Carolyn Breeze, General Manager, Australia & NZ at GoCardless provided her expert insight into the requirements and considerations for payment methods in B2B eCommerce in our B2B whitepaper. Here’s what Carolyn had to say.
“Collecting recurring payments from your customers, whether it’s for a subscription, invoice or instalment, can be done with an array of different payment methods. But choosing your payment method is just the first step. For every method there is a wide selection of payment service providers (PSPs). Each provider comes with its own set of direct and indirect costs.
Integration is one example. Adopting any new technology comes at a cost. Find a payments partner that integrates seamlessly with your existing CRM, billing platform or invoicing solution, and you’re going to spend less and get up and running faster.
Alternatively fintechs with open API integrations can be added to a tech stack, also reducing the cost of development time.
Also consider coverage. If you need to take payments from outside your home market, a significant portion of your revenue can be eaten up by foreign exchange (FX) fees. Plus, you might find some providers and banks make their own charge for cross-border transactions.
This lack of transparency is one reason why businesses can quickly lose their appetite for international expansion. 73% of senior decision-makers think their business would be more successful if it had greater access to international markets, yet 39% believe the complexity of international payments is holding them back.
Alongside transparency, you should also think about ease of collection, payment success rate, and of course how your customers in each market prefer to pay. Each has a significant impact on the efficiency of your payment operation, and therefore your business. The more borderless you can make each element, the better.
That’s why you should prioritise selecting the right payment methods and the right partners. It should not be an afterthought. The choice you make will impact operational efficiencies to accelerated growth, speed to market to frictionless customer experiences. With recent innovation and growth in the ANZ market, there is no better time to shop around for the right solution and partner.”
Enjoyed Carolyn’s insight? Read the full System Integration chapter from the B2B whitepaper: ‘How to Succeed at Digital Transformation in B2B eCommerce’ here: download the whitepaper.