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Business buyers more loyal to businesses that offer their preferred payment methods

Wednesday 15 November 2023 11:28 CET | News

A new study, conducted by TreviPay, of 300 global business buyers shows how merchants can improve the B2B payments experience to build buyer loyalty. 

According to the study, to best meet business buyer expectations and purchasing needs, it is recommended that merchants across all industries offer a choice of preferred payment methods, convenient onboarding and software integrations, and customisation of invoicing. The research further emphasises that merchants in this day and age must recognise the value B2B buyers place on the payments experience and offer what they are looking for to drive loyalty and average order value.

 A new study, conducted by TreviPay, of 300 global business buyers shows how merchants can improve the B2B payments experience to build buyer loyalty.

Payments choice 

According to the survey, 72% of business buyers are more loyal to a business that offers their preferred payment methods. Businesses use multiple payment methods but 61% of buyers say trade credit or net terms is their leading way to pay. Choosing the right payment methods is crucial for enhancing both initial and repeat customer experiences. A substantial 86% of buyers emphasise the significance of being able to pay using their preferred method, while 83% value having a diverse range of payment options. Between credit cards and trade credit, the latter proves advantageous for merchants in sealing larger deals. Survey respondents highlight transaction limits as a barrier to checkout with credit cards. 

Convenience 

The survey also indicates that business buyers expect convenience at all stages of the purchase experience, beginning the moment they onboard with a supplier. Similar to B2C transactions, B2B buyers also expect convenience when making a purchase. Flexibility with payment options is important as 78% claim it is necessary for merchants to offer invoicing, and 51% would switch to a different merchant if it offers flexible net terms (30, 60, 90 days to pay). Finally, 80% of business buyers say it’s very or extremely important that merchants conveniently integrate with their ERP platforms. 

Customisation 

Many B2B buyers, about 78% need to customise or control certain aspects of their purchasing experience. Considering the unique invoicing needs of business buyers is part of offering a seamless purchasing experience. This could include capturing PO or serial numbers, as well as setting spending limits or preapproved SKUs. 

´╗┐About TreviPay 

TreviPay is a global B2B payments and invoicing network that enables enterprises to provide payments choice and convenience, open new markets, and automate accounts receivables. With more than four decades of experience, TreviPay aims to serve businesses looking to build loyalty while driving efficiency and embracing new digital channels, especially in industries with large distribution networks such as manufacturing, retail, and transportation.  

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Keywords: research, payments , merchants, payment methods
Categories: Payments & Commerce
Companies: TreviPay
Countries: World
This article is part of category

Payments & Commerce

TreviPay

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