If you want to stay competitive these days, you have to understand that business buyers now expect B2B payments to be as simple as B2C purchases. These changing expectations intensify the competition to capture and retain customers. It’s time to move quickly, before your competition leaves you in the dust.
Let’s take a look at the five B2B payments software must-haves for your payments systems, so you can attract and retain more business buyers.
1. B2B Checkout Must Be Easy—Really Easy
The pandemic disrupted B2B buyers’ habits and expectations. Now, they’re digital-first customers who expect a fast, frictionless, self-service buying experience. They’re used to “add to cart” and “buy now” buttons, and they expect the same from their B2B buying experiences, too.
B2B buyers also require complex back-office controls and processes to be automatic and invisible. Once they are approved for trade credit, they want to be able to access it with one click. Plus, they expect to have invoices sent directly to their AP departments, with the right data provided to integrate with their internal system.
This digital transformation is not simple. With all of the B2B payment variables—such as invoices and different net terms—there is a lot to automate. Decisioning must be fast and secure, and customers must be able to purchase on their preferred terms. It’s challenging to do in-house. That’s why you need B2B payment software that offers:
• Instant new customer onboarding for a better buying experience.
• Fast decisioning that qualifies and secures more buyers with the right payment terms and the right credit lines, all in under 30 seconds.
• Buyer-preferred terms, including BNPL for B2B, in multiple languages and currencies, too, if you need.
• A one-click mobile B2B payments app that’s as intuitive as a B2C experience—creating a “buy now” button attached to trade credit.
2. Buyer-Preferred Terms Are Great for Sales
B2B buyers know what they want, and how they can afford to pay for it. Offer the terms they prefer, and you’ll find that they spend more, more frequently when they have a dedicated financial relationship with you.
If you want to build long-term loyalty and ongoing sales, offering the right payment terms and credit lines to your customers can make all the difference. However, extending credit doesn’t come without risks—many merchants can’t wait 60 days to be paid. Make sure your B2B payment software provider can empower you to:
• Quickly qualify buyers and offer the right payment terms and the right credit lines.
• Provide instant credit and credit line increases, ensuring every possible buyer is onboarded appropriately.
• Allow net term sales in all distribution channels to open up customer access.
• Identify and optimize your best customers using robust data analytics and tailored payment options.
3. Automated Accounts Receivable Should Be Super-Efficient
If your company is still using manual accounts receivable processes or cumbersome software, it’s time to automate and reduce your costs.
A key part of digital transformation is moving to a 100% digital account receivable experience and automated onboarding. This can deliver significant time and cost-savings—eliminating the need to email forms, wait days for credit decisions, or spend human time on procedures such as creating PDF invoices or performing manual bank reconciliations.
Don’t be fooled by low prices and minimally viable solutions. You need B2B payment software that can handle the complexities and offer:
• Streamlined, accurate digital invoicing for buyers with a world-class electronic invoice presentment and payment solution.
• Integration with existing Procure-to-Pay and ERP platforms.
• Delivering automated reimbursement files with all the data you need to manage your accounts.
• Options to sell to international markets in local currency.
4. Working Capital Solutions Can Improve Cash Flow
Managing cash flow is king—and Covid turned every company’s attention to liquidity and cash management. Fortunately, with working capital solutions from a reliable B2B payments provider, you can stop worrying about DSO and bad debts. Be sure to choose a B2B payment software partner that can help increase your cash flow with:
• Customer net terms with no balance sheet impact for you.
• On-time payments to you, so you don’t have to worry about delayed payments and DSO.
• Your choice of reimbursement timing—from Day 2 to Day 30—to suit your cash flow needs and manage your transaction fees accordingly.
• Settlements within two days to protect and improve your cash flow.
5. Beware of Buyer: Minimize Growing Business Identity Fraud
Business identity theft. False invoices. Friendly fraud. The list goes on and on, and has become a number-one priority for many B2B merchants. Why? Because fraudsters know that B2B sales are high-ticket transactions, and they can purchase hundreds or even thousands of items from a single B2B ecommerce website.
As more customers are acquired online, you need to find new ways to enhance the trusted relationship with your buyers and reduce the risk of business identity fraud. Make sure you have B2B payment software that offers:
• Sophisticated fraud detection processes and a strong track record for risk decisioning.
• A consistently low rate of false declines.
• Instant-decision credit lines ranging from $1,000 to $20 million for legitimate buyers.
• Absorption of fraud risk for you so you can focus on selling.
It’s Time to Decide: Will You Automate B2B Payments?
The world is changing fast. And if your B2B payments don’t keep up, your business will lose favor with today’s B2B buyers.
If you’re ready to start exploring your options, start a conversation with TreviPay. We take digital transformation to the next level for everything from onboarding, underwriting, acquiring the transaction, receiving settlement, and producing an invoice that customers can easily consume and pay.
With TreviPay, you’ll have access to the best B2B payment software to transform your online customer experience—exactly what you need to grow your business.
Start a conversation with one of our B2B payment software experts. If you prefer, call +1-205-729-6154 now.