Customer-Specific Pricing
What is it? Customer-specific pricing displays personalized prices for each B2B customer based on their account status, negotiated rates, volume discounts, and other relevant factors.
Why is this important? This functionality is key where pricing varies between customers. It ensures that each buyer sees their correct, negotiated prices, enhancing trust and reducing pricing errors. Customer-specific pricing supports complex B2B pricing strategies, including tiered pricing and contract-based rates. It streamlines the purchasing process by eliminating the need for manual price checks or quotes for standard orders.
Questions to ask an eCommerce vendor:
- How does your platform handle customer-specific pricing?
- Can we set up tiered pricing based on order volume or customer type?
- How easy is it to update and manage customer-specific pricing?
Multiple Payment Options
What is it? Multiple payment options refer to the ability of a B2B eCommerce platform to support various payment methods, such as credit terms, purchase orders, ACH transfers, and traditional credit card payments.
Why is it important? Offering multiple payment options provides flexibility to customers, accommodating their preferred payment methods and internal procurement processes. This flexibility can lead to increased sales and customer satisfaction. For distributors, it can improve cash flow by offering options like early payment discounts or facilitating faster payment methods.
Questions to ask an eCommerce vendor:
- What B2B payment methods does your platform support?
- Can we offer net terms or credit limits to customers?
- How does your platform handle complex payment scenarios like split payments?
Digital Wallets and Newer B2B Payment Methods
What are these methods? Digital wallets and newer B2B payment methods like blockchain-based transactions and instant bank transfers are advanced financial technologies that enable smooth, secure transactions in B2B eCommerce.
Why are they important? These methods are important as they simplify purchasing, improve cash flow, and enhance security for customers. They support efficient global transactions, often with lower fees than traditional methods. By offering faster settlements and greater transparency, they improve financial operations and business relationships.
Questions to ask an eCommerce vendor:
- Which specific digital wallets and newer B2B payment methods does your platform currently support, and what's your roadmap for adding more?
- How do these payment methods integrate with our existing financial systems and accounting software?
Tax Calculation Integration
What is it? Tax calculation integration is a feature that automatically computes accurate sales tax based on factors like customer location, product type, and applicable tax rules.
Why is it important? This integration ensures that correct taxes are applied to each transaction, reducing the risk of errors and potential legal issues. Accurate tax calculation provides transparency to customers and helps avoid unexpected costs at checkout. For distributors operating across multiple jurisdictions, it simplifies managing various tax rates and regulations.
Questions to ask an eCommerce vendor:
- What tax calculation integrations do you offer?
- How does the system handle complex B2B tax scenarios?
- Can it manage tax for international sales?
Tiered Pricing
What is it? Tiered pricing allows B2B sellers to offer different price levels based on order quantity, customer type, or other predefined criteria.
Why is it important? Tiered pricing enables distributors to create sophisticated pricing strategies that reward larger purchases or loyal customers. This can encourage buyers to increase order volumes to access better rates. Tiered pricing also allows for segmentation of customers based on their purchasing power or relationship status. It supports volume-based discounts without manual intervention, streamlining the ordering process.
Questions to ask an eCommerce vendor:
- How does your platform handle tiered pricing?
- Can we set up different pricing tiers for different customer groups?
- How are tiered prices displayed to customers?
Contract Pricing
What is it? Contract pricing allows B2B sellers to establish and manage long-term pricing agreements with specific customers, automating the application of negotiated rates.
Why is it important Contract pricing nurtures relationships with high-volume, long-term B2B customers. It ensures that agreed-upon prices are consistently applied without manual intervention, reducing errors and streamlining the purchasing process.
Questions to ask an eCommerce vendor:
- How does your platform manage contract pricing?
- Can we set expiration dates and automatic renewals for pricing contracts?
- How are contract prices displayed to customers when they log in?
Promotions and Discount Management
What is it? A set of tools within the platform that allows you to create and manage various promotions and discounts for your B2B customers.
Why is it important? It provides flexibility to implement strategic marketing campaigns and offer targeted incentives to drive sales. This can include discounts, bulk purchase savings, or special offers for specific customer segments.
Questions to ask an eCommerce vendor:
- What types of promotions and discounts can we create?
- How granular can we get with promotion rules and conditions?
- Can we target promotions to specific customer segments?
Additional B2B eCommerce Payment Capabilities
- Flexible Payment Terms: The platform should enable you to set payment terms on a per-customer basis. This means you can offer options like due on fulfillment, net 30, or other terms specific to your agreements.
- Automated Payment Reminders: Automate the process of sending payment reminders to customers when invoices are due or overdue. This improves cash flow and reduces the need for manual follow-up.
- Invoice Management: Allow customers to easily view and manage invoices within the platform. This includes features like download options and the ability to track outstanding payments.
- Customizable Payment Methods at Checkout: Provide a seamless checkout experience by offering a variety of payment methods that B2B buyers are accustomed to using. This can include credit cards, ACH transfers, and the ability to reference purchase orders (POs) during checkout.
Customer Management Features
- Order and Payment History Visibility: Empower your B2B customers to view their past orders, payment history, and easily reference PO numbers associated with those orders. This transparency fosters trust and simplifies record-keeping for both parties.
Questions to ask an eCommerce vendor:
- Can the platform integrate with our existing accounting software to automatically transfer invoice and payment data?
- Does the platform offer a self-service portal for customers to easily access their order and payment history, including downloadable invoices?
- How does the platform ensure the security of customer payment information? This includes questions about data encryption, compliance with industry standards (PCI DSS), and fraud prevention measures.
- Can we customize payment reminders to fit our brand voice and communication preferences? Can we set different reminder schedules for overdue payments?
- Does the platform offer reporting features that track customer payment behavior based on different terms (e.g., net 30 vs. due on fulfillment)? Can we generate reports on outstanding invoices for better cash flow management?
