28 July 2022
While the success of a B2B marketplace depends on several factors, the payment experience is crucial. What works in B2C is not necessarily duplicable in B2B: the expectations of professional buyers require specific payment methods and services. In B2B, for example, the amounts are generally higher, while payment on time will often be preferred. To offer an optimal buyer experience, your B2B platform should be based on the best payment technologies. Open banking, Buy Now, Pay Later, Pay-by-link… Let’s look at the latest trends in the payment experience!
Open banking” means that banks can share their customers’ banking data with companies.
In the context of a B2B payment, this new payment experience is designed to optimise the capacities of your marketplace. This fintech innovation facilitates bank payments. It is also advantageous for SMEs if this system works with large companies.
Open banking allows you to :
While permitting a third party to access one’s bank details may be off-putting to some, this innovation has several advantages.
By carrying out an open banking operation, you benefit from all the advantages offered by the classic bank transfer system:
Bank transfers have certain disadvantages, such as the obligation to enter an IBAN, with the risk of input errors and slow updating of accounting information. Open banking corrects these shortcomings by offering :
The Open Banking transfer offers a better payment experience by creating a smooth payment process. Open Banking eliminates the final breakpoints that previously required manual intervention, opening the door to instant transfers on time and payment by split transfers. Finally, for companies wishing to improve their cash flow visibility, Open Banking allows for request-to-pay. In this case, the creditor company can request payment from its debtor.
The pay-by-link, as the name suggests, involves payment via a link. When paying by card, a secure link is sent to the buyer. This makes the payment process much easier and allows the buyer to avoid wasting time on low-value orders.
In B2B, this payment method is not only used by small craftsmen. Some platforms see it as an opportunity to improve customer relations by offering a secure, fast, and reliable system. Just look at the advantages.
With pay-by-link, B2B platforms offer a new, convenient, and secure payment experience to their buyers:
Like open banking, this other payment system allows you to monitor the status of your transactions online.
The pay-by-link has proven itself in many business areas and is convincing due to its reliability.
It is found in the chatbots of online sales sites. They automatically send the payment link to the customer once the item has been selected. But also, reminder e-mails proposing to customers who have “forgotten” their basket to pay directly via a link.
As a trader, you can use this system to :
As a complement to credit transfers or instant payments, request to pay (RTP) is a new pan-European standard for payment initiation. A message exchange service, like Swift, means payment can be requested. Coming into force in the summer of 2021, the request to pay has several advantages:
Buy Now Pay Later” is a payment instalment scheme for buyers. It offers all the advantages of traditional consumer credit without the disadvantages.
BNPL is already used by many online retailers in a B2C relationship. Offering this payment solution for your B2B marketplace can significantly improve your customer relationship.
This form of credit allows you to :
The BNPL is particularly attractive to small and medium-sized enterprises, which see it as a cost-effective way to develop their business. It also offers a positive buying experience through its fast credit processing and multiple payment options.
While BNPL has been specific to B2C for many years, making it a new payment solution for your B2B marketplace is now possible.
However, this model must be adaptable to your marketing strategy. What works for private buyers may not always work for professional buyers. There are several points to consider:
To minimise the risks of deploying BNPL in your marketplace, you must review your business strategy and adapt it to future market developments.
This is where Lemonway, the payment service provider, can help you optimise the payment methods of your marketplace. Do you want to simplify your customers’ purchases while securing your sales? Are you looking for payment methods adapted to the habits of your targets? Find answers to your questions. Contact us now!
