Much has been made about the increasing popularity of eCommerce in the B2B sales sphere. More business procurement specialists are going to their computers to buy products and services for their organizations because it's convenient and shopping can be conducted at any time of day. However, the second half of transactions - the payments - are still evoking concern from some businesses and consumers. Therefore, vendors processing B2B payments must ensure they are protecting customer data.
According to an article in the online publication IBN Live, a number of online shoppers on a global scale are not comfortable paying for products and services online. Laurent Dhaeyer, an e-billing solutions manager, told the news source that in countries such as India, people don't feel comfortable giving out credit card details online.
"An increasing part of ecommerce is actually going through COD [cash on delivery] for which no payment gateway is required," Dhaeyer said.
This might be an ideal solution overseas, but in the United States there are solutions vendors can implement to protect sensitive customer data and assist in maintaining PCI compliance. Tokenization is the best solution because it stores customer information offsite and mitigates the risk of a targeted attack. If a vendor's servers are hacked, the payment information will not be exposed and customers will not suffer from identity theft.
In today's increasingly digital world, it's important for businesses to utilize technological resources to provide the best possible shopping experience for their customers. However, this can only be accomplished if said customers feel comfortable in relaying sensitive financial data to the company they are buying from. Working with a payment solutions provider can help vendors acquire the proper tools needed to protect customer information and maintain a reputation as a safe online shopping destination.
- The Staples model: How increasing its online presence helped the retailer become a B2B powerhouse
- Differentiating yourself from the competition can help win government contracts
- SAP users can integrate their hybris eCommerce platform with their ERP solution
- Bill.com sees increase in electronic payments
- Study: electronic invoicing can save vendors up to 80 percent
Complete our contact form and we'll send you a link to download our Quick Reference Guides covering the essentials of accepting purchasing cards including best practices, Interchange rates & fees and card data security.