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09/12/2019
The Top 3 B2B Payment Frustrations for SMBs and Enterprises

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. The results are in and buyers are not shy about the frustrations they feel when buying online.

In order to increase cart conversions and keep buyers coming back, it’s important to take note of the roadblocks buyers hit during the online shopping process. By understanding the major issues, you can begin to understand where buyers are falling off in the process and what can be done to create a smoother, more streamlined experience.

According to our recent B2B Buyers Report, here are the top frustrations buyers experience in the checkout flow:

- Lack of B2B Payment Options: More than half of all B2B buyers agree vendors should offer additional payment options beyond credit cards to improve the buying experience. And 48% of B2B buyers have not completed a purchase for their companies because their preferred payment method, online invoicing, wasn’t an option.

- Technology Troubles: 57% of B2B buyers have not completed a purchase for their companies because the checkout process took too long. And, 77% of B2B buyers say it takes a day or more for a new vendor to onboard them before they can make purchases online.

- Credit Card Complications: 76% of buyers have encountered an issue that has prevented them from completing an online purchase with a credit card. Plus, 79% of buyers who most often use credit cards to pay for online purchases experience post-transaction pain.

Now, more than ever, it’s crucial for SMB and enterprise sellers to take what buyers are asking for in the eCommerce checkout experience into account. Buyers rely on their personal online shopping experiences to shape their online shopping preferences for business.

Stay tuned! We’ll cover the ways sellers can mitigate these frustrations and offer a top of the line buying experience in the second part of this blog series. Download the full report to see what buyers had to say about their experience when purchasing for companies.

 

 

In the news

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10/12/2019

Inez Berkof-Hollander is the VP of EMEA at MSTS. She spearheads leading MSTS into new geographic markets, developing the product portfolio and launching a state-of-the-art IT portal.

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09/12/2019

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.

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08/23/2019

The B2B payments space continues to change and grow, which can make it overwhelming to know where to start when it comes to choosing a solution to best facilitate the process.

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08/01/2019

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?

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07/09/2019

OVERLAND PARK, Kansas, July 9, 2019 -- MSTS, a global B2B payment and credit solutions provider, and SCHERMER, a global B2B marketing agency today announced their 4Business