New customer needs may change B2B payments

Catering to the needs of the customer is one of the more basic staples of business. Whether this means adjusting product offerings, changing service procedures or implementing new customer-facing solutions that improve the transactional process, these business amendments are vital for a company's long-term viability.

Payments are no different. As new options emerge, it's up to vendors to ensure they are equipped to handle the latest and greatest payment methods preferred by their customers. At least to a certain extent. Ultimately, vendors should try and explain to their customers why their preferred payment methods work best, but there needs to be some evolution on the vendor side to keep up with modern times.

For example, online shopping, as previously discussed in this blog, is no longer designed exclusively for consumer buying. Business procurement specialists are relying on traditional online retail offerings to buy products and services for their respective companies so its up to vendors to obtain secure checkout solutions to process B2B payments.

Adam Stewart, a contributor with the online publication Business Computing World, suggests online and mobile will continue to grow as trends in the payments industry and that businesses must be cognizant of any major changes.

"As an industry we need to refine the shopping experience online, and engage consumers with more tailored campaigns and offers to continue building consumer conference," Stewart writes.

Again, any necessary changes made in the B2C realm will be just as important in B2B as more companies come to expect a consumer-catered shopping experience from their vendors. Working with a payment solutions provider will allow companies to acquire the tools needed to handle any changes in the B2B sector.

Share this Post
Share to Facebook Share to Twitter Share to Google+ Share to LinkedIn More...



Reference Guides

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.