Payment Methods for B2B Commerce Success

Today’s blog post is an excerpt from our recently revised eBook, The Changing Landscape of B2B Commerce, which is filled with suggestions and ideas for businesses looking to transform themselves to a more modern, more efficient digital technology stack.

This excerpt focuses on payment methods, and the various ways you should support payment options to ensure success in the B2B Commerce space. This is particularly important if you are offering a self-service order portal or website.

Diverse Payment Options

B2B businesses rely on a larger complement of payment solutions than their B2C counterparts, which tends to revolve most strongly around the credit card. While credit cards will certainly continue to play a key role in B2B Commerce, other payment types are gaining popularity.

Net Terms (Buy Now, Pay Later)

Many B2B businesses will offer Buy Now, Pay Later offerings for orders, including Net Terms, which can speed up ordering by allowing that selection to avoid payment entering, and the customer has a window of time in which to pay the invoice.

Ideally, the clock for terms can start when the order is placed, or when an order is shipped, allowing for more flexibility in how such terms are extended. 

Credit/Spending Limits

Connected to purchase types like Net Terms is the ability to set a spending limit to avoid overexposure to customers who are effectively buying with a promise to pay later. Smart systems will block new orders until past due orders are paid as well, further reducing exposure to unexpected losses.

Purchase Orders

Many larger companies will require the ability to tie a Purchase Order to an online purchase, for payment through normal accounting methods. At minimum the ability to enter a Purchase Order should be supported.

Deposit/Balance Billing

The ability to divide payments into multiple installments for your own business requirements, or payment terms negotiated with your buyers, will allow for more flexibility than a monolithic payment of some sort.

Automated Clearing House (ACH)

The ability to take bank payments without having to wire money is a growing part of the online Commerce industry, and in particular B2B buyers are beginning to adopt ACH as a way to avoid the costs associated with other transaction types, like credit cards.

Download Your FREE Copy of the eBook!

You can get your copy of the eBook for free at this link, and if you’re inspired by what you see in the book, you can request a conversation with our Success Team to see how Zoey can support your company in these efforts!

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