Building loyalty with business buyers is challenging in the digital age. With a growing use of self-service and AI-related tools, merchants have to be strategic about making a lasting impression and making the payments process a priority is the perfect place to focus. Highlighting choice and convenience at checkout are necessary when improving the payments experience to impact share of wallet. And with the global business-to-business (B2B) e-commerce market projected to grow to $56.9 trillion in 2028 from $26.1 trillion in 2023, businesses will want to seize the opportunity to build loyal customers now. 

Offering a seamless experience and the right payments and invoicing options is the gateway to building loyalty with business buyers. Here are 3 strategies merchants can implement to curate the ultimate B2B checkout.

1. Bridge the Consumer-Business Gap

Think of how seamless your last experience was with a rideshare payment. Business buyers want that same speed and ease when making purchases, but they also expect to have multiple payment options so they can choose what’s best for their company. B2B sellers that satisfy these heightened expectations will establish stickiness and build loyalty with customers who will then spend more with their vendors of choice over their lifetimes. In fact, a TreviPay study found that 86% of global business buyers felt it was important to be able to pay using their preferred payment method and 51% would even switch to a different merchant if it offers flexible net terms (30-, 60-, 90-days to pay).

Ultimately, if business buyers don’t get what they’re looking for, they’ll take their business elsewhere.

2. Tailor the B2B Payments Experience

Customer personalization is important in the payment experience, but with more payments choice, B2C and B2B buying behaviors are blurring. As our CMO Allen Bonde wrote, “There used to be clear lines between consumer channels and business channels….But in reality, most “consumer” sellers are serving at least some business buyers (think Amazon or your favorite office supply or travel company) and choice-driven buyer preferences are blurring....Many consumers want better loyalty programs and frequent-buyer discounts that businesses expect, and more B2B buyers want consumer-like experiences, even while requiring specific credit terms or invoicing formats or high-touch service to fit the need of an enterprise customer.”

Merchants can improve buyer satisfaction and loyalty by aligning payment options with B2B buyers’ preferences. To know how to do this well is to know your business buyer well. For example, a large manufacturing company may expect volume discounts whereas a smaller business may need trade credit financing to protect their cash flow. Keeping open and flexible to offering customized solutions based on factors like business size, currency preference and sales channel can unlock critical insights and encourage repeat purchases.

3. Navigate the Complexities of B2B Transactions

A single B2B transaction often involves multiple stakeholders, which can make it challenging for merchants to perfect the payments experience. In reality, decision-making for complex B2B solutions can include six to ten stakeholders as well as numerous payment options like trade credit, e-invoicing and credit cards. 

Scaling digital interactions with business customers and their teams – from procurement to payments – will help combat this complexity. Partnering with a B2B payments vendor equipped to handle B2B buyer demands, such as global invoicing or ERP integrations, is a great option. As technology is only as strong as the benefit it provides, developing the platform and strategy that benefits the customer through the entire e-commerce experience will make it more enticing to make repeat purchases.

Ultimately, loyalty begins at the payment. As 72% of business buyers are more loyal to a business that offers their preferred payment methods, and in a digital era where competitors are just a click away, prioritizing loyalty through modernized B2B payments and accounts receivable processes is critical for long-term success. 

The trend toward choice and flexibility in payments is here to stay. These expectations are entrenched in B2B just as they are in consumer transactions. Understanding the differences and similarities between business and consumer purchase patterns will help tailor experiences and increase average order value. Navigating complex B2B buyer needs can be achieved through scalable technology providers. Plus, placing emphasis on technology that bolsters operational efficiency for all stakeholders involved in B2B purchases will increase the likelihood of repeat shoppers, particularly in B2B where buyers frequently place large-volume orders. There’s no time like the present future-proof your B2B customer loyalty strategy with an improved payments experience.