B2B eCommerce Global Payment Options


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Integrated Checkout System for International eCommerce

B2B eCommerce Global Payment Options

More and more B2B companies want to expand their sales into the international marketplace, and thousands of eCommerce platforms already have the ability to do so. Open source integrations can give any company the tools to manage global eCommerce. Borders are disappearing rapidly in business, and integrating global eCommerce payments can make B2B products more appealing to global buyers. Some of the benefits of integration include the ability to monitor exchange rates so that any company can offer up-to-date currency conversions. More than 41 percent of B2B platforms expect to grow more than 25 percent in 2018. [1] Much of that growth involves global sales.

B2B eCommerce Forecasts

B2B organizations earned more than $7.7 trillion in 2017, three times more than B2C marketers. [2] B2B eCommerce offers companies many outstanding benefits including:

  • Buyers that place large orders
  • Extended sales channels such as marketplace platforms like Amazon and eBay
  • Dynamic pricing to nurture customers and keep them loyal
  • Higher average orders than ever
  • Better brand awareness
  • Digital customer service that’s more responsive

About 93 percent of B2B customers prefer to close their deals online. [2] All the benefits listed above depend on a robust platform with a responsive API layer, which is where platform integration takes place. The biggest benefit of integration for B2B marketers is the ability to manage international eCommerce seamlessly. The most important sales features for global customers are automated translations, currency conversions, tax and duty calculators, shipping integrations and multiple payment options. Clarity eCommerce includes optional modules for multi-lingual and multi-currency eCommerce, which can handle not only language and currency translations, but additional tax features for collecting and charging VAT, customs duties, international shipping rates and more.

An Integrated Checkout System for International eCommerce

Integrated systems reduce cart abandonment and increase conversions through an automated and streamlined checkout process. Offering B2B customers global payment options helps to increase cash flow by expediting payments and reducing abandoned carts. B2B companies can strengthen customer relationships by offering flexible payment terms. Global eCommerce payments can be made through the following payment methods:

Purchase Order

  • B2B customers often order products with purchase orders or e-procurement systems.

Credit Accounts

  • Integration makes it easy to check credit and buying histories before extending credit. Accounts can be set up with built-in limits for different departments and users.

Milestone-triggered Payments

  • Companies can break down invoices into installment payments based on predefined time intervals or sales milestones.

ACH and e-Checks

  • Credit cards are used less often in B2B. Bank transfers and e-checks offer fast payments without the associated processing expenses of credit cards.

Third-party Payment Providers

  • There are many global third-party payment providers--such as PayPal / WorldPay--that can be used to forward payments.

Credit and Debit

  • It’s always important to accept credit and debit cards because they’ve become increasingly pervasive in online sales.

The B2B eCommerce Checkout Process

The eCommerce checkout process is where many B2B companies fall short. Too many companies rely on traditional contracts and verbal agreements when the B2B buyer profile has changed. Buyers now want self-service options no matter their country of origin. Integration speeds checkouts in any language using the following customer-centric features:

Automated Calculations

  • An integrated sales platform can calculate invoices instantly and apply any valid quotes and incentives. Special pricing tiers that apply to a given customer are automatically used. Up-to-date currency exchange rates ensure that accurate conversions are made. Local tax rates and applicable customs and duties are applied.

Fast Order Placement

  • Big delays in the checkout process can kill a sale. Integration ensures fast order placement in real-time. Updated inventory figures give customers the confidence to place their orders immediately.

Registration Convenience

  • Once registered and logged in, customers don’t have to prove their identities continuously. Forcing newcomers to register before they’re ready to buy reduces conversion rates, so smart systems collect lead information and wait to register new visitors until they’re ready.

Filling Forms Effortlessly

  • Existing customers and registered site visitors can fill forms automatically to sign up for a newsletter, request a price quote or place an order. The auto-fill feature saves time, delivers a better site experience and reduces churn rates.

Simplified Repeat Ordering

  • Customers using mobile phones in other countries might generate conversion challenges even if they’re repeat customers. However, an integrated platform can guide each customer through the sales process and make reordering products easy. A streamlined process removes the challenges of arranging complex shipping strategies, entering payment information and consulting past invoices for product numbers.

Automated Convenience

The easier you make it for global customers, the faster your sales will grow. Finding the right development partner and platform for a global marketplace and extensive integration means looking for an experienced vendor that understands global eCommerce payments and international eCommerce. The right developer can provide time-saving applications such as currency exchange monitoring widgets and other solutions to enhance global sales. Clarity not only is a development powerhouse, their global B2B eCommerce and integration platforms provide extensive customization and performance from single stores with over 1 Million SKUs, to global multi-lingual marketplaces. Give Clarity a call today to discuss your Global eCommerce project.

References:

[1] Bigcommerce.com: B2B Ecommerce Trends (+ Statistics From Our 2018 Survey)

https://www.bigcommerce.com/blog/b2b-ecommerce-trends/

[2] Shopping-cart-migration.com: Top 6 Best B2B eCommerce Solutions to Catch the Wave

https://www.shopping-cart-migration.com/blog/61-must-know-tips/top-6-best-b2b-ecommerce-solutions-to-catch-the-wave