In the Press
This article was written by PaymentsSource
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. What this means is that the traditional B2B sales cycle is changing - from one based on time-consuming in-person interactions with sales reps to a streamlined, convenient process with a consumer-grade customer experience that stretches across both offline and online channels.
Multi-Service Technology Solutions (MSTS) was founded in 1978 by a former trucking company owner who wanted to automate payments for trucking services. It used its expertise in business payments along with other technical ideas to devise a unique turnkey way to provide credit as a service to the B2B community. Over the years, the platform expanded into more technologies, assets, and verticals.
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.
In today’s digital economy, most people think that sending money across borders is a seamless process.
While it’s true that most front-end user experiences now offer a more frictionless environment for both consumers and businesses, the behind-the-scenes processes that allow for money to move from payor to payee still rely on an incredibly archaic system.
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.
Could new B2B payment solutions, such as corporate and virtual payment cards, ease common pain points associated with cross-border commerce?
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. Every interaction — from negotiating contracts to making payment to extending credit — is connected, but the complexity of B2B commerce creates many opportunities for disjointed, friction-filled experiences on both sides.