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Kriya Payments

How B2B leaders can unlock growth with flexible payment options

March 5, 2024
4
min read
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Show me the money! Our buyer's guide highlights the key considerations to modernising your B2B payments offering and accelerating your growth.

How B2B leaders can unlock growth with flexible payment options

In the competitive landscape of B2B commerce, modern payment solutions are a priority area for mid-market and enterprise retailers seeking to grow. By embracing these digital tools, merchants can expand their reach, increase revenue and strengthen their cash position.

Grow revenue with flexible payment options

One effective way to achieve B2B growth is offering flexible payment terms to your buyers. Providing buyers with flexible ways to pay later helps to attract new buyers and nurture loyalty with existing ones by removing the friction from purchase decisions. Covered by an array of terms from trade credit to buy now, pay later (BNPL), these solutions provide buyers with the flexibility to defer payment whilst immediately accessing goods or services. Providing immediate access to spending limits and payback options removes financial barriers and encourages larger purchases.

Key considerations for B2B leaders

With the goal of driving more revenue through sales channels in mind, there are several key considerations B2B leaders should focus on to guide their strategy:

  1. Effective risk management: With the adoption of flexible payment solutions comes the need for effective risk management. B2B leaders must assess and mitigate potential risks associated with online transactions, such as fraud, chargebacks, and credit defaults. Leading pay later solutions provide robust buyer authentication, credit checking and fraud detection tools to shield you from losses.

  2. Putting customer experience first: Business buyers now expect a level of sophistication and ease present in consumer payments. So catering to the preferences of your target buyer base is key here, and accommodating a range of flexible options will differentiate you from competitors.
    Ensuring your options to pay upfront (such as via bank transfer or card) and pay later are user-friendly and instant is crucial. For example, providing immediate decisions on buyer spending limits and access to higher amounts of credit for pay later helps close deals faster and enhances the customer experience.

  3. Connecting payments to your existing systems: The integration of payment solutions with your existing technology and processes is critical for operational efficiency and scalability. Ensure there is a seamless integration across key sales channels like your eCommerce platform, as well as back-office billing and ERP systems. Having a cohesive infrastructure enables real-time data synchronisation, streamlined workflows, and improved decision-making capabilities. Check the integration options offered by your payments provider to inform your search.

  4. B2B commerce is multichannel: Despite growth in eCommerce, 83% of B2B orders still take place offline. This doesn’t mean that these traditional account management channels can’t benefit from digitisation though. Leading retailers are offering ways to offer B2B buyers to access the same flexible payments options and spending limit whether they order online or offline. Digitisation is happening in  the last mile of offline payment acceptance through methods like payment links, QR codes, and embedded payment options in invoices. This way you can offer a seamless, consistent payments process wherever your buyers choose to purchase.

  5. Collaboration is key: B2B commerce is often a complex process that involves multiple teams, such as Sales, Marketing and Finance. Businesses can streamline processes between these functions to create a more efficient experience for buyers. For example, by automating credit decisioning and reconciliation, Sales teams can close deals independently without being slowed down by approvals from Finance.

  6. Data-driven decision making: Digital transformation is an ongoing journey that requires continual optimisation and adaptation. Define your key performance metrics, plus monitor customer feedback and market trends to identify areas for improvement and innovation. Collect valuable customer data, such as purchase history and preferences. This data can then be used to personalise the customer experience and improve conversion rates.

Adopting flexible payment solutions is a key consideration for B2B merchants seeking to thrive in an increasingly digitised economy. Consumer shopping habits have shifted the expectations of business buyers, and retailers that modernise in response will have a significant competitive advantage.

Kriya: The enterprise pay later solution 

Join the growth-focused businesses providing flexible payment options at checkout and offline channels with Kriya. With over 12 years of experience in payments and working capital we’d love to hear about your plans, whether you’re early in your research or already seeking a solution.

B2B Payments to boost your growth

To learn more about our payments and digital trade credit solutions book a call with us today.
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