88% of heads of payment believe using faster payment methods are instrumental in driving business growth, according to PYMNTS.
Faster, flexible payment options have the potential to improve customer satisfaction, enhance cash flow, and create a sustainable competitive advantage for businesses.
In the first two installments of our “Beyond corporate payments” series, we explored the role of secure payments in building trust with suppliers and the power of AI-driven solutions in accounts payable processes. Now, let’s dive into how flexible and fast payment options can fuel your business growth.
Beyond corporate payments series:
The PYMNTS 2024 Certainty Project Report, sponsored by WEX, highlights the impact of payment options on business growth. Here’s how offering flexible and fast payment solutions can benefit your business:
The PYMNTS study found that none of the businesses using faster payment methods (like online or electronic payments) reported a negative impact on growth. However, 36% of companies relying primarily on paper methods (like checks or cash) found their payment options to be limiting. This contrast highlights the effectiveness of digital and automated payments, such as virtual cards, over traditional methods, such as cash and checks.
Advantages of digital and automated payments include:
Offering convenient payment options can significantly enhance customer satisfaction and loyalty. Customers appreciate flexibility and speed, especially when it comes to payments. By providing a variety of payment methods and ensuring quick processing times, you can create a positive customer experience that encourages repeat business.
PYMNTS also found that companies offering instant payment methods saw an 11% increase in consumer satisfaction over those that don’t. This highlights the strong connection between fast payments and increased customer loyalty.
Additionally, offering flexible payment options, such as mobile wallets, contactless payments, or buy-now-pay-later options, can cater to diverse customer preferences and attract a wider customer base.
Efficient cash flow management is essential for the success of any business. By offering flexible and fast payment options, you can improve your cash flow management in several ways:
Flexible and fast payment options can also help you uncover new business opportunities. By offering a wider range of payment methods, you can expand your customer base and reach new markets.
For example, international customers may prefer certain payment methods that are more common in their region. Additionally, offering buy-now-pay-later options can attract customers who may not have the full purchase price upfront, potentially leading to increased sales.
Selecting the right payment partner is important for reaping the full benefits of flexible and fast payment options. Consider the following factors when evaluating potential partners:
With WEX, you can streamline your payment processes, enhance security, and improve your overall business performance.
In modern B2B industries offering flexible and fast payment options is essential for staying ahead of the curve. By prioritizing customer convenience, improving cash flow management, and leveraging digital and automated payments for new business opportunities, you can drive long-term growth for your company.
For more insights and updates on corporate payments, check out:
Learn more about how WEX payment solutions can be tailored to your business, so you can accelerate and streamline operations while creating lasting growth and success for your organization.
The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax, and investment advisers.