The Age of the Self-Serve Buyer: Embracing Digital Payment Integration
Mark Pickering
Last updated:
30/4/24
In our ever advancing digital economy, the need for B2B businesses to adopt digital payment processing is more pressing than ever. According to a business technology report from buyer intelligence experts TrustRadius, virtually 100% of buyers have a preference for self-serve options throughout their buying journey. This marks a significant jump on previous years, suggesting that this shift towards digitalisation is not merely about convenience; but has become a critical requirement for businesses aiming to remain competitive and responsive to buyer preferences.
Why is Digital Payment Processing a Strategic Necessity in B2B Commerce?
Digital payment integration stands at the forefront of redefining the B2B commerce landscape. The transition away from traditional payment methods, now deemed outdated, to digital platforms is fuelled by their capacity to significantly reduce transaction costs, streamline payment cycles, and meet the evolving expectations of today’s buyer. A post Covid study by McKinsey & Co. highlighted this trend early. McKinsey's 2020 research found that, intensified by the global shift towards remote work and the pandemic's impact on buyer behaviours, digital interactions had already become two to three times more important to B2B customers than traditional sales interactions.
How Can B2B Businesses Meet Buyer Expectations for Digital Payments?
To adapt to the 'Age of the Self-Serve Buyer', B2B companies must embrace a comprehensive digital payment strategy, by offering a variety of payment options that mirror the convenience and immediacy of B2C transactions. This strategy also aligns with a study by Forrester Consulting, which found that enhancing payment options is anticipated to improve customer satisfaction and business success. In addition to enabling buyers to make payments online, adopting digital invoicing and using data to streamline billing and make payment terms more flexible are also essential actions for satisfying customer needs for efficiency and ease of use.
Case Study /
Williams
Williams Trade Supplies, a leading plumbing & heating merchant in the South of England, partnered with 9xb to replatform their eCommerce store to the Peracto platform to meet the evolving demands of their customers and outpace competitors. The new trade-only store enhances customer experience by allowing easy product purchases, quote creation, and account management, integrated seamlessly with their ERP system. A key feature is the secure self-service area for real-time account insights, including invoice payments with flexible filters. Additionally, the website caters to the plumbing trade's needs by enabling multiple delivery address additions.
What Are the Key Security Considerations B2B Businesses Must Consider in Implementing Digital Payment Options?
Moving to a digital payment model introduces important security considerations for B2B businesses, none more-so than adhering to the Payment Card Industry Data Security Standard (PCI DSS). Compliance with PCI DSS helps to prevent card payment fraud and protects cardholder data through stringent security measures. The seamless integration of existing procure-to-pay, ERP (Enterprise Resource Planning) and other business systems must also be considered. Using a compliant Platform, like Peracto, ensures all financial transaction data is appropriately secured and encrypted. It protects your customers’ data, improves the user experience, reduces the risk of security and data problems, and helps avoid disruptions to your business.
How Can B2B Businesses Enhance Customer Loyalty and Drive Sales through Digital Payments?
Adopting a buyer-centric payment experience in the B2B sector offers a unique opportunity for B2B businesses. There is a clear strategic advantage of integrating multiple payment methods and instant credit decisioning into digital platforms. These strategies not only address buyer preferences for convenience and efficiency but also drive customer loyalty and increased sales opportunities by meeting the expectations of today’s buyers more effectively.
Source: Mckinsey & Company, The B2B digital inflection point: How sales have changed during COVID-19. Gartner Sales Survey June 22, 2022. TrustRadius’ 2022 & 2023 B2B Buying Disconnect Report.
How Can 9xb Assist B2B Businesses in Navigating Digital Transformation?
In navigating the complexities of digital transformation, partnering with experts like 9xb is invaluable. With years of expertise in scalable, secure eCommerce solutions, 9xb is adept at guiding B2B businesses through the process of digital payment integration, ensuring they are well-equipped to meet the demands of their buyers. From launching new eCommerce platforms to optimising existing operations, 9xb's comprehensive services are designed to enhance customer satisfaction, improve security, and drive operational excellence.
The integration of digital payment processing is imperative for B2B businesses to stay aligned with the evolving expectations of their customers and the demands of a digital economy. The insights from industry thought leaders highlight the urgent need for businesses to adopt digital payment strategies that offer flexibility, efficiency, and security. In this transformative period, leveraging the expertise of specialists like 9xb can significantly ease the transition, enabling businesses to fully leverage the benefits of digital payment processing to accelerate commercial success.
