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. Independent research by global payments provider Paysafe Group found SMBs struggle with "competing priorities" in their efforts to balance frictionless checkouts with payment security.
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. Rather than relying on credit cards, qualified buyers have the luxury of purchasing on payment terms.
As the e-commerce payments landscape evolves, businesses looking to follow in the footsteps of Amazon should consider the unique needs of B2B buyers. Exploring what invoicing may mean to both sides of a transaction, along with the steps you can take to forge a stronger relationship between sellers and buyers, may help pave the way for success.
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.
Most businesses already complement their in-person experiences with digital capabilities. In fact, two out of three B2B companies offer omnichannel support across all transactions.
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. No, think of them as miniature seminars. That’s not to put some boring academic spin on these digital discussions, but only to underscore how intelligent the material is, and how the participants often learn from each other during these events.
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. As we move through the second half of 2018 and into 2019, B2B e-commerce expert Brandon Spear, president of MSTS, a global B2B payment and credit solutions provider, shares with PaymentsJournal readers several insights and perspectives he believes will impact fintech in the near future.
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. The original enterprise product, with a record of accelerating sales growth for companies by as much as 500 percent, has been optimized to meet the needs of businesses with simpler payment and credit processes.
"It’s unusual for a 40-year-old business to have successfully navigated the multitude of technological shifts and survive," MSTS CEO Brandon Spear said. When the company launched in 1978, the internet didn’t exist, and neither did personal computers. It began as a fuel card provider for fleet owners, helping them shift away from cash and find a more efficient system for tracking fuel use among drivers. At the time, it was a novel offering. MSTS also developed the first live electronic authorization of a credit card from a truck stop.
Accordingly, some payments providers are finding success by focusing on one or two international markets for e-commerce, while others are targeting more niche markets around the globe. dLocal, for example, focuses on emerging markets. The company, whose biggest market is Brazil, is continually broadening its global reach. In mid-August, dLocal announced the expansion of its payments platform to the Middle East and North Africa, starting with Egypt and Morocco.
Dan Zimmerman serves MSTS, a global B2B payment and credit solutions provider, as chief information officer. He is responsible for strategy, innovation, and engineering for the company’s software product lines. Zimmerman has over 20 years of experience leading technology, product, and software engineering teams concentrated in the card and payment processing industry including senior roles at TSYS, Western Union and vice president of technology at Nordstrom Bank. Over his career, Zimmerman has led the launch of multiple SaaS applications, led three successful agile transformations, and won two CIO 100 awards.