The critical parts to success are not only marketing or operation but also convenient and transparent eCommerce B2B payment. As the last stage of buying online, this step plays an integral role in finishing customer orders and deciding all the previous steps. Therefore, we are here today to give you some tips to enhance your eCommerce B2B payment and avoid popular mistakes.
Steps To Enhance eCommerce B2B Payment
As you know, different customer segmentation requires different payment processes. Therefore, to offer the customer their needed payment procedure, eCommerce businesses need to utilize automation to segment customers into different groups and allow them to access suitable payment gates. Besides, automation can go along with customer paying procedures, to notify B2B sales of payment status. If you are running eCommerce stores on BigCommerce, Shopify, or Magento, Atom8 is a great option. Therefore, you can maximize the conversion rate, and ensure customers can feasibly finish their bills.
Add More Payment Options
The larger your eCommerce is, the more B2B customers you need to serve. Each buyer may have their own preferred payment options; therefore, to help them proceed with eCommerce B2B payment more smoothly, your store should offer a variety of payment options. Adding more payment methods not only helps customers feel more convenient but also increases the conversion rate for selling activities. There are two main types of payment methods: traditional B2B and digital payment.
While adopting traditional B2B payment options is effortless, getting started with digital B2B payment is quite challenging. Therefore, eCommerce businesses may need some consultancy from specialists in this field, to easily add those measures into your stores.
Shorten Payment Process
Long-lasting payment processes may make buyers become impatient and abandon their carts. Therefore, eCommerce B2B payments need to be short, convenient, and simple. Instead of forcing purchasers to switch among different pages, stores only need to display payment steps on one page, usually the same page as the checkout step. Moreover, filling in too much information can be time-consuming and tedious. While customer information is valuable data for further engagement, filling it should be optional to help customers reduce useless time on payment processes.
Enable Cross-border Settlement
eCommerce is gradually expanding, and the need for cross-border transactions between businesses is rising. Therefore, your eCommerce B2B payment should provide suitable features for cross-border settlement. Moreover, foreign exchanges may cost a higher transaction fee for traders, so eCommerce companies should try to cut down on that fee to encourage international payment, which can positively contribute to company growth.
With our suggestions, we hope you will no longer face difficulties in operating eCommerce B2B payments. Moreover, if you need a tool to automate this step, try Atom8 for over-expected results.