Even before the pandemic, B2B eCommerce has been growing rapidly. As consumer expectations began to shift, more B2B buyers began expecting the same digital shopping experiences at work that they enjoyed in their personal lives—self-service, digital shopping options at any time and on any device—except B2B Buyers expect advanced payment methods like the ability to accept credit, to win their affections.
Then, in early 2020, COVID-19 hit. With stay-at-home orders and facility closures in place, eCommerce became a life preserver for B2B businesses. Digital capabilities were no longer a nice-to-have for forward-thinking companies. It was essential to survival for all businesses.
B2B eCommerce is here to stay. By the end of 2021, B2B online sales are expected to reach $1.2 trillion in the U.S.—up from $889 billion in 2017.
But historically, B2B companies have been slow to adopt digital transformations strategies. B2B business is complex. And providing a digital experience comparable to traditional ways of conducting B2B business is challenging for many companies—particularly around payment and the ability to accept credit.
Despite the growth of B2B eCommerce and the role it plays in the future success of B2B businesses, many companies still use old-fashioned methods to accept payments.
In today’s competitive business landscape, B2B buyer demands for digital experiences—and traditional payment capabilities online—are high and showing no signs of slowing. To remain relevant and meet or exceed these expectations, B2B companies must begin offering flexible, B2B-focused payment methods on their eCommerce sites.
Out with the Old
B2B eCommerce is inherently complex, and as a result, so is B2B eCommerce payments. Unlike B2C eCommerce, B2B payments usually involves more than typing in your credit card number, expiration date and CVV at checkout. Trade credit, purchase orders, cash on delivery, the ability to accept credit, and ACH are all common and more complex B2B payment methods.
Furthermore, B2B purchases range from small to multi-million dollar transactions that require more information than a B2C transaction. They often adhere to certain requirements regarding the product specifications, that must gain purchase approvals among multiple people within the B2B buyer’s organization and meet specific delivery deadlines, pricing criteria and invoicing requirements.
Payment methods, such as credit cards, traditional trade credit, purchase orders, cash on delivery and ACH, can be costly and complicated. For example, due to credit limits, credit cards often don’t allow for the large price tags on some B2B orders. And trade credits may require users to download and fill out a detailed form, send it to the B2B seller and then wait to find out if they’ve receive approved. This could mean days or weeks for the order to even process.
Creating this level of friction in the B2B buyer’s journey may not only mean the loss of a sale, but a missed opportunity to build a longtime customer relationship.
But at the same time, B2B buyers still need the payment options they’re used to—and require—for B2B purchasing. Now, more than ever, it’s critical companies offer flexible B2B payment options digitally.
Accept Credit and Streamline the B2B Payment Process
Accepting credit and extending lines of credit in B2B ecommerce doesn’t have to be difficult with the robust payment solutions in place.
By using the right technology, B2B companies can simplify the complex purchasing and credit management processes for their customers. This will help to remove friction across all sales channels, improve accounts receivable efficiency and enable growth through credit management.
Step 1: Onboard new customers quickly
Onboarding new customers used to be slow and arduous—a point of friction in the customer journey. But with technology available today, like TreviPay’ s payment solution, underwriting and onboarding new customers is easy and transparent.
Accept credit with TreviPay’s solution, which provides a business line of credit to those that qualify in less than 30 seconds. At the same time, it evaluates the risk of fraud, among others.
Step 2: Simplify the pricing and purchasing process
Oftentimes, in B2B sales, different customers have different pricing contracts on products. And understanding those complexities and authorizing transactions have historically been challenging to do digitally.
But TreviPay’s solution makes it easy to authorize transactions and implement purchase controls. It also easily approves purchases among buyers with different pricing contracts—aligning with that seller’s procurement and purchasing processes.
Step 3: Get paid quickly and easily
Invoicing and payment collection historically is a time-consumer process. But robust electronic invoicing technology cuts out the inefficiencies of traditional paper invoicing methods. TreviPay’s solution manages that for you—so you no longer have to worry about chasing bad debt.
Implementing robust payment solutions into your B2B business ecommerce operations is no longer a distant dream or expensive undertaking. Technology available today allows B2B businesses to offer the truly omnichannel, digital-first experience customers demand.
TreviPay’s platform makes it simple—from onboarding, underwriting, acquiring the transaction, receiving settlement, and producing an invoice that customers can pay, we make it easy to accept credit. And our customer service team works closely with you, ensuring the process is always running smoothly, so you can focus on what’s most important: your business.
Schedule a personalized walkthrough, here.