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08/10/2018
Navigating the Complexities of Managing B2B Credit and Payments Operations for National Account Programs

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. As demand shifts towards adopting seamless, frictionless digital payments, the need to differentiate using a consumer-like, ubiquitous customer experience becomes paramount.

Managing a National Accounts Program in-house is extremely complex, requiring ongoing capital outlays, large investments in resources and technology to provide a seamless customer experience. Leveraging MSTS’ Credit as a Service® (CaaS) solution can accelerate the growth of a program while reducing costs, driving efficiencies and increasing customer loyalty.

CaaS attempts to fill a void in the market for manufacturers who would like to outsource and automate certain aspects of B2B credit and payments with a digital solution. A Fortune 500 manufacturer of medium- and heavy-duty commercial vehicles, with a global presence, currently uses CaaS to provide consistency to its end customers. The solution includes dynamic pricing controls to validate contract pricing to the SKU level and integrates with its ERP systems to automate reconciliation. To end users, the process is seamless because a branded managed services team of professionals handles customer service and collections on behalf of the manufacturer.

There are four other ways to improve efficiencies and effectively globalize B2B credit and payments systems: 

Add Omnichannel Capabilities

Omnichannel has become a major trend, and an expectation of consumers. Today, consumers expect to be able to access their favorite brands via mobile, web, retail and any new touchpoint that emerges. B2B customers are no different. Like B2C, B2B customers want flexibility in selecting and paying for inventory and receiving service.

According to a 2017 Forrester Research report,  the most successful B2B companies will prioritize their buyers' experience across channels, focusing on creating more omnichannel customers.

In addition to omnichannel access, business customers also want pricing levels, credit, terms and invoicing customization that meets their needs. Companies that deliver this as part of their B2B offering will deepen customer relationships and increase loyalty to peak levels.

 

Written for Canadian Equipment Finance

Read the full article in the Summer issue of Canadian Equipment Finance

In the Press

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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.

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12/04/2019
Cart Abandonment Issues? It Might Be Your Outdated Payment Processes

By Brandon Spear

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12/02/2019
Four Ways Women in Business Can Succeed Without Relying on Loans

By Martha Salinas

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10/31/2019
The Future Of Venture Capital Funding Is Female

By Martha Salinas

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10/30/2019
Leaning Into Venture Capital: How Women Can Secure Funding in a Male-dominated Space

By Martha Salinas