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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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09/12/2019
Neutralizing The Clash Of The B2B Buyer And Supplier Titans

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.

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09/05/2019
3 Ways Kansas City's Corporate Leaders Can Support Local Startups

By Martha Salinas

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09/04/2019
How Payment Options Drive B2B Buyer Behavior

B2B buyers will spend more—and choose different online sellers—based on whether they can use their preferred payment methods, according to a June 2019 survey of 300 buyers by MSTS, a financial technology provider serving

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09/04/2019
B2B Cart Abandonment: Hidden Problems and Possibilities

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.

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08/23/2019
3 Ways Women Entrepreneurs Can Solve Cash Flow Concerns

By Martha Salinas

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08/21/2019
Finding A New Norm In A Post Brick-And-Mortar World

By Brandon Spear

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08/07/2019
What's New in B2B Payments? Credit as a Service

By Brandon Spear

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07/02/2019
Top 21 Business Financial Streamlining Tips from the Pros

1. Establish a Succession Plan - Jay DesMarteau, Head of Commercial Specialty Segments, TD Bank

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06/10/2019
Brandon Spear on CaaS: ‘Find a way to solve payments pain points and you’ll create a real advocate inside a business’

With Brandon Spear

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06/07/2019
How Tech Gives SMBs the Confidence to Go Up Against Goliaths

By Brandon Spear

For small and midsize businesses (SMBs), competing against big-name brands can seem difficult, if not impossible. Numerous advantages, including greater brand recognition and larger budgets, often stack the deck against SMBs.