Although invoice is the most popular payment method for B2B commerce transactions, the invoicing process is too complicated and time-consuming. Companies can automate processes to increase sales, competitiveness, and make their products and services more accessible on the market.
Invoicing can be slow and difficult because it is so slow to create new invoice contracts. For example, I’ve seen situations in which an employee who is working in a different area than their permanent work location is turned away from a brick-and-mortar store. The maintenance car was not filled because there is no invoicing agreement or the financial department hasn’t the time to process the application. You may also notice that an online store accepts only “traditional” payment methods. The customer must log in every time they shop.
Poor payment solutions and manual processes make it difficult for customers to purchase and can also cause problems for both the customer and the selling company. While card payment is an option, we now have many mobile payment options. Is an invoice still the best method of payment in B2B?
A long and tedious purchase process leads the customer to the competitor
B2B stores have different accounting requirements. Invoices are the only way to transfer all data (tax rates and accounting information). All the way from the seller’s background system to the buyer’s. Merchants should offer invoicing as a payment option for all companies. Some B2B stores are using an accounting software like the ones on https://www.fourlane.com/product/quickbooks-desktop-premier/ to help them organize their business finances.
The process of opening an account for a new customer can be tedious. It can take several days to complete an account application and to pass all checks. The account opening and delivery of all data, including username and password combinations, to the customer could take weeks depending on what information is available and how complicated the financial management systems are. This process is time-consuming and expensive. In the meantime, some customers might have already switched to a competitor.
Sales will be affected if buyers have to create different usernames and passwords for closed online stores and contact different parties to obtain payment rights. Merchants can also cover their windows with tarps and put an arrow in order to direct customers to their competitor.
Automated corporate invoices make operations more efficient, reduce costs and increase sales.
Customers want smooth and efficient purchasing experiences, even in B2B. Companies must address these needs.
The invoice can be transformed into an automated payment method that allows the seller to sell their services and products at more competitive prices to a wider audience. Automated corporate invoices make operations more efficient, reduce costs, and increase sales.
The time saved can be used to do other productive tasks, such as marketing and search engine optimization, using social media, content creation, or other activities that create genuine customer value.
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