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.
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
By Martha Salinas
By Brandon Spear
In B2B, suppliers and getting them paid is a friction-filled process.
The friction is especially acute in manufacturing. The relationships between manufacturers and their suppliers often cross borders, and payments can involve several different currencies.
The “clash of the titans” is a metaphor that is used to describe situations in which two powerful forces refuse to yield to the wishes or conditions of the other.
By Martha Salinas
MSTS is out with a new report on B2B sellers and buyer payment preferences. There are valuable insights and solutions to some of the challenges faced by B2B sellers, but one statistic shocked me.