As this blog has mentioned before, businesses are becoming increasingly interested in buying products for their company online. As such, B2B eCommerce is an emerging market and many vendors are opening online stores.
Studies show the goal is to incorporate the B2C shopping experience into B2B purchasing. Procurement specialists want something familiar, so buying products and services for the company should feel like buying from Amazon. However, online vendors need to understand that the payments side is different.
Consumers and businesses don't use the same payment methods. While standard credit card processing is a fine payment solution for B2C merchants, companies selling to organizations with purchasing cards must ensure they are equipped with the right tools to process these kinds of payments.
Consider the standard card payment processing model talked about in this blog. The same principles apply in the eCommerce sphere. Processing level 3 payment data featuring line item detail will not only benefit the organization by providing professionals with a clear view of all purchases, it will help vendors save money on processing fees.
In an online environment, line item detail is of the utmost importance. Unlike traditional business sales in which procurement specialists meet with business development representatives, online shopping is more open. Adding items to a virtual shopping cart and hitting "Pay Now" is much easier than scheduling sales meetings and writing checks. Therefore, it's important for organizational leaders to know exactly what their employees are buying.
Ultimately, the financial benefit is what makes an online business payment gateway so valuable. By processing level 3 data, vendors will increase their net profits and allow themselves to grow as business suppliers. Working with a B2B payments provider allows companies to acquire the payment solutions needed to implement into their eCommerce sites.