The B2B eCommerce space is predicted to reach $1.8 trillion by 2023, which begs the question, why is the digital checkout experience for B2B buyers still so antiquated? B2B buyers maintain the need for the seamless and streamlined payment experience of B2C buyers, meaning technologies should follow suit.
In addition to a smoother eCommerce checkout experience, B2B buyers crave loyalty and simplicity. Perhaps it’s time for B2B to borrow a page from the B2C playbook and take advantage of the subscription model. However, in order to offer a B2B buyer driven experience, companies need to implement alternative payment solutions online.
According to a recent study, 81% of B2B buyers indicated they would prefer to receive invoices for recurring subscription services. B2B buyers are frustrated by limited payment methods like credit cards taking place of their preferred invoice or PO. Credit cards might seem like an easier route, but high transaction fees can stifle capital growth and deteriorate any chance of customer loyalty.
On top of this, there are expense report pains to factor in. In fact, 33% of B2B buyers say expense reporting has stopped them from completing an online purchase. Keeping track of credit card receipts on recurring subscriptions for monthly expense reports is time consuming and tedious. Subscriptions, like eCommerce, have not caught up with B2B buyer needs.
With Credit as a Service® (CaaS) from MSTS, enterprise and SMBs can integrate a dynamic payment and credit solution online using InvoiceMe. InvoiceMe, an alternative payment tool within CaaS, allows businesses to extend risk-free lines of credit or Net30 terms at checkout. Integrating InvoiceMe not only helps business growth but can drive loyalty with flexible terms and increased purchasing power. Credit decisions on purchases up to $250,000 take less than 30 seconds, so B2B buyers can apply for credit and make a purchase on the same day. MSTS guarantees payment to the seller in 48 hours and owns the receivable, meaning businesses get the benefits of extending credit terms without absorbing the risk of debt collection.
Learn more about how Credit as Service can be a powerful tool for your business and request a demo today.
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B2B buyers are experiencing challenges when it comes to the purchasing experience and now, they’re speaking up. Recently, we surveyed 300 B2B buyers about their roadblocks, expectations and goals as they relate to the checkout experience.