Blog · Approx. 4 minute read
B2B Payment Platforms Must Offer B2C-Like Transactions
“Thanks to the pandemic, the delta between B2C buyers and B2B buyers has completely collapsed,” says our CEO Brandon Spear in an article on PYMNTS.com. “It’s the new normal.”
Forrester Principal Analyst Jay McBain, has explained this phenomenon. “Three years of consumer behavior change was squeezed into one year in 2020. … Consumers are now demanding online experiences, happily virtual, wanting seamless digital procurement and provisioning, and wanting everything at the click of a button. … It’s all about speed, convenience and remote, whether the buyer is acquiring a Peloton or a software product.”
This epic shift in buyer behavior is affecting B2B merchants of all sizes, who must stay abreast of changing customer expectations, embrace the “new normal,” and join the digital evolution that B2B payment platforms have ignited.
B2B Buyers Want Fast, Frictionless Online Payments
“They want the actual B2B payments process, complex as it is, to be as easy as the B2C ‘buy now’ experience,” Brandon explains. “But let’s be clear. This isn’t just a pandemic payments strategy—it’s the new normal.” In fact, according to McKinsey, 80% of the leaders plan to keep their new selling models. That’s why B2B companies must address these buyer expectations now, before prospects disengage because they can’t use their preferred payments.
One key feature of an improved B2B buyer experience is offering multiple ways for first-time purchasers to pay, all with the ease of one-click purchasing. A recent study found that B2B merchants now offer 4.7 payment methods, on average. Of these companies, over 50% currently offer traditional wire transfer, digital wallet payments, traditional credit cards and real-time payments.
B2B Payment Platforms Are the Solution
There’s so much to do to achieve a true digital transformation. That’s why automating some of your AR processes is easier to do with one of today’s innovative B2B payment platforms. The right partner, such as TreviPay, can help you get up and running fast so you can start:
Offering Instant Online Risk Decisioning
Keep in mind that business customers often prefer to purchase on terms, says Brandon. In the shift to digital-first interactions, instant decisioning is critical to grabbing the sale and keeping the customer. Plus, these buyers will spend more, and more frequently, when they have a dedicated financial relationship and credit line with a business. The advantage over the competition is significant when customers know they can easily purchase again once they’re ready for more stock.
With TreviPay, you can deploy one of the most comprehensive B2B payment platforms available. You can extend risk-free lines of credit or Net30 terms at checkout with minimal heavy lifting required. In fact, our B2B embedded payments can take digital transformation to the next level on everything from onboarding, underwriting, transacting, receiving settlement, and producing an invoice that your customers can easily consume and pay.
Minimizing Fraud, Such as Business ID Theft
It’s important to note that as online sales grow, fraud is likely to increase. It’s just the nature of eCommerce these days. As more online customers are acquired and globalization accelerates, there is a growing risk of business identity theft and other forms of digital fraud. These days, sophisticated fraud detection processes are absolutely mandatory for companies of all sizes.
What B2B Merchants Need to Do Now
At this time, it is more important than ever for B2B merchants to stay in tune with changing consumer expectations, driven by the rising digital generation and accelerated by COVID. And when it comes to B2B payments, now is the time to embrace the new normal and join the B2B payments digital evolution.
Learn more about how to get started with TreviPay, a leader in B2B payment platforms. Request a demo today.