No B2B transaction occurs in a vacuum. Buyers and suppliers must consider the history of their relationship, negotiated rates and payment terms, and the reputations of the companies working together. Every interaction — from negotiating contracts to making payment to extending credit — is connected, but the complexity of B2B commerce creates many opportunities for disjointed, friction-filled experiences on both sides.
Brandon Spear, president of global B2B payment and credit solutions provider MSTS, said these negative experiences can be frequent, potentially jeopardizing the buyer-supplier relationship at a time when it’s becoming a more strategic component of B2B commerce than ever. A simple change in commerce channel is just one example of how a B2B transaction can quickly go awry if buyers and suppliers are not interconnecting their processes.
Spear told PYMNTS, “If you purchase from a retailer who has a B2B channel from their eCommerce platform, then walk into a physical store, or maybe you phone them to place an order — how does that seller still maintain their omnichannel solution for you so they know who you are, and interact with you the same way, whether you’re online or on the phone or in a physical store? That’s a challenge.”
Read the full article by PYMNTS to see what components build a successful omnichannel strategy.
In the Press
Multi-Service Technology Solutions (MSTS) was founded in 1978 by a former trucking company owner who wanted to automate payments for trucking services.
Today's B2B customer is a digitally-savvy omnichannel connoisseur with high expectations of a B2C-like buying experience that still meets their more complex B2B needs.
Most businesses have a natural aversion to risk, experience resource constraints and often a need to cater to customers who use disparate merchant networks. This poses a tremendous challenge to scalability.
In today’s digital economy, most people think that sending money across borders is a seamless process.
For businesses looking to expand their ventures in global markets, cross-border payment frictions can vary from delivering international payments on time in the correct amount to delivering them in the recipient’s preferred currency.
No B2B transaction occurs in a vacuum. Buyers and suppliers must consider the history of their relationship, negotiated rates and payment terms, and the reputations of the companies working together.