As the economy continues to revive, it is time for wholesalers and distributors to get serious about creating more robust e-commerce channels to capture the migration from traditional buying to online purchasing. With ever-increasing competition, your customers are beginning to expect the same kind of service online from your business that they get when they visit a retail e-commerce site.
Wholesalers and distributors have generally lagged behind in the area of e-commerce, particularly because of complexity, cost, and potential for channel conflict. Often corporates don’t even know where to start on this journey to modern commerce. Yet the pressure to move to B2B e-commerce is only enhanced by the need to increase sales, increase profit margins, and cut operational costs.
The fact is, B2B transactions have significantly different requirements than in the world of B2C. Look and feel of the site, content management, product selection and presentation, self-service features, customer support, search, security, ability to handle user and purchase data and customer history, dispute management, fulfillment, and payment are all things to consider in the architecture and design.
The good news is that companies like Digital River, Hybris, Intershop, Magento, Cleverbridge, IBM, Oracle, and others are experts at building very professional sites and back-office operations for your e-commerce channel. They can and will build you an excellent e-commerce site that can handle almost all of the features your customer wants in the B2B world. But when it comes to the actual setting up of the payment part of a transaction on your site, they are very limited in what they can offer.
The fee structure and hassle of typical electronic payment types (cards, PayPal, etc.) make it not ideal for B2B transactions. When it comes to B2B, you need a payment method that is faster, safer, and smarter – one that can plug-and-play directly into your site and have the ability handle special business rules and data from your customers, multi-level approval flows, interface with corporate payment systems (ERP, O2C, P2P, etc.), and provide a direct communication layer for dispute management and settlement.
Where will you find this type of B2B e-commerce payment platform? Traxpay has spent years in development of just this type of system, and pride ourselves on being at the leading edge of this technology. By providing security from hackers, 24/7 access to make payments complete with rich data that makes dispute resolutions quicker and more accurate, and a higher level of fund security than any bank can offer you.
So as you move to meet the challenges of B2B e-commerce platforms, look to Traxpay for the payment portion. Traxpay will save you money and resources while leaving your B2B customers bragging about how easy it is to use their e-commerce site.