Wholesale payments are payments between supplier and brand/merchant or brand/merchant and retailer/customer, and they’re essential to B2B sales.
Read on to learn about:
- The evolution of wholesale
- How wholesale payments have changed
- Easier wholesale terms and pricing
- Financing for retailers
- B2B eCommerce payments
- Data-driven sales strategies
How the wholesale business has changed
The wholesale business has changed dramatically in recent years. While in-person selling isn’t going away, we’ve entered an era that divides the industry’s time between face-to-face, online and hybrid transactions.
- Technology has sped up manufacturing processes and how long it takes to market a new product or campaign
- Communication methods are faster and more accessible
- Data and insights are helping inform future decisions
- Retailers are making more in-season purchases
- Shoppers crave more exclusives and limited-edition items
- Retailers with e-commerce stores are searching for more and more newness – often in the form of emerging brands, to satisfy ever-savvy consumers
Wholesale payments are changing too
Now wholesale payments have evolved to catch up. The expensive, complex, and clunky payment methods of yesterday are quickly fading away, while safer, streamlined, and more cost-effective payment methods are taking precedence. Brands and retailers can do business across time zones, flexible payment options are becoming the norm and fewer errors are springing up in digital wholesale transactions. Details that used to be complex – such as working with different currencies are now intuitive and affordable thanks to the use of technology.
The future of wholesale is here and with it a world of opportunities for trustworthy, reliable, and more profitable sales.
Managing payment terms and pricing
No matter what your pricing strategy entails, it’s important to offer a variety of payment terms and prices to suit the needs of specific wholesale relationships, limited-edition products, exclusives, and more.
But it doesn’t have to be confusing. Joining a B2B eCommerce service can help your brand better manage pricing, terms, and ultimately better selling for smarter wholesale:
- Create custom linesheets to offer different products, prices, colors, fabrics, or assortments to different retailers
- Offer and execute flexible payment terms
- Share your sales policy with buyers
- Automatically get paid for your goods as they ship
Offering financing to retailers
Offer your customers better wholesale payments with instant financing at checkout. Interested buyers will quickly be approved or denied so they can use financing to complete their purchases or choose alternative ways to buy. You’ll skip potential lags in the sales process while giving retailers a fast, easy and convenient way to buy.
Instant financing exists in different forms. Some wholesale eCommerce platforms offer traditional financing with on-the-spot approvals, while others use Buy Now, Pay Later (BNPL) services such as Affirm and Afterpay to offer financing in the form of payments divided over time. Some financing options are free, while others come with interest. No matter the financing option a client chooses, your business gets paid at the time of the sale.
However, financing isn’t the only way to go. For example, NuORDER offers credit card processing for security, flexibility, and speed. You get paid immediately via credit card (transactions settle in less than 24 hours), and your wholesale partners enjoy up to 30 days to pay their credit card companies. Everyone improves their cash flow.
Managing B2B eCommerce payments
When you use your B2B eCommerce platform to manage wholesale payments, you speed up the sales process, reduce the risk of human error and offer greater safeguards against breaches and fraud. It also enhances the buying process for your wholesale customers. So make phone sales and saving credit card information in notebooks and spreadsheets a thing of the past; introduce your wholesale customers to fast, streamlined, and secure electronic B2B payments.
How to improve wholesale payments with the best B2B eCommerce solutions:
- Process point-of-sale payments on the go with desktop, tablet, and mobile access
- Reduce transaction fees with a solution that removes the middleman, such as NuORDER Payments
- Accept a variety of payment methods
- Pre-authorize credit cards
- Offer buyers security and convenience with a digital wallet
- Get paid in your local bank account (and NuORDER supports over 100 currencies)
- Sell in multiple ways – direct links, virtual showrooms, digital catalogs, shoppable photos, and videos, digital linesheets
Analyzing data to improve future sales
B2B eCommerce makes it easy to manage and monitor wholesale payments. For example, NuORDER offers in-depth, real-time reporting tools so not only can you help your company stay compliant, but you can identify sales trends to act on them for future product development, marketing, and sales opportunities.
- Seamlessly sync key information with the tools that matter to your business most, such as enterprise resource planning software (ERP)
- Automate order management
- Fast-track manufacturing orders for bestselling items
- Review key performance indicators (KPIs)
- Compare sales in different regions, by retailer type, over specific time periods, by sales rep, by the customer, or other filters and transaction types
However you approach wholesale payments, upgrading to a digital payments system can make a major impact on your business. The newest advances in B2B payment technology are a great representation of the digitization of wholesale at large. These advances make it easier, safer, and more reliable to sell in person, virtually, and for hybrid sales appointments, and they’re connecting retailers and brands doing business around the globe.
Look for a B2B eCommerce solution that has the features and services that can help you manage everything related to the sales process in one place. It should also make it easy for your clients to access pricing, product and terms information, browse, save orders, and shop.
In the wholesale business, seamless and secure experiences have the power to nurture relationships, improve efficiency and promote higher sales.
Request a demo to learn more.
NuORDER is a B2B eCommerce platform and marketplace, connecting retailers and brands and streamlining the wholesale process for virtual, hybrid, and in-person market appointments. The NuORDER platform offers a seamless and collaborative way to do business with interactive and customizable solutions, easy payments, real-time inventory insights, comprehensive data, and more for increasingly informed buying decisions.
