As this blog has already discussed, eCommerce is becoming an increasingly major player in the B2B payments industry. In fact, the B2B sector has taken over eCommerce and most purchases made online are for business purposes.
According to a study conducted by IDC, 85 percent of eCommerce spending worldwide is in the B2B realm. This is simply one component of an overall trend that is seeing more businesses connect with other companies online rather than using traditional communication methods.
Digital is involved at every stage of the buying process, from research and lead generation to lead nurturing," says an article in the online publication The Drum. "Businesses therefore see online mediums as very efficient methods of solving business problems quickly."
However, it's important that business-supplying vendors understand the risks that come with online spending. Regulatory amendments are coming as vendors will likely have a new set of standards to comply with as it pertains to holding digital customer data.
Offering the payment solutions people have become accustomed to in their personal online shopping experiences is an obvious next step for many vendors. Procurement specialists are coming to expect an eCommece shopping cart when they buy from their suppliers, just as they do while buying from places like Amazon at home.
But ultimately, online shoppers want to ensure their information is going to be safe. Secure checkout is a must because companies cannot afford to have their customers' sensitive information compromised.
Tokenization, as previously discussed, is a valid option for businesses because it allows them to store customer information offsite and protect it from targeted attacks. However, that is just one solution to mitigate one risk. As technology evolves and new standards are put in place, vendors should work with a payment solutions provider to equip themselves with the safest and most cost effective processing options.