Too many payment options? Introducing STACK
B2B merchants face a big challenge when it comes to deciding how to accept payments. There are too many choices.
“Payment is becoming increasingly complex for B2B,” explains Limepay CEO Willie Pang. “15 years ago there weren't as many payment options. Back then we had bank transfer and credit cards, and that was it.”
In today’s ecosystem, the possibilities seem endless, from instalments and subscriptions to digital currencies and open banking. B2B merchants want to be flexible for their customers but at what cost?
“Especially for medium-sized enterprises, needing to integrate so many payment service providers is a real struggle.”
Payment service providers (PSPs) like Limepay do the heavy lifting by connecting banks with payment networks. A PSPs expertise means merchants don’t need to contact each bank individually or worry about the technical intricacies.
It’s not feasible for merchants to research, integrate and maintain all payment options customers request. So they have three choices: select a few at the risk of losing customers, integrate multiple providers on their own or partner with a comprehensive payment solution like Limepay.
Where B2C has transitioned to accept multiple payments gracefully, B2Bs are lagging.
“Digital payment is slow in the B2B space. There have been attempts in the past with varied and inconsistent results, but it was hard to find one solution.”
In fact, cheques are still the primary form of payment in B2B transactions worldwide. The culture to modernise hasn’t caught up to its B2C counterparts.
The main issue is perceived cost.
There’s a high cost to managing so many integrations, and with new payment options emerging all the time, merchants need an easy solution.
In addition, the B2B accounts receivable and payable function is fundamentally flawed. Delayed payments, non-digitised processing, high processing fees and human error are financially draining.
“To adopt a system that automates payments takes resources, and the idea of spending money for the system plus the people to run it is a barrier. And when it's seen as a cost within a business, there's little appetite to invest and drive innovation.”
“When we talk to new clients about ROI and the added benefits of an all-in-one solution, they realise the investment is worth it.”
STACK is designed to simplify payments and improve cashflow for merchants and customers. It enables merchants to offer flexibility and meet customer expectations.
Merchants get one solution that aggregates all the payment options while Limepay takes care of the integration, fraud protection and credit checks making financial operations easier to manage.
Payments today have many complicated layers. “We realised instead of solving each payment layer individually, we could use our best technology to solve multiple layers at once. STACK organises payment options into one solution.”
The technology behind STACK solves common problems as an all-in-one solution, but it can also be configured individually for specific business needs.
“The feedback from customers has been positive. Especially in the professional services, wholesale and manufacturing industries where financial operations are costly.”
STACK not only reduces operating costs and helps consolidate payment options, but payment data and insights are also available on request. And with Limepay’s brand-first technology, customers never go to a third-party site to pay.
Benefits of STACK
Talk to our sales team today to learn more about the benefits of a fully integrated B2B payment solution.