Fast, easy and error-free payment processing is a huge priority for digital B2B buyers. And sellers that do not take that into account while creating a user experience do so at their own risk, says a new survey from Balance and MRM Commerce.
In the survey of 451 buyers, 97% of respondents stated that a poor checkout experience would have a negative impact on their likelihood to become a loyal customer. More than half of buyers stated that slow or lengthy approval for payment terms would be the top reason to change to another supplier. No digital invoicing options followed. Additionally, 73% of buyers admitted there is a likelihood that they would abandon the purchase if they encountered payment friction during checkout.
“As in B2C shopping, it doesn’t mean that all B2C payment methods should be retrofitted to B2B,” the report says. “B2B payment methods like ACH and check need to be easily integrated into the payment experience, along with options for in-cart financing or net terms. Today, this kind of functionality is lacking at checkout and buyers are feeling the pain.”
According to the Balance/MRM Commerce survey, 91% of buyers had specific payment processing requirements that if unmet, would make them switch ecommerce suppliers.
The top four payment processing functions that would influence decisions:
- No in-cart financing
- No digital invoicing
- Slow approval for terms
- Lack of payment options
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