Business operations have been severely affected by the e-commerce shift. In fact, it would not be wrong to say that e-commerce has taken the business world by storm. Any new business starting today would make the online channel a priority for reasons of availability, control, cost, and ease of buyer conversion. And even existing more traditional businesses—although admittedly slower due to legacy reasons—are shifting as quickly as possible to focus on offering an e-commerce channel for their more digital-enabled customers.
This shift is happening gradually, but the shift is noticeable and beneficial for the companies. One of the primary benefits of online B2B e-commerce is that it increases the reach and businesses can contact clients across borders with ease. With all documents and payments attainable via an online channel, this form of business is extremely convenient and eases commerce for buyers and sellers alike. Moreover, there are several other benefits which include safer, smarter, and faster payments.
We live in a digital world today, and almost every interaction we have offline can now be translated into 1’s and 0’s, and transmitted in near real-time. This is especially true in the world of B2B e-commerce where a website serves as a digital storefront. Communication, data transfers, and even final payment between buyers and sellers can be handled electronically and immediately. When this is the case, it streamlines the business interactions, makes everything traceable, dispute management becomes simple, money moves quickly and securely 24/7, and any data related to the transaction is always at your fingertips.
To gain these advantages requires that payments be integrated into your site. Payments that are fraud-protected with the ability to attach supporting data with each transaction for quicker reconciliation. Unfortunately, traditional electronic payment methods were never built for this and don’t provide these features, and banks are not equipped to fill this gap either. Therefore, choosing these typical payment methods for your e-commerce site and handling transactions in this way is like driving a Ferrari (your business) on a bumpy dirt road. You will get from point A to point B eventually, but the experience will be very poor for everybody involved.
E-commerce is a necessity for business today, and it enables companies to create new customers profitably, enter new markets quickly, and gain better margins and profitability. However, the “e” in e-commerce means electronic, and this includes the payment piece. Make sure that in the excitement and rush to build your B2B e-commerce channel that you also include an electronic method of payment for your buyers that is faster, safer, and smarter, and one that was designed specifically for the needs of B2B transactions. Traxpay can show you how.