The culture of the B2B market has changed dramatically in recent years. Technological advancements - typically those online - have bridged the gap between B2B and B2C communication. Vendors understand this and are changing their offerings to create an online customer experience reminiscent of popular eCommerce retailers. Procurement specialists want to be treated the same as if they were online shopping on their day off.
However, that doesn't mean that B2B vendors aren't implementing strategies and solutions designed to promote their own sector of sales. For example, as companies strive to maintain maximum levels of efficiency, it's crucial for vendors to follow accounts receivable best practices. New technology has made this easier, as electronic invoicing is becoming increasingly prominent in corporate merchant circles.
GHX, a leading provider of B2B integration services, issued a press release earlier this year predicting the sector's top trends of 2013. Among many technology-based categories, one that stood out was the increased use of e-invoices.
"The potential benefits of e-Invoicing have been recognized for many years," the article says. "But, 2013 will finally witness a critical mass of adoption due to enforcement of government mandates and the desire to accelerate payment terms."
By streamlining the invoicing and payment process, vendors can help their own cause while assisting their customers. Electronic invoices can be paid quicker than standard paper invoices sent through the mail or by fax. By doing this, customers receive their products and services in a shorter amount of time and vendors get paid sooner, thus improving their profitability.
Of course, vendors can still follow other methods to improve profitability as well. Above all else, accepting level 3 payments with line item detail will cut down on processing fees and allow vendors to experience higher net gains.