The B2B payments space continues to change and grow, which can make it overwhelming to know where to start when it comes to choosing a B2B payments solution to best facilitate the process. To start, you want a solution that is able to tackle large issues like buyer frustration with traditional payments and low cart conversions. Plus, you need to avoid having to deal with pain points that you’d find in other solutions such as a disrupted customer experience and time-consuming ancillary activities, like receipt tracking.
While many simply bend over backward to meet B2B buyer demands, digitizing omni-channel payments has a clear benefit for businesses as well. Organizations that can successfully deploy robust eCommerce payments methods:
Meet and exceed buyer expectations by optimizing their online experience
Boost their online conversions
Improve margins and increase AOV
The Pitfall of PunchOut
PunchOut2Go is an application that allows buyers to access a supplier’s website by from the buyer’s own procurement system. While this might seem like a beneficial solution for your B2B buyers, this solution was created for large enterprises, meaning there is no set standard. Companies must decide which customers to support with Punchout based on their purchasing requirements as well as eProcurement system.
Additionally, the disjointed customer experience creates disruption in the flow. Since PunchOut does not host any of the supplier information on its own, it forces users to leave an application and enter a different one, with an entirely separate look and feel. According to a recent survey, 54% of B2B buyers agree vendors should develop a consistent buying experiences across all channels to improve their buying experience.
Purchasing Card Perils
A purchasing card might seem like the easiest route as a seller. You place the responsibility on the buyer to make the purchases necessary and properly track the receipts. However, according to the Next Level Purchasing Association, a leading educational provider for professionals in procurement, a p-card comes with host of downfalls. One of these downfalls is the increased risk of fraud and theft. You open yourself up to a large hazard of overspending and the misuse of company cash. Additionally, buyers aren’t too keen on purchasing cards either as reconciling a purchasing card statement with a purchasing log is frustrating, time consuming and laborious. It takes precious time away from those who could be focusing on growing and scaling the business. Plus, a p-card may also not be able to integrate with other purchasing data, which can cause confusion during reconciliation.
82% of B2B buyers would choose a vendor over others if that vendor offered invoicing at checkout with 30-, 60- or 90-day terms.
Offering a streamlined online payment experience for your buyers should be a paramount part of your overarching eCommerce strategy. In order to mitigate the risk of fraud and theft on your end while also making the checkout experience seamless and simple, provide the types of payment options your buyers want the most. Extend terms at checkout and allow buyers to pay on more flexible terms and obtain higher purchasing power.
TreviPay is a B2B payments solution that streamlines payments and improves cashflow.
With TreviPay, you can extend risk-free lines of credit or Net30 terms at checkout with minimal heavy lifting required. Our embedded payments offering takes 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. The whole process is simple, increases customer loyalty and repurposes capital instead of tying it up.
Learn more about how to get started with TreviPay for your business and request a demo today.
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