by Ty Hardison

Why vendors must alleviate the risks of B2B transactions

Procurement specialists are often under a tremendous amount of pressure when it comes to buying goods for their respective organization. Not only are business purchases supposed to deliver a high return on investment, meaning the right product and service has to be selected, there is typically a great deal of effort that goes into finalizing transactions and B2B payments.

Those tasked with purchasing for their organization have shown an increasingly strong desire to emulate the same buying experience they have at home. Because of this, it's important for organizations to alleviate some of the pressures of business buying by providing a payment gateway that closely resembles a B2C experience. Of course, it won't be exactly the same as vendors need different payment gateways to process certain types of transactions, but buyers that are able to shop online in a familiar setting will be more likely to come back. 

But even if buyers are comfortable in their setting, they still must endure a myriad of challenges related to the nature of procurement. For example, business products tend to be more expensive and require a lot of work to get from the vendor to the customer. The process can be much more complicated than traditional B2C sales, even if the payments component and the online buying interface is relatively similar. 

Moreover, business purchases are not conducted in traditional retail settings the way their B2C counterparts are. When a consumer walks into a Best Buy to purchase an item, they usually get to touch it and examine it closely. If a business is buying some form of technology for all of its employees, even if it receives a demo, there tends to be a disconnection between the two sides of the transaction. An article in the online publication Multichannel Merchant addresses this.

"Direct B2B purchases online can be risky," writes Craig Vodnik, the article's author. "The products themselves are often complicated to install and use and require lots of support and maintenance. If customers buy straight from a website, they may end up with a piece of software that doesn't suit their needs."

That's why it's so important for vendors to reduce concerns by offering a level of service that can put their customers' minds at ease. For example, obtaining a payment tokenization solution can protect customer data, which at least gives customers a peace of mind regarding their own information.

There will always be challenges regarding B2B sales, but by taking the right steps and working with a payment solutions provider, vendors can make a big difference in the relationships with their customers.

by Ty Hardison

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