The Power of Frictionless Payments in Your Buyer’s Experience
November 28, 2017
Have you considered each step of your customer’s experience? I mean every step. EA Games recently felt the pain of their wooly customer experience journey. They wrote the book on how not to release a new product with multiple currencies in, and outside of, the game creating mass confusion and headaches, for the users and themselves. B2B companies experience similar disasters regularly by underestimating the impact of payments on the overall customer experience.
While credit cards can smooth transactions for some business buyers, allowing your customers to buy on terms is often the best experience of all. The per transaction rates of a credit card are, on average, 3-4% and there are 3.3x more line items per order with 2.2x increase in order frequency, with an account versus a credit card. A simple account can help businesses take off and will offer a frictionless experience for you and your customers.
Long story short, no one wants a friction-filled payments systems. Even in a virtual world.
What factors make a payment system frictionless?
Seamless Onboarding. Why? It allows your buyers to go from application to spending faster. The faster you have the funds to spend, the faster you can get back to driving sales.
Low Cost. Why? You don’t have to pay the expensive 3-4% per transaction nor staff a team to manage the billing, collections and payments.
Extended Terms. Why? Term-based transactions allow customers to manage their cash flow and you partnering with a payment provider that offers credit will reduce your risk.
Ease of Payment and Integration. Why? That establishes loyalty and being easy to do business with, increases repeat sales.
Now that we’ve established why we need it, how do we get there? Consider what’s holding you back. How’s your cash flow? Where are you spending your time? Are you able to focus on what you do best? When you’re ready, contact us to hear more about our seamless payments solution for your business-to-business transactions.