For companies navigating the current economic climate, the burgeoning world of B2B eCommerce provides both the promise of new business and a plethora of unknowns amid ever-increasing demands to match the B2C experience.
Selling online for the first time? The recent webinar from Adobe brings experts from across the globe to discuss digital transformation of businesses and selling online for the first time. In episode 2 of a 4-part webinar series Succeeding in B2B eCommerce, MSTS President Brandon Spear shared several key B2B payment considerations to optimize the customer purchasing experience and improve sales.
The importance of creating a B2B payment strategy and adapting to digital needs is made evident when you consider the evolution of your buyer’s payment preference. Unfortunately, many B2B brands offer a credit card as the primary payment option today when 60% of B2B buyers believe that credit cards are not the preferred way to pay. In fact, 57% have abandoned a cart due to cumbersome payment experiences. Put yourself in the shoes of the buyer persona, do you offer their preferred payment method? And, a fully optimized payment strategy not only considers how the process impacts your buyer, but also includes a ripple effect across multiple teams within an organization including the technology they have in place for ERPs, CRMs and other business systems.
Implementing a personalized B2B experience means understanding and removing the friction involved in the buying process. It is important to first understand the variety of personas and interactions that occur in the journey to ensure everyone gets what they need quickly and efficiently. Loyalty will be to the experience you provide, not to your brand. If the purchasing process isn’t a key consideration of your overall B2B strategy, you could be seriously hindering your business’ growth potential.
Entering the market with a multi-faceted credit and payments tool would give you a serious leg up in today’s increasingly competitive world of eCommerce. With the Credit as a Service ® (CaaS) solution from MSTS, you can offer invoicing at checkout with InvoiceMe, a B2B buyer’s preferred payment method. From the moment a buyer clicks InvoiceMe, CaaS gets to work automating the previously manual, time-consuming A/R tasks and creates the purchasing experience buyers are looking for. MSTS handles the underwriting, credit lines, onboarding, collections, unique invoicing requirements and more, helping you gain accounts receivables efficiencies. CaaS increases average order volume, decreases DSO, reduces credit risk and improves cash flow. CaaS is a powerful B2B credit management solution that provides both technology and the managed services to accelerate B2B commerce.
Listen to the entire webinar ondemand with Michael Wilton, Head of eCommerce at Webqem; Frank Nesci, Co-Founder and Director at Comestri; Mira Mikosic, VP Marketing & Partnerships, Accor Plus Asia Pacific and Brandon Spear, President at MSTS.