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Crux: Marketplace users consider (1) flexibility of payment option, (2) short turnaround time for money transfers, (3) the ability to receive payments each time vendors sell a product and (4) security of the overall transaction.
Digital communications and computing abilities have exposited achieving new levels in online shopping. These strategies aggregate communities and cause commerce to emerge. Business-to-consumer (B2C) commerce is transforming while business-to-business (B2B) commerce is catching up. Re-tooling of one type is shaping another one and vice-versa.
Payment options pose a big point of friction in discerning if the customer is going to make a final purchase or not. Small retailers/shop owners transact manually, relying on printed invoices or PDF catalogues to make purchase decisions. Amidst the chaos and conflict, electronic commerce disrupts the relationship between trading partners.
Now the corporate buying experience integrates consumer-like experiences ranging from revolutionary technologies, security control, enhanced profitability, transparency, and an improved service for their customers. Moreover, all merchant payment needs are serviced to provide one point of contact and add some positive experience for the customer.
The digital payment platforms scale automatically, enabling merchants to deal with increasing card volumes at a given time. Customers benefit from uninterrupted uptime owing to reliable payment gateway with no planned maintenance or downtime.
B2B buyers now research online before diving into actual transactions. It gives the buyers access to deeper product content with a modern e-commerce experience. Additionally, an option to make the payment in multiple ways via (1) Cash on delivery, (2) Debit card, (3) Credit cards, (4) Internet banking, (5) Wire transfers, (6) Crypto-currency, (7) ACH payments, (8) Store-specific gift cards, and (9) third-party financing like Paypal, (10) Direct debit, (11) Digital payment systems, (12) UPI etc., turn out to be convenient, reliable, secure, cost-effective, and speedy. It gives them a chance to select the preferable way to complete the purchase and enables them to return for more.
Empowering customers by enabling them to select payment methods is a win-win for concerned businesses and their potential/immediate customers. With purchase being the ultimate goal for any e-commerce seller, a choice leverages to achieve it.
Abandoning a cart after spending a couple of minutes is an issue. Business owners are aware that simple accessibility and seamless checkout is always a plus that buys merchant – business – customer hassles.
P2P or payment methods for B2B e-commerce add in price, convenience, and marketplace adoption, thus contributing to the overall shift to e-commerce across all categories of B2B marketplace selling across vendors – retailers – distributors – industry associations. Therefore, if your online marketplace store works in a peer-to-peer format, you may choose the payment method that fits your concept.
Leading end-to-end processing and acquiring services like Card pay supports all-major payment methods (300 nos.) and deal with a robust application programming interface. Their all-in-one payment platform guarantees compatibility with almost any e-commerce platform. Such services are built with SDK and rest API that allows quick onboarding to accept payments online. It stores all vital information in one convenient business-centric dashboard. Real-time analytics, advanced reporting, dispute management enables merchants to chargeback, mitigating the associated risks. Customers gain in the process via a quicker turnaround and better overall user experience.
It addresses the challenges to e-commerce payment methods by providing alternative payment methods. It speeds up the purchase process and lowers the rate of cart abandonment. A successful purchase and returning customers open your business to the entire world by simply adding various B2B payment systems during checkout. It stands true for consumers, businesses and merchants who seek to grow their e-commerce business internationally and increase their customer base. Connect with our experts for more!..
Neeti Kotia is a technology journalist who seeks to analyze the advancements and developments in technology that affect our everyday lives. Her articles primarily focus upon the business, social, cultural, and entertainment side of the technology sector.
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