Offering installment payment plans within the B2B space is not a new phenomenon – invoicing and payment plans have existed within business-to-business relationships since the dawn of commerce. However, as the financial landscape grows more sophisticated with the introduction of fintech and other payment platforms, B2B businesses should be growing, innovating, and scaling accordingly.
Card-attached installments allow B2B customers to access the goods and services they need upfront, with the option to pay over time via credit card through a series of installments.
Read on to learn how this modern solution can support B2B strategies, optimize cash flow, and drive growth.
Why B2B Merchants Need Card-Attached Installments
B2B transactions are different from B2C transactions in that B2B businesses are typically making large purchases for products or services that they need in order to service their own customers. This means that their initial investment might not drive returns immediately, which requires upfront capital.
This can be a tricky financial equation to manage, as it can tie up funds and inhibit cash flow. Card-attached installments allow B2B companies to spread out their payments over time without having to take out additional financing or pay high-interest fees.
With Splitit, your customers can fund their installment plan using their company credit card. This allows your clients more flexibility with budgeting and managing their cash flow. It’s also better for your own finances, as you collect guaranteed payments on time and bypass the risk of defaulting on invoices or having to deal with debt collection issues.
Overview of Splitit’s Card Attached Installments Platform
Splitit’s card-attached installment platform works with your client’s credit card:
- Approval is based on the existing space on their card.
- Approval is instant and seamless. Once approved, they’ll agree to a repayment plan.
- A preauthorized hold is temporarily placed on the card for the full purchase amount to guarantee future payments..
Splitit is customizable to fit your operations and strategy. You can integrate it as part of your ecommerce checkout experience, through in-person or over the phone sales, or as part of a pay after delivery service offering.
Simple, secure, and quick to implement, Splitit provides a frictionless payment solution for both businesses on either side of a B2B transaction.
Implementing Splitit in B2B Transactions: A Step-by-Step Guide
Splitit is a white-label solution that can be integrated into your sales experience as part of your own branding, to create a seamless experience for your customers.
- We offer integration with all leading ecommerce platforms, along with options for custom integration.
- Setup is quick and simple, with the ability to conduct sales in your online checkout, in person, or over the phone.
- You have the option to offer installment payment plans that bill your clients every two weeks, every month, after delivery, or in partial installments.
Get in touch with our team to learn more about how we can help you implement Splitit into your sales flow.
Calculating ROI in B2B: A Practical Approach
After incorporating Splitit into their business operations, companies have seen growth across many key metrics, including conversion, AOV, and sales.
Calculating ROI and the success of card-attached installments within a B2B space will depend on how you incorporate payment processing into your overall strategy. Some areas where Splitit can help with growth include:
- Reduced cart abandonment: Whether it’s an ecommerce checkout or a person-to-person sales flow, clients who are looking for flexible payment solutions are less likely to walk away when they find Splitit in the checkout. Offering your clients an installment payment solution they can access through their company credit card can help drive them over the line.
- Higher AOV: Because your clients have the flexibility to divide their bill into a series of manageable payments, they’re able to free up cash flow and budget accordingly – which can help to increase order value.
- Increased sales and conversion: Using card-attached installments as a value proposition within your marketing and sales strategy can help you target new clients who are looking for modern and innovative payment solutions, as well as appeal to existing customers who want more flexibility and control over their budgets. When utilised well by your internal teams, Splitit can be a tool that helps to drive sales and improve conversion.
Enhancing Cash Flow and Financial Management
Choosing card-attached installments means your customers can free up cash flow and optimize their budgets, as they have a clear and manageable repayment plan to build around. This can help businesses to be more dynamic with their overall financials and allocate funds to drive growth, rather than have money tied up due to lump sum payments or high-interest loans.
On your end, Splitit reduces the need for manual invoicing or chasing repayments. Your customers get all the benefits of a flexible, installment-based repayment solution while you have the peace of mind that payments will come through consistently and securely.
Security Measures for B2B Transactions: Building Trust
We know that security and data protection are top of mind for you and your customers, and you can rest assured that it’s a top priority for us, too.
We adhere to the latest and highest standards of security and use sophisticated encryption and information processing to ensure that your data and your customers’ data remains confidential and protected.
Unlike many payment platforms, we don’t engage in data harvesting – we’ll never sell your data onto third-party companies, so you can be confident that your competitors won’t be able to access your hard-earned insights.
Customization for Enterprise B2B Needs
Our white-label platform means that Splitit integrates as a holistic part of your brand. You can give your clients the option to pay via card-attached installments without sending them to a third-party website or cluttering up the sales process with new brands or long applications. With Splitit, you can offer a frictionless, simple, and smooth experience that operates within your existing sales channels.
Splitit is designed to be customized for your business needs – add it to your online checkout or as a tool that your sales team can utilise in-person or over the phone. You have control over the options you present to your customers, from bi-weekly or monthly repayments to pay after delivery or customized partial installments.
As you integrate Splitit into your strategy, you can tweak and refine it to fit the way your clients and team members respond.
Educational Resources and Ongoing Support for B2B Merchants
When you choose Splitit, you’ll get access to robust customer support from our team. We’ll help you integrate the platform and you’ll have access to our Merchant Hub, which has comprehensive guides and articles to answer your questions and point you in the right direction. Our customer service team is also available to troubleshoot and provide support when you need it.
Future-Proofing B2B Transactions: Trends and Innovations
As B2B businesses begin to adopt innovative payment solutions, we expect to see more sophistication and innovation among providers. This involves incorporating personalization into platform operations and streamlining the customer experience to be even more agile and efficient.
Our developers are always working to ensure Splitit is a competitive service that offers you the edge on your competitors, so you can expect regular updates and optimizations that improve and enhance your service offering while also keeping up with the wider industry.
Card-attached installments is a payment solution that makes sense for B2B businesses and their clientele. From offering flexibility and freeing up cash flow for your clients to incorporating a more secure and reliable installment payment process for your own financial management, both you and your customers will feel the benefits after integrating Splitit into your wider business strategy.
With easy setup and seamless integration, there are many touchpoints where Splitit can enhance your business and help drive conversion, sales, and AOV. Get in touch with our team to learn more about how Splitit can help grow your B2B business.