What poses the biggest risk to losing a sale in B2B e-commerce? Competitors under-pricing you? Lack of product selection online? While those are certainly valid, they’re not even in the top five.
One of the biggest deal killers when it comes to online sales--especially for big ticket items--is having to go through long checkout and approval processes. And for companies that only offer a traditional trade credit model or third party financing companies for extending credit and paying for big ticket items, that can mean extending the checkout process for at least 48 hours, if not longer.
This often involves the customer filling out downloading and completing complicated forms and gathering tax and banking documentation to establish credit worthiness. Add in the time it takes for a company's credit department or third party financing company to process the request, and we’re looking at a huge amount of time between when a customer wanted to make the purchase and when the transaction is actually finalized. That leaves a huge window for the customer to shop around and make the purchase elsewhere.
When it comes to B2B e-commerce businesses, too many are still offering credit the old fashioned way. And it’s hurting their sales. How do you know if your business can do better? Ask yourself these questions:
The answers to these questions can be complex and challenging, but there’s one answer to all of them. That’s Credit Key. We’re the only instant credit company designed from the ground up to help B2B e-commerce firms close more sales, grow their customer base, and grow their market share. All in one simple, seamless application that integrates directly into how you sell - in your shopping cart or over the phone. And all done in real-time.
Now, you might be thinking this is too good to be true. It’s not. And you don’t have to take our word for it. Just check out what some of our merchants have to say.
Ready to learn more how instant credit can help you grow your business? We’re here to show you. Contact us to set up a demo.