NEWS AND INFORMATION
Some of the biggest challenges facing B2B Commerce is the issue of payment processing.Payment transactions in the B2B space shares a great deal of the challenges with B2C but requires more complex options. Here are a few of the top issues and what to look for to resolve them.
This is at the top of the list for all on-line traders however, in the B2B space this risk is substantially reduced as the relationship between the customer and the trader is usually more than just a "single transaction".
Merchants need to implement a cost-effective yet robust fraud prevention system that can respond globally and on a local level.
Multiple Local Payment Methods, Types and Currencies
Unlike B2C payments, Business Commerce requires much more than just credit cards or eWallets. Business Commerce has three critical payment processing requirements 1) local payment methods, 2) multiple payment types and 3) multi-currency.
Local payment methods allow customers to choose their favourite payment method in the geography that they exist. Customers are more confident using mehtods that they know and trust and this increases the customers potential to buy.
Offering multiple payment types such as credit cards, eWallets, ACH, Check, Direct Transfer, Wire and others through local payment methods provides customers a wide variety of choice that they can use at the time of making a payment based on their current financial situation and preference.
While the commerce site may not want to speculate on currency fluctuations and multiple currency price lists, to properly transact in a B2B environment requires localised pricing and payment. Where this is not provided, there is substantial evidence that sales are substantially negatively affected.
The effective ways to effectively manage these payment challenges are limited to two areas:
While PCI compliance is widely known to be a requirement on any commerce site that accepts credit card payments, it is astounding as to how few on them actually have it implemented.
Given the substantial ramifications of not having it, PCI Compliance is something that should not be ignored.
Having your commerce solution and data centre vetted for compliance together with the ongoing maintenance of keeping the certification current can be very expensive. There are however some great alternatives:
The above issues constantly rank high as the major topics affecting payment processing. They are however easy to overcome by carefully planning three elements of you Business Commerce expansion ... 1) Choose a commerce solution provider that understands the complexities and that can assist you in rolling out your commerce site 2) Choose a commerce solution that provides the functionality that mitigates the issues mentioned above and 3) Choose a flexible and well renowned payment gateway that provides global and local solutions and that have the experience with global markets.