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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.

B2B buyers are now accustomed to the simplicity and convenience of B2C purchases and expectations follow suit: More than 80% of B2B buyers agree that personal buying experiences affect expectations for business purchases.

With buyers expecting more from B2B sellers than ever before, sellers must focus on updating outdated business processes — with enhanced payment options topping the to-do list. In fact, 90% of B2B buyers research sellers’ payment options before making a purchase, and 74% would switch vendors if their preferred company failed to keep up with purchasing expectations.

Keeping these key metrics in mind, B2B sellers must work to increase buyer satisfaction, strengthening the loyalty of current customers and attracting new ones to drive additional revenue. Here are two key ways to successfully modernize the B2B purchasing experience:

Offer More Payment Options

Giving customers the option to pay with 30-, 60- or 90-day terms introduces flexibility and encourages future purchases. With low credit lines and tight fiscal schedules limiting how much businesses can purchase at any given time, the chance to pay on terms is a welcome option and more suitable to a wider range of business cycles.

Sellers can also extend credit to their customers. Many companies struggle with cash flow and might find it difficult to pay cash for large B2B purchases — and credit card limits are often insufficient or introduce accounting headaches. In fact, more than three-quarters (76%) of B2B buyers have encountered an issue that prevented them from completing an online purchase with a credit card. Extending credit to buyers is essential for attracting new target customers, building trust and increasing average order volume.

Build an Omnichannel Payment Experience

Offering multiple payment options is just one component of providing a better customer experience. Step two is ensuring these payment options are consistent across channels and offer flexibility, like custom pricing. Nearly all (98%) of B2B buyers agree it’s important to have the same purchasing experiences across all channels (in-store, sales, online). Customers are accustomed to speed and convenience in their personal buying experiences and will expect the same when it comes to professional purchases.

You can read the full article on PaymentsSource.com

In the Press

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02/24/2020
Readers Speak: Impacts of Goldman-Amazon Partnership

Brandon Spear, president of MSTS, sent in the following perspective on the Goldman-Amazon partnership:

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01/24/2020
Digital Transformation in Manufacturing

By Brandon Spear

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01/24/2020
This Week In Payments: Davos, China X-Border Commerce And Talk To (And Pay With) The Hand

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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.