The way businesses make purchases has changed massively over the last two years, and the payment landscape is changing along with it. As a result, many new B2B payment trends have emerged to help business owners adapt to a post-pandemic market, and merchants that are selling to other businesses should know what they are and how to take advantage of them.
We are going to cover a few emerging features of B2B payments that business owners are gravitating toward when picking a supplier, including:
- Digital payment options
- Simple payment plans
- Easy repeat purchases
- Clean web integrations
Let’s dive into each of these trends, and how suppliers can get ahead of the curve.
Digital Payment Options
Throughout the pandemic, online purchases grew even faster than they already were prior. This has led to a market that demands easy ways to order goods and pay for them digitally. This doesn’t just mean an online store or billing portal but also digitized invoices that are easier to download and access on-demand, all on one platform.
While this seems simple enough, many suppliers don’t have a team ready to update their website to meet the needs of their clients right away. Luckily, third-party fintechs like Skeps are able to step in and bridge the gap, as we will cover at the end of this article.
Simple Payment Plans
Reducing friction in the financing process is a great way to encourage business owners to make a purchase. Simple payment plans with readable structures and fee schedules can take a lot of the headache out of the sales process for business owners. By saving them time and effort, merchants can position themselves as the most accessible option for whatever goods they sell, which is an easy way to encourage repeat business.
Business owners love this level of predictability, as it makes it easier to budget long-term and estimate the cost of making larger orders in the future as they grow. If a merchant can integrate themselves into their clients’ long-term plans in this way, they create a lasting partnership that benefits both parties.
Easy Repeat Purchases
Software functionality like one-click payment is getting far more popular online. Essentially, one-click payment securely stores a customer's payment info after they make a purchase, allowing them to pay in a single click the next time they buy.
Some platforms can even remember the content of past purchases, allowing business owners to repeat the same purchases over and over with a single click, skipping the process of going through and selecting what they want to order. By making repeat purchases easy, suppliers can retain a higher percentage of their customers.
Clean Web Integrations
Nothing can ruin a good purchase experience faster than confusion. If business owners have to struggle through checkout when making an order, it won’t matter how many convenient financing options a merchant offers, they are going to go with a supplier that isn’t so difficult to work with.
Clean software integrations between fintech platforms and merchant websites ensure that suppliers can offer financing without taking clients through a maze of different web pages. By working with a partner that can embed their process into a merchant’s website, suppliers can ensure that the application and payment process will be easy for business owners to navigate.
Keep Up With B2B Payment Trends With Skeps
There is no more comprehensive platform for eCommerce financing than Skeps’ POS financing platform. This integration allows consumers access to a full library of financing options, including:
- Buy now, pay later (BNPL)
- Store credit cards
- Business loans
- Business installments
We also offer a variety of helpful features. One of those is omnichannel integration, meaning our platform can integrate with any website, app, or billing system. We also offer one-click financing applications to ensure a frictionless application experience and unmatched speed of approval to keep customers from getting stuck waiting for a response. We work with a network of quality lenders, assuring consumers that they will always be presented with the best offer possible.
On the business side, our customizable dashboards collect and display any metrics that business owners would be interested in tracking, and users have complete control over which metrics are available at first glance. This gives sellers ultimate control over the function and the data reporting available through the platform.
Skeps is the only true end-to-end POS financing platform, and we offer the best possible consumer financing experience for retailers of any size.