When it comes to ecommerce, you may be surprised to learn that there are many similar requirements between B2B and B2C – such as the need for quality product images, intuitive navigation and a seamless customer journey. But B2B businesses also face their own unique challenges; factors like high sales volumes, long buying cycles and multiple decision makers getting involved along the way. This means they require a slightly different approach to the standard B2C business plan.
Today PayStand, is introducing a completely new way for enterprise payments to leverage the blockchain. For the first time in the industry, PayStand customers have the option to certify and notarize payments on the blockchain (from payment requests & invoices to completed payment receipts) to ensure that the history of payments are secure, auditable, independently verifiable, and free of tampering.
That kind of growth offers a great opportunity for businesses in the B2B space. However, it also opens up the potential for significant competition.
Here are 3 strategies that B2B companies should employ in 2016:
While you may be a billion dollar enterprise with a dedicated accounts receivable team, or you may be on your own as one of 54 million freelancers, it doesn’t necessarily mean that getting paid on time is easy. According to a study conducted by Censuswide, nearly 81% of businesses have received late payments despite having completed their work within the time agreed upon.
In the old software model, a b2b company could expect a number of cash flow obstacles from software purchases. After they purchased computers for their employees, they would discover a purchase of Microsoft Office was also required. Later they would need to complete a full purchase of an accounting software. Perhaps they need two copies of an illustration software. This software may even require an IT tech to set them up. Each of these pieces of software may be used a lot at first, followed by not at all for a long stretch of time. This made it difficult to start a business. In today's software model, software can be "rented" as a cloud offering by the month. If the software is not used or not needed, the "rent" can simply be terminated, usually without any penalty. Here are the top 5 cloud offerings that can save a lot of money.
It’s been said that “software is eating the world” - and it’s true. Software platforms for businesses (aka B2B software platforms) are proliferating at an accelerating rate, serving a dizzying array of business needs including accounting, project management, time tracking, billing, CRM, and many others. Developers are racing to fill the needs, creating broad-based “generic” platforms as well as highly specialized tools that cater to the specific needs of particular industries. So whether a company sells organic beverages to corner groceries or horse feed for thoroughbreds, there are probably multiple tools available to help them to better manage their business. The abundance of tools creates an imperative for platform providers to continuously add new capabilities to deliver value to their users. Increasingly, B2B software platform providers are turning to payment services as a key area of innovation.
Here in Silicon Valley it’s easy to forget that not every business process has been transformed by technology’s magic wand. Case in point: over half of all business-to-business payments still take place by paper check, sent via snail-mail. Even more surprising is that many of the companies we talk to are perfectly satisfied with a process that works exactly the same as it did 75 years ago. Are check payments a perfect example of “If it ain’t broke, don’t fix it?” Or has the gospel of digital payments just not reached the traditional business world yet?