Recent years have marked a significant shift to a digital first approach for B2B trade. Yet while there has been a transformation of B2B commerce platforms, the same cannot be said of trade credit management.
Instead, merchants still rely on traditional trade credit management practices, which are typically manual in nature, costly, and act as a brake on business growth. Furthermore, traditional trade credit tends often to be reserved for the largest buyers, meaning there is a ready pool of customers that are not getting the payment terms that they deserve.
Digital Trade Credit solutions present a new modern way to approach trade credit. Bringing a modern user experience (UX) and customer-centric approach to B2B commerce, Digital Trade Credit:
- Enables cost savings in terms of reducing the number of trade credit-related solutions and services used, as well as reducing the supporting labour costs.
- Allows for better financial management by providing protection against key risks, such as fraud and non-payment enabling merchants to grow their business in the knowledge that they will be paid.
- Empowers merchants to grow their customer base and increase customer loyalty, which in turn drives increased revenues.
However, committing to a new investment is never easy and often B2B merchants find it easier to stick with what they know.
In this new white paper, we compare the approaches of traditional credit management with those of Digital Trade Credit and demonstrate how maintaining the status quo comes at a cost for B2B businesses.
Download your copy today to learn more about the business case for Digital Trade Credit.