Part 1 of our 3-part series on Common Challenges of B2B Commerce
More and more B2B companies are launching eCommerce platforms, with good reason. The 2018 B2B eCommerce Buyer Expectations Report estimates nearly 50% of companies are purchasing from online retailers. The question is no longer if but when will B2B companies have an online presence.
When B2B sellers take their sales online, they run into different problems than B2C sellers. The biggest issue is determining how buyers will pay for services. Credit cards are the familiar solution, but expensive fees and insufficient credit limits cost your business. Many B2B purchases are sold on Net30 terms, but how can you shift this method online?
Say Goodbye to the Burden of Credit Underwriting
When offered payment on terms, buyers tend to purchase more. So, why doesn’t everyone offer payment on terms? The complications of underwriting and the risks of bad debt can be a limitation for many companies.
Credit as a Service® (CaaS) is an MSTS payment solution that manages payments between you and your buyer, allowing you to offer a seamless purchasing experience. Our innovative solution allows you, the seller, to offer credit to your buyer, preserve your working capital and offload risk. Our team can underwrite and approve your buyers for credit in under a minute. The crown jewel of our CaaS suite is InvoiceMe. This tool allows online invoicing at checkout at transaction fees 30% less than credit cards.
Atradius reports in 2018 average DSO was 37 days up two days from 2017. CaaS guarantees payment in as little as 48 hours. This is a white-label solution, so your brand remains front and center to your customers.
Onward and Upward with Credit as a Service®
Frost & Sullivan predicts B2B eCommerce will hit $6.6 trillion by 2020. If you want to win in the B2B eCommerce space you must design a purchasing experience that meets the unique needs of B2B buyers.
Are you ready to take the leap? Let’s talk!
If not, read on to part 2 in the series where we’ll discuss how SMBs can increase working capital.