The consumer may be what makes for sizzle and sparks in the payments realm, grabbing headlines and headspace. But within B2B eCommerce, there are pockets ready for ignition.
In the latest Topic TBD, PYMNTS’ Karen Webster spoke with Brandon Spear, president of MSTS, to get a sense of the challenges and opportunities tied to credit and payments amid a market that is three times the size of B2C. B2B eCommerce is primed for explosive growth, complete with sellers who are looking for better ways to find buyers, and buyers who want to find new places to go shopping.
“There are some titanic forces driving the needs for sellers to have a closer relationship with their buy-side customers,” said Spear. “It’s not simple [the complexity], but it’s a problem I think that people are focused on solving now and through the next couple of years.”
The complexity is such that exchanges – which existed in years past on the notion that pricing and availability of goods were transparent to buyers – never really got off the ground. There have been thousands of such exchanges, only a handful of which survived. As Spear noted, successful exchanges transformed into vertical marketplaces, solving process problems for industries. The focus, then, was less on commoditizing what the sellers were selling (or commoditizing the purchasing) and more on standardizing the process of wringing out costs from both sides.
To listen to the entire podcast, or read the complimenting article, visit www.pymnts.com.
Originally posted and written by PYMNTS.
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.