- Card Payments
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Tech-savvy merchants likely refer to cCommerce as a solution that allows them to process transactions and interact with customers in a cloud environment, but that is not its only meaning. To many, cCommerce means collaborative or customer commerce, which essentially means the merchant allows the customer to drive the transaction.
By following a cCommerce strategy, a merchant processing B2B payments would work with the procurement specialist he or she was selling to and make appropriate adjustments to accommodate his or her needs. This could include obtaining the right platform or accepting a certain payment type. The purpose is to extract important data and utilize it to shape the business going forward. If, for example, a merchant noticed that most of his or her customers buying online but doing so via their smartphones or tablets, that company would want to implement a payment gateway that was optimized for mobile devices.
An article in the online publication eConsultancy suggests following this philosophy will allow merchants to better service their customers, and the best way to embrace cCommerce is by adopting a customer viewpoint.
"The only way to properly deliver to a customer is to know their motivations and expectations, and then making business decisions based on this heightened customer viewpoint to meet or better yet exceed their needs and ultimately benefit sales," writes Glen Hartman, the article's author.
Merchants can take advantage of following their customers' lead by implementing solutions that benefit themselves as well. For example, if their customers are overly concerned about security, obtaining a payment tokenization system will help protect data from targeted attacks, while helping merchants maintain PCI compliance.
Of course, while keeping customers happy will ultimately be good for business, merchants need to ensure they take care of themselves as well. Working with a payment solutions provider can allow merchants to obtain the solutions and knowledge needed to increase the value of each transaction by qualifying for the lowest possible interchange rate.
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