Want to know how you can increase your B2B sales? According to a B2B E-Commerce Economic Index study, today’s B2B merchants must combine traditional and online sales channels to serve customers in a customer-centric manner. The study revealed that 91 percent of participants surveyed still see their field sales force as the most important for sales, followed by their online shop. These channels are closely followed by on-site sales via shops/sales offices and sales via online marketplaces.
Adopting a multichannel payment solution has become crucial given the reliance on such diverse channels and growing buyer demand for frictionless purchasing experiences. This article will explain how a multichannel payment solution works and how using one can help increase B2B sales.
What is a multichannel payment solution?
The term “multichannel” refers to a strategy companies adopt to leverage different sales channels to effectively reach and serve their customers. Companies that employ a multichannel strategy use and connect various channels to provide their customers a convenient, seamless and consistent shopping experience.
A multichannel payment solution integrates sales channels into a single platform, enabling businesses to accept multiple payment methods through different sales channels. Customers can choose from several payment methods and flexibly decide whether to pay immediately, pay with net terms, or split the purchase amount over several installments.
How does a multichannel payment solution work?
A multichannel payment solution is designed to enable businesses to accept and process payments seamlessly across multiple sales channels. It integrates various payment methods and technologies into a unified system, allowing customers to make purchases conveniently through different channels such as online stores, physical retail locations, mobile apps, and more. Here’s how a multichannel payment solution typically works:
- Integration: The solution integrates with the different sales channels used by a business, such as e-commerce platforms, point-of-sale (POS) systems, and mobile applications. This integration ensures a unified payment experience across all channels.
- Placing an order: Once the B2B customer has found the right product, they place their order through one of the available sales channels, such as an online shop or via telesales or field sales.
- Payment method selection: Customers choose their preferred payment terms from the available options, such as 30, 45 or 60 days.
- Credit risk check: The customer’s credit risk is checked before the payment is accepted and approved. This risk check can be conducted in real-time, depending on the provider.
- Payment confirmation: After the payment has been approved, customers receive an order confirmation from the merchant. This confirmation contains details of the order, such as the product name, quantity, price, and estimated delivery time.
What are the benefits of using a multichannel payment solution for merchants?
A multichannel payment solution delivers B2B customers several advantages, such as flexibility, convenience and greater control over their payments. This benefits a merchant in several ways:
- Increased customer satisfaction: Providing a seamless and convenient payment experience regardless of channel or payment method drives higher customer satisfaction and fosters loyalty among existing buyers. It also helps attract new customers, increasing a merchant’s customer base.
- Increased sales: Easy and fast payment processing encourages customers to purchase more. Payment methods with flexible terms also empower buyers to make larger purchases that they can pay for at a later date or in multiple installments. –
- Improved liquidity: Faster and more efficient payment processing positively impacts liquidity and overall business health.
Get more out of your payments with Mondu.
What’s the best way to find a multichannel payment provider?
Finding the right provider requires merchants to first clearly define their requirements.
- Which sales channels need to be covered?
- Which payment methods must be accepted?
- What fees will be charged?
- What integration is required?
In addition, merchants should ensure that a provider meets all the security-related standards and compliance requirements.
With MonduSell you can offer payment methods such as invoice payment and installments over the phone, by email and on site – without any risk.
Get the most out of every customer interaction. Contact us today at firstname.lastname@example.org or book a demo.