The B2B Cross-Border Market is Growing – Is Your Business Ready?
The global cross-border business payments landscape is complex. Businesses looking to grow international sales must strive to offer customers a frictionless experience. More global business buyers than ever are looking to digital rather than in-person/face-to-face sales, and companies must quickly adapt to a new global market reality where self-directed online sales are the norm for complex large orders that once relayed on long, complex and high-touch sales cycles.
Most B2B Buyers are Now Millennials.
These digital natives expect the same convenience from B2B companies that they have come to expect from B2C businesses in their everyday lives.
The total B2B cross-border payments market size is estimated to reach around $63,084 billion by 2026, and any business that makes B2B sales should act quickly to digitize its sales processes to meet local demand and to capitalize on the growing cross-border B2B sales opportunity.
What is the B2B Cross-Border Opportunity?
Cross-border sales are flourishing, and with B2B buyers widening their search thanks to the boom in B2B ecommerce, a broader audience has opened up to sellers.
The opportunity for global expansion for businesses of all types is huge, as long as they can remain competitive in a fast-growing ecommerce environment.
What You Need to understand About Cross-Border Business Payments
B2B product, sales and ecommerce leaders need to make sure they are offering the right payment methods to global B2B buyers. What works for your business in a domestic market isn’t always what’s best internationally. Wire Transfers, Cards and Invoicing are necessary but come with hidden costs, inefficiencies and limitations.
A global network for bank transfers that includes real-time payments rails can help businesses to collect funds faster and reduce the payment processing fees which can add up fast for large purchases. Offering bank transfers, ewallet payments and other alternative payment methods also improve the purchase process for customers and make checkout easier and more convenient for customers worldwide.
Tips for Offering Seamless Cross-Border Business Payments
- Show prices in local currencies and automatically offer preferred payment methods based on location.
- Use a solution provider that understands the intricacies of cross-border sales and offers payment solutions across all countries and regions where you plan to sell.
- Consider whether you’ll be making cross-border B2B payouts to suppliers and contractors, as well as receiving payments. Sending global payments can be as complex as receiving them.
Learn More About Accept Cross-Border Business Payments with Rapyd
Rapyd’s B2B payments solution helps you break through some of the barriers to global business success, simplifying payments and making it easy for international customers to choose you.