A new study of 300 global business buyers conducted by global B2B payments and invoicing network TreviPay suggests ways merchants can improve the B2B payments experience to build buyer loyalty. To best meet business buyer expectations and purchasing needs, the data recommends merchants across all industries offer a choice of preferred payment methods, convenient onboarding and software integrations, and customization of invoicing.
“The strongest seller-buyer relationships are significantly affected by the payments process,” said Brandon Spear, CEO of TreviPay. “Our newest research reveals today’s merchants must recognize the immense value B2B buyers place on the payments experience and offer what they are looking for to drive loyalty and average order value.”
According to the survey, 72% of business buyers are more loyal to a business that offers their preferred payment methods. Businesses use multiple payment methods, but 61% of buyers say trade credit or net terms is their leading way to pay. Payment choice is critical for optimizing first-time and returning buyer experiences, as 86% of buyers report the ability to pay using their preferred payment method is important, while 83% say having a variety of payment options available is important. Between credit cards and trade credit, the latter helps merchants close larger deals as survey respondents cite transaction limits as a barrier to checkout with credit cards.
The survey also found that business buyers expect convenience at all stages of the purchase experience, beginning the moment they onboard with a supplier. Just like with B2C transactions, B2B buyers also expect convenience when making a purchase. Flexibility with payment options is so important that 78% claim it is necessary for merchants to offer invoicing, and 51% would switch to a different merchant if it offers flexible net terms (30-, 60-, 90-days to pay). Finally, 80% of business buyers say it’s very or extremely important that merchants conveniently integrate with their ERP platforms.
Most B2B buyers (78%) need to customize or control certain aspects of their purchasing experience. Considering the unique invoicing needs of business buyers is part of offering seamless purchasing experience. This could include capturing PO or serial numbers, as well as setting spending limits or pre-approved SKUs.
“Providing payment choice, convenience, and customization gives merchants a competitive advantage,” said Allen Bonde, CMO of TreviPay. “To truly build buyer loyalty, B2B merchants can leverage payments technology solutions that do not take a one-size-fits-all approach, but rather take into account what each buyer values most.”