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
Buoyed by reports of record 2018 holiday spending, analysts predict more retail growth in 2019, particularly in the evolving small and midsize business (SMB) sector. Advanced technologies have introduced SMBs to a big-brand experience and new set of challenges.
When it’s time to pay up, commercial buyers may be in for a pleasant surprise when purchasing online. The launch of Amazon’s Pay By Invoice feature last year opened the door for more flexible B2B payment schedules.
The expectations of B2B buyers are evolving. Today, buyers are looking for the same ease and convenience Amazon delivers for B2C transactions. Satisfying such demand, however, isn’t as simple as developing an online presence.
Don’t think of them as mere podcasts — though PYMNTS certainly does a lot of podcasts, discussing with payments and commerce experts the hottest topics of the day, with each conversation not only digging into the past and present but having an outlook toward the future.
Today’s business world is one of rampant change. While technology is driving much of this disruption, evolving customer expectations are dramatically altering the face of the financial services, payments and fintech industries.
MSTS, a global B2B payment and credit solutions provider, today announced that its innovative Credit as a Service solution is now available to mid-market and small businesses.
CIO Spotlight: Dan Zimmerman, MSTS
Name: Dan Zimmerman
Job title: Chief Product and Information Officer (CPIO)
Time in current role: 3 yrs.
Location: Overland Park, KS