Most businesses have a natural aversion to risk, experience resource constraints and often a need to cater to customers who use disparate merchant networks. This poses a tremendous challenge to scalability. As demand shifts towards adopting seamless, frictionless digital payments, the need to differentiate using a consumer-like, ubiquitous customer experience becomes paramount.
Managing a National Accounts Program in-house is extremely complex, requiring ongoing capital outlays, large investments in resources and technology to provide a seamless customer experience. Leveraging MSTS’ Credit as a Service® (CaaS) solution can accelerate the growth of a program while reducing costs, driving efficiencies and increasing customer loyalty.
CaaS attempts to fill a void in the market for manufacturers who would like to outsource and automate certain aspects of B2B credit and payments with a digital solution. A Fortune 500 manufacturer of medium- and heavy-duty commercial vehicles, with a global presence, currently uses CaaS to provide consistency to its end customers. The solution includes dynamic pricing controls to validate contract pricing to the SKU level and integrates with its ERP systems to automate reconciliation. To end users, the process is seamless because a branded managed services team of professionals handles customer service and collections on behalf of the manufacturer.
There are four other ways to improve efficiencies and effectively globalize B2B credit and payments systems:
Add Omnichannel Capabilities
Omnichannel has become a major trend, and an expectation of consumers. Today, consumers expect to be able to access their favorite brands via mobile, web, retail and any new touchpoint that emerges. B2B customers are no different. Like B2C, B2B customers want flexibility in selecting and paying for inventory and receiving service.
According to a 2017 Forrester Research report, the most successful B2B companies will prioritize their buyers’ experience across channels, focusing on creating more omnichannel customers.
In addition to omnichannel access, business customers also want pricing levels, credit, terms and invoicing customization that meets their needs. Companies that deliver this as part of their B2B offering will deepen customer relationships and increase loyalty to peak levels.
Written for Canadian Equipment Finance
Read the full article in the Summer issue of Canadian Equipment Finance