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Posted By:  ECT News Network on 02/11/2019 in Ecommerce

3 Ways Credit as a Service Unlocks E-Commerce Growth

3 Ways Credit as a Service Unlocks E-Commerce Growth

By Brandon Spear 

As the B2B e-commerce landscape continues to evolve and grow, one thing remains the same: the significant challenge of standing out in an increasingly competitive space. B2B companies must differentiate their digital customer experiences and increase efficiencies, while also supporting frictionless transactions that have become a mainstay in the B2C environment.

While there are many challenges in meeting the complex e-commerce needs of B2B buyers and sellers, the good news is that it's not impossible. Credit as a Service (CaaS), which streamlines and optimizes end-to-end payment and credit management offerings, is powering e-commerce for digital businesses.

How CaaS Accelerates Growth and Drives New Efficiencies

B2B buyers and sellers face challenges that differ from those their B2C counterparts experience. They often make large transactions, need to complete complex orders, require purchase controls, and conduct business across borders. Here's how CaaS helps overcome these obstacles to ultimately drive long-term loyalty and sales.

1. Creating a Competitive Advantage

Competition in the B2B e-commerce space isn't going away anytime soon, but decreasing time to sales is a significant way to stand out. Businesses can avoid the pitfalls of credit and underwriting by instead helping customers move from a credit application to making a purchase in under 30 seconds.

This type of speed and accuracy is possible with CaaS. Through automatic account setup and instant onboarding, customers can expedite a process that once required a significant amount of time and effort. By integrating credit approval into their sales process and CRM system, businesses can drive repeat purchases and establish loyalty. CaaS also enables businesses to apply unique requirements related to B2B customer invoicing, accounts receivable and payment terms, which provides a more enhanced buying experience.

2. Simplifying and Optimizing Customer Experiences

Research shows that B2B e-commerce sales are dominating that of B2C. In fact, the value of the global B2B e-commerce market was more than $10 trillion in 2018, which was five times the size of the B2C market. Still, B2C e-commerce sets the tone for the payment experiences buyers and sellers expect. Supporting a range of payment options, while also delivering frictionless and streamlined transactions, is table stakes for digital businesses.

To help make this a reality, omnichannel CaaS applications provide increased flexibility and effortless payments. 4MD Medical, a manufacturer and distributor of medical supplies and equipment, is using CaaS to accelerate commerce and transform its payment process. Through a partnership with MSTS, 4MD Medical's e-commerce platform will offer a payment alternative to credit cards at checkout, and help make medical supply shopping easier. A new, collaborative Magento plug-in will utilize CaaS capabilities to reduce transaction costs and introduce a new level of convenience to the customer buying experience.

3. Expanding the Path to Global Opportunities

Scaling a digital business isn't easy, particularly when expansion happens internationally. Cross-border transactions come with increased complexity, including compliance scrutiny, foreign exchange rates, cultural differences in business, language barriers, etc. This makes pursuing global e-commerce a risky move, especially if it's not done right.

However, the right CaaS solution helps businesses to navigate and overcome these challenges. MSTS' offering is more than just a software solution; it uses a global system to manage country-specific requirements, such as language, regulations and currencies. This ensures that sending payments between countries is as seamless and profitable as possible.

Keeping up with the B2B e-commerce landscape while accelerating growth may seem daunting, but having a trusted partner in place paves the way toward more robust payment and credit solutions. With the power of CaaS, businesses can rest assured that enhanced B2B purchasing experiences, integrated credit approval processes, and access to global opportunities will drive the e-commerce growth they're looking for.

About the Author
Brandon Spear is the president of MSTS, a global B2B payments and credit solutions provider. Brandon leads MSTS with expertise in managing large, diverse global teams. His strength is discerning and focusing on the most important challenges facing an organization at a particular point in time, and unifying all stakeholders behind accomplishing a set of specific goals. Brandon has a unique ability to connect across all levels of an organization and motivate staff with diverse skill sets, while ensuring common alignment and great results. Connect with Brandon on LinkedIn.

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