Contents tagged with Payment Industry News

  • New white paper details importance of right B2B eCommerce solution

    November 26, 2013
    A white paper making the rounds in the B2B payments community is offering pretty compelling advice to merchants interested in implementing B2B eCommerce solutions. The paper talks about the importance of selecting the right solution and the ramifications of choosing the wrong one. 

    "Impressive results in sales, productivity, and customer satisfaction, has driven more and more companies to implement eCommerce into their organizations," said Jeanne Lee, author of the white paper, in a press release. "As with any software, choosing the wrong solution can be extremely detrimental to productivity—not to mention a significant drain on time, money, and resources. This white paper was written to help readers make an informed and strategic decision when purchasing their B2B  … more

  • Report: Inflation on the rise in B2B sector

    November 05, 2013
    Trends in the B2B sales space are important for you to understand as a merchant, as they could dictate how you manage your operations and interactions with consumers. That's why staying on top of reports like the Billtrust B2B Sales Index is so crucial. September's report was released earlier this month and, according to its findings, the B2B sector could be experiencing inflation.

    The report says that invoice dollar amounts in the B2B space have increased over the past few months. While this would normally dictate an increase in sales activity, that isn't exactly the case. 

    Arthur Ferri, Advanced Analytics Consultant for Billtrust, explained this further in a press release:

    "Although invoice dollars were up in the past two months, invoice counts and customer counts were … more

  • Why merchants need to think about cCommerce

    September 06, 2013
    Tech-savvy merchants likely refer to cCommerce as a solution that allows them to process transactions and interact with customers in a cloud environment, but that is not its only meaning. To many,  cCommerce means collaborative or customer commerce, which essentially means the merchant allows the customer to drive the transaction. 

    By following a cCommerce strategy, a merchant processing B2B payments would work with the procurement specialist he or she was selling to and make appropriate adjustments to accommodate his or her needs. This could include obtaining the right platform or accepting a certain payment type. The purpose is to extract important data and utilize it to shape the business going forward. If, for example, a merchant noticed that most of his or … more

  • Why mCommerce and eCommerce payments will soon go hand-in-hand

    August 27, 2013
    Mobile commerce is still a relatively abstract and complicated concept for a number of businesses, mainly because it hasn't yet been fully defined. Today, mCommerce can refer to using a smartphone or tablet to accept a payment or to make a payment in a traditional retail setting. It can also be used as an extension of eCommerce, since so many individuals are turning from standard desktop machines to mobile gadgets as their primary computer. 

    This is the area of mCommerce that vendors in the B2B space are most concerned about because it is the most relevant to their industry. Instead of using stationary computers to evaluate vendors and facilitate corporate purchases, procurement specialists are using their mobile devices. As previously noted in this blog, this may require … more

  • An eCommerce platform helps vendors extend their reach

    August 05, 2013
    Perhaps the biggest advantage of an eCommerce platform is the ability to theoretically extend the sales reach to all corners of the globe.

    Consider a standard brick-and-mortar supplier with only one location and no eCommerce capabilities. Its reach is fairly limited. A local company in Georgia won't be able to rely on building a customer base in Oregon. Most likely, those who buy from the Georgian company will be Georgia residents themselves. This significantly limits the number of people the vendor can sell to.

    Meanwhile, the internet can connect users from all across the planet. This means that same company in Georgia can not only sell to customers in Oregon, it can do business with individuals in Europe, Asia and anywhere else in the world.

    As B2B eCommerce continues to grow, this … more

  • Will mobility fuel B2G payments in the future?

    August 05, 2013
    Innovation tends to happen more slowly in the public sector than the private sector, but a number of government offices are finally starting to catch up with modern technology. According to an article in the Federal Times, many Federal Government organizations are turning to mobile devices to conduct standard operations. 

    This is a big step forward for the government, according to Nolan Jones, the author of the piece.

    "Today, government agencies are starting to get a handle on how they can implement mobile technology within the context of their own requirements," Jones writes. "Though the transition won't be free of challenges, the time is right for government to embrace mobile. Policies have evolved enough to allow agencies to place suitable parameters on how mobile technology can … more

  • Study: Mobile payments growing in popularity

    June 27, 2013
    As innovative payment solutions continue to make their way into standard business operations, those tasked with buying products for their respective companies are speaking up and voicing their opinion.

    The rise of mCommerce has been slow but steady. While eCommerce has only just begun to establish itself in the B2B realm, mobile payments may soon take its place. After all, B2B transactions only moved from a primarily consumer operation to the business space after its enormous success in the former division. Mobile is following suit.

    A recent mobile commerce study has revealed that 29 percent of consumers would rather pay via their smartphones or tablets instead of credit cards or cash. While this usually means paying at a brick-and-mortar retailer by scanning a mobile device, as online … more

  • Study: younger procurement specialists prefer to buy online

    June 24, 2013
    Vendors that continue to hang on to traditional sales methods are likely affected by customers that fall under the same demographic as themselves. Essentially, experienced professionals continue to use the methods they became accustomed to during the bulk of their careers. However, as the online generation ages and becomes more ingrained in the corporate landscape, it's time to start accommodating their preferences. 

    According to the Acquity Group report, procurement specialists under the age of 35 are 131 percent more likely to buy for their company online rather than through traditional channels. In fact, there are very few young B2B buyers who don't prefer online. According to the research, 90 percent of procurement specialists aged 18-35 buy online. Unsurprisingly, the … more

  • Study: Nearly half of online B2B sales being conducted through Amazon

    June 19, 2013
    Competing against the big name providers can be difficult, particularly in the retail industry. When a Walmart moves into a small town, the local small businesses tend to suffer. Only those that implement strategies geared at providing unique services to customers are in the best position to keep up with larger competitors. The same can be said online.

    For years, Amazon has served as the primary online retailer for consumers, and now the eCommerce giant has begun shifting its business to the B2B sales market. According to a study from the Acquity Group, 45 percent of companies surveyed have used Amazon Supply to make purchases. While this service can help buyers find various providers of goods they need for their business, it can impact the earning potential of these vendors. … more

  • Card acceptance will increase customer satisfaction, purchasing volume

    June 12, 2013
    Are you more likely to shop at an establishment that accepts credit cards? It seems like a simple question, and if you are referring to a small purchase, it may not be a significant consideration, but if you are a procurement specialist tasked with acquiring products for an entire company, it can mean everything.

    This was found to be the case, according to a white paper released by MasterCard. The numbers show that 55 percent of buyers said they would be more likely to select a particular supplier if it accepts cards. On top of that, 63 percent of respondents would be more satisfied if one of their current suppliers that previously did not accept cards started to do so.

    It is not just getting new business or improving customer satisfaction that would change with increased … more