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 card adoption. The study found that buyers would be spending more money, as 49 percent said they would increase purchasing volume and 51 percent would forgo a discount in favor of paying with a card.
A recent PYMNTS article features an interview with Rob Snyder, the product leader for commercial products at MasterCard and the author of the white paper. He spoke about several tactics including what he thinks is the future of acceptance.
"With the findings of this study on the top-line benefits and our previous study's findings on bottom-line benefits," Snyder said. "I believe that acceptance will continue to be a differentiator. Clearly, its impact will vary to some degree by industry, company size, etc., but as long as we continue to educate all parties involved on the benefit of B2B acceptance it will continue to truly matter."
Just card acceptance may not be enough, however. Businesses should consider adding additional features like Level 3 data and p card processing to become a high-value partner in the B2B payment market.