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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

In the Press

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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.

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04/29/2019
5 Ways to Personalize your B2B eCommerce

By Brandon Spear

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05/20/2019
Four Tips for Reducing Your DSO

By Brandon Spear

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

By Brandon Spear

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04/20/2019
How to Impress B2B Customers with an Elevated Omni-Channel Experience

By Brandon Spear

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02/12/2019
3 Ways Credit as a Service Unlocks E-Commerce Growth

By Brandon Spear

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01/31/2019
OP's MSTS Finds the Sweet Spot with CaaS and Drives Big Growth

By Leslie Collins  – Staff Writer, Kansas City Business Journal | Jan 31, 2019

MSTS' new credit-as-a-service offering for small and midsize businesses is resonating in the market and helped the Overland Park company reach a new industry.