B2B eCommerce payments play an increasingly important role in creating the seamless online purchasing experiences business buyers expect. Although B2B transactions are typically more complex than consumer purchases, buyers increasingly want the same speed, convenience, and choice they experience when shopping online personally.
Research from Balance and MRM Commerce highlights the importance of the payment experience in B2B eCommerce. Checkout friction, slow payment terms, limited invoicing capabilities, and a lack of preferred payment methods can discourage buyers from completing transactions and make it more difficult for sellers to build long-term customer loyalty.
Business-to-business (B2B) eCommerce is the online selling of goods and services between businesses. Unlike business-to-consumer (B2C) eCommerce, sales between businesses make up B2B eCommerce. This can include everything from manufacturers selling to retailers, to businesses selling to other businesses. Because B2B transactions are often more complex than B2C transactions, it often requires more sophisticated business tools and processes.
In an interesting summary of a recent eCommerce survey among B2B buyers, as buyer experiences improve B2B eCommerce should grow as a piece from Bakersfield.com illustrates.
Balance, the 2020 startup out of Tel Aviv with a U.S. base in San Francisco, partnered on the survey with MRM Commerce, the eCommerce practice of MRM based in the UK. Balance provides a digital payments platform designed to optimize the B2B online purchasing experience.
Some of the conclusions drawn are as follows:
- Loyalty in B2B eCommerce is strongly tied to ease of checkout
- Half of respondents polled cite friction from slow payment terms and lack of digital invoicing
- 73% likely to abandon the purchase with an experience containing friction
- Payment options that contain preferred methods are necessary
The report also has some industry vertical segmentation for potential readers. We have covered the growth and potential of B2B e-commerce in member research as well.
As online business purchasing expands, B2B eCommerce payments will become an increasingly important component of the overall customer experience. Sellers must account for the unique requirements of business transactions while removing unnecessary friction from checkout and payment processes.
Providing digital invoicing, appropriate payment terms, and a broader selection of payment methods can help businesses deliver the convenient experience buyers increasingly demand. For B2B sellers, improving payments isn’t simply a back-office concern—it can influence purchase completion, customer loyalty, and the broader growth of eCommerce.
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group.
