B2B customers have high expectations when it comes to their experience. This is good news for your business as it means you can win more customers by offering them a better experience.
A teamwork study by Worldpay and PYMNTS dubbed The Global B2B Payments Playbook reveals that 85% of B2B customers now prioritize an excellent purchase experience with their service providers. Yes, just as much as they value product quality.
B2B customers want new ways to access products
The Global B2B Payments Playbook also revealed that 69% of business-to-business buyers expect their service providers to offer them new ways to access products/services.
For example, if a company sells equipment that requires installation services, it could offer the installation service as part of the sale or lease agreement.
This would allow customers to save money on installation costs by paying all upfront fees in one transaction rather than paying separate bills for delivery and installation.
Merchants must enter the right relationships to meet these needs
B2B buyers are looking for a great customer experience across the board.
As a result, B2B companies must prepare to meet these high expectations by providing solutions that help them streamline their processes and optimize their operations.
Payment convenience is a top concern in the B2B sector. One way to meet customer needs is by partnering with the right payment enabler.
Fintech FIS, Worldpay’s mother company, recently announced that the latter will be the first world merchant acquirer to enable merchants to take payments in USD coin (USDC).
Such solutions present new ways to target customers but the purchase experience goes beyond just payments. B2B companies must network with the right third-party providers to meet high customer expectations.
For example, inviting a third-party courier service to bridge shipment gaps is an excellent way to ensure transparency and deliver products in good time.
Still, such partnerships must be tested and evaluated for efficiency– no room for mistakes. Vendors must address common B2B industry concerns like payment errors and communication hurdles.
For example, SWIFT, the international messaging service has a solution that enables banks to confirm the beneficiary’s account details ahead of payment.
The service ultimately enables the sender to use an application programming interface (API) that can spot and stop payment errors before they happen.
B2B firms must incorporate electronic payment avenues and take advantage of data. The growing popularity of mobile payments presents another opportunity for B2B firms looking to add value through improved customer experience.
Additionally, being able to track your products as they move through the supply chain can help you identify problem areas before they occur and make sure that your products are reaching their final destination safely.
Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of secure trading review. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.