It’s common for B2C eCommerce businesses to offer online payment options to their retail customers. However, B2B eCommerce businesses can also benefit when they offer online payments. If you’re willing to offer online payment options to your B2B eCommerce customers, you can expect to get paid in days, not weeks or months.
You may wonder as to why a B2B eCommerce customer – unlike a B2C eCommerce customer – would be fussy about making online payments while purchasing goods or services for her business. Many B2B businesses have avoided eCommerce because they believed that their customers may not do business in that manner. Merchants are frequently concerned about payments, as B2B customers pay in myriad ways and some merchants do not understand how to manage online payments.
Reasons for adding online payments to your B2B eCommerce business
Let us discuss below five reasons why you need to add online payments to your B2B eCommerce business.
- Collection of Data: In online transactions, your B2B eCommerce business can collect more information from payments than from typical invoice scenarios using cheques. This has proven to be helpful to both customers and the business. For the former, it creates an added security feature in knowing that their payment information may not be compromised. For example, Zaakpay’s online payment systems ensure that all card details or bank information is stored to comply with the PCI guidelines and are not shared with any third-party. It collects only essential personal information and that too with prior consent from customers. Zaakpay’s security protocols safeguard the personal information stored in its database as per industry-standard practices. For your business, it means collecting more information about your customer from a secured source, which allows you to protect the payment collections and improve the marketing efforts of your business. If your B2B eCommerce business can generate a sizable volume of sales, then Zaakpay offers the right advantage to your kind of business. Zaakpay offers customized payment gateway charges tailored to suit your business requirements to support a high volume of average transactions.
- Expansion of Customer Base: Online payment capabilities can potentially expand your customer base. Your business can market and ship its products anywhere, from across India to around the world. You need not limit your sales to a local region. Online payments enable you to meet the demand for your products coming from anywhere on the globe. There lie the opportunities for additional potential sales and revenue growth. Zaakpay – being amongst the most preferred India payment gateway providers – enables you to reach customers on any device, at any time, from any location to exponentially grow your business.
- Offer More Options: Businesses today are savvier than earlier and are constantly seeking ways to improve their operations, including procurement functions. Several businesses have concluded that online procurement is superior to physically shopping by procurement employees, or issuing cheques for purchases. In such a scenario, any B2B business that fails to offer online payments tends to fall out of favor. If your B2B business can offer online payments, you stand a bright chance to improve customer loyalty. Zaakpay, is one of the best India payment gateway providers that support various payment methods like Credit and Debit Cards, UPI, net banking, eWallets and Pay Later. Depending upon your business requirement, a B2B eCommerce customer would choose a specific payment method for an online payment account. Zaakpay provides a variety of technology-focused solutions at extremely competitive payment gateway charges.
- Makes Life Simple: Online payment system that connects a customer’s accounting software will streamline all of its administrative processes. For B2B customers, it will ease the procurement experience as they would save time and cost by buying from a reliable B2B eCommerce business. For your B2B eCommerce business, it automates business functions and saves time and labor costs that could be utilized for more productive tasks. Zaakpay payment gateway allows customers to pay using the simplest checkout process, which reduces cart abandonment and steps-up conversions. It also tracks all payouts on a unified dashboard due to which you can enjoy twice as faster and prompt settlements.
- Helps to Improve Customer Service: Finally, for any B2B eCommerce business, customer service is of paramount importance. Customers will always have various options to choose from for their goods and services. B2B customers are relatively more objective and less impulsive in comparison to B2C customers. If they don’t get what they want, they are bound to go elsewhere. Providing online payments with a partner, such as Zaakpay – which can gauge the pulse of the customer with the latest tools and repurpose your business strategy for optimal performance – gives you more opportunity to focus on the other elements of taking care of your customers. The better the customers are cared for, the more revenue they will generate for your business.
Online payments aren’t just for B2C customers. Even though your B2B customers may prefer to pay by cheque, offering online options gives you immense flexibility for both existing as well as potential customers. For all B2B businesses with scale, there is no valid reason not to offer an online payment option.
Once you understand the importance of online payment gateway and its impact on the sales of your B2B business, it’s time to consider the next steps:
- Verify the PCI compliance of your potential payment gateway to confirm its security and look for per-transaction prices to get a sense of how a gateway will impact your bottom line. Zaakpay provides solutions at extremely competitive payment gateway charges.
- You don’t necessarily have to commit to a single gateway for time immemorial. You may stack multiple gateways at the same time to ensure maximum coverage of customer needs.
With a better knowledge of gateway security, function and price, your B2B business would be in a position to select the appropriate option for your business needs and enhance the level of security that customers need while making a purchase online.
Vivek is a published author of Meidilight and a cofounder of Zestful Outreach Agency. He is passionate about helping webmaster to rank their keywords through good-quality website backlinks. In his spare time, he loves to swim and cycle. You can find him on Twitter and Linkedin.