Pay-As-You-Stay: Why Should Digital Payment Options Be Adopted By B2B Companies?
In 2022, consumers are expecting buying experiences to be simple, fast and seamless, especially when it comes to B2B.
According to a recent survey, 90% of B2B buyers will move to a different vendor if they report a superior mobile experience. While many companies might react to this stat by smoothing out their website mechanics, a lot of the time the problem can be fixed right at the source: the payment options.
Right now, some of the most popular B2B digital payment options include:
- Paypal
- Apple Pay
- Virtual IBAN
- Cash App
- Credit & Debit Card
- Venmo
- BTC (although many companies are still averse to crypto payments, so this would have to be seriously considered and calculated.)
It has already been proven that providing customers with a variety of payment options will increase conversion rates and assist with successful b2b loyalty programs, so it is important to integrate those options in order to build a strong and sustainable business.
Multiple Digital Options Alleviate The Possibility Of Slow Processes
One of the main reasons to integrate multiple digital payments is because they can effectively alleviate slow checkout processes – which can irritate and cause hesitation in a customer purchase. If you only have a finite number of payment options, and one is not working – or performing slower than it should – then you are risking the loss of a sale and potentially even a customer.
You must establish yourself as a forward-thinking company and show that you prioritise speed and efficiency. If you do this, then not only will you avert the risk of a sale falling through, but you will build upon your brand’s reputation and demonstrate that you have considered every different variation of customer.
Multiple Digital Options Will Build Trust
When it comes to B2B, customers want to know that they can trust the brand that they are buying from. This will transform your business from a convenient company to a necessary company, as the customers will know that you value them and their circumstances. By offering a number of secure payment options, you can also help your customers feel safer when they do business with you.
Two years ago, worldwide losses as a result of online payment fraud amounted to $17.5 billion, and this will only grow if nothing is done to make things safer. You need to show your customers that you are in this together and provide them with a secure, streamlined way to make a payment.
Multiple Digital Options Can Grow Your Company
If you integrate a seamless way for multiple customers to pay, then this will also help to grow your audience, which will subsequently grow your company. For instance, there are a number of businesses with tight employee units. If these units have an age range of 24-30, for instance, then they will be far more inclined to pay with new digital options that have only come to the forefront in the last few years. A group of 30-50-year-olds, however, will likely prefer the more traditional debit and credit cards.
If you cater to every customer, then you are actively encouraging a larger audience to engage with your company – most of whom will likely return due to ease and efficiency – and this will only help your company in the long run. Of course, in 2022, there are plenty of technological innovations that can place your company above the rest. But digital payment options and strategies such as these can definitely make a difference.