Managing Your B2B Buyer Customers’ Experiences

Implement Flexible Payment Solutions

Offering the right payment options without overwhelming the buyer can be a tough balance yet critical when growing B2B market share. According to Manhattan Venture Research, 91% of buyers said if their specific payment requirements weren’t met, they would switch suppliers. Our survey found that the most common payment type required was card, accounting for 43% of transactions, making it a critical option for suppliers to offer.  

EFT and other non-digital payment methods were still present, however, usage continues to decline. This trend was echoed in a Forbes’ 2023 report, finding while 33% of B2B transactions were still made by paper check, yet 20% of Gen Zers have never used a paper check. This generational shift will not happen fast, according to “The Slow Road to Faster Payments” in 2023, 60% of businesses still use mostly paper invoices.

Create an Easier Online Purchasing Experience

Nearly half of B2B customer purchases are initiated on the suppliers’ website, according to our survey. A McKinsey survey also indicated eCommerce becoming the most offered sales channel for B2B companies.

Suppliers find eCommerce promotes loyalty and is the lowest cost to serve. However, Modern Treasury found financial decision-makers lose nine hours of work time per week resolving payment operations issues, indicating there is a lot of room for suppliers to streamline the payments experience. Manhattan Venture Research identified the top four elements influencing decision-makers as: 

• In-cart financing
• Fast approval
• Digital invoicing
• Payment options

By offering these features, you’ll be a step ahead of your competitors by increasing efficiency for customers.