companies around the world, the average days sales outstanding (DSO) is 64 days. Meanwhile, one out of every four businesses wait at least 88 days before being paid.

Take back control of your cash flow with strategies that deliver payments sooner rather than later. From implementing Credit as a Service® (CaaS) to providing additional payment options, identifying ways to minimize DSO can eliminate many of the challenges that contribute to restricted cash flow.

Offer Credit as a Service

With CaaS, B2B organizations no longer need to play the waiting game. Sellers can extend terms and risk-free lines of credit to customers and still be paid in as little as two days. The result? More reliable cash flow, not to mention increased share of wallet and loyalty.

Instead of cutting back on the size of their purchases or looking for greater flexibility from the competition, buyers gain the luxury of accessing a line of credit when cash is tight. This boost in purchasing power can motivate buyers to purchase more than they originally planned and even pave the way for repeat business.

Incentivize buyers

Give buyers a reason to settle invoices early by offering discounts to those who make payments within a few weeks. Whether it’s knocking down the price of their current purchase or taking 10% off the next one, rewarding buyers who are on top of invoices can help earn their appreciation and incentivize others to make their payments earlier.

Expand your payment options

In addition to giving buyers a reason to make payments sooner, eliminate some of the roadblocks that may keep payments from coming in. If buyers don’t see their preferred payment option, it may take longer to receive payment. Cater to buyer preferences by implementing the payment options that work best for their businesses.

Although buyers used them to complete 81% of B2B payments in 2004, checks are quickly falling out of favor. In fact, the paper check payment method accounted for just 51% of B2B payments in 2016. To satisfy the needs of today’s buyers, consider introducing automated clearing house payments (ACH) and other emerging options into your payment process.

 

Read how to take advantage of the technology in the full article on Mobile Marketing and Technology

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10/12/2019
The Order to Cash Cycle Seeks Its Automated Reinvention

In B2B, suppliers and getting them paid is a friction-filled process.

The friction is especially acute in manufacturing. The relationships between manufacturers and their suppliers often cross borders, and payments can involve several different currencies.

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09/25/2019
B2B Buyers Abandoning Their Shopping Carts for Faster Checkouts
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By Martha Salinas

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09/04/2019
How Payment Options Drive B2B Buyer Behavior

B2B buyers will spend more—and choose different online sellers—based on whether they can use their preferred payment methods, according to a June 2019 survey of 300 buyers by MSTS, a financial technology provider serving

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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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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