Improving the cross-border B2B payment experience can directly boost customer experience and be an important factor in driving business growth.

Global payments enablement and software company, Flywire, has analysed the business advantages of providing a digital, localised and seamless payment experience for a B2B vendor’s international customers. According to its research, 94% of those surveyed say their organisation would embrace a change that eases the cross-border payments process.

Flywire surveyed B2B payers across Latin America, the Middle East and Africa. The resultant report, entitled The secret weapon for attracting and retaining international customers, uncovers how the B2B payment experience impacts customer experience. And it sets out why organisations looking to go global should consider their Accounts receivable (A/R) process as a key driver of business acceleration.

“Some of the feedback we receive from our B2B customers is that by solving for their domestic and international receivables, we’re also helping them build lasting loyalty with their global customer base,” said Ryan Frere, EVP and GM of B2B at Flywire.

“So, for our latest research, we wanted to further examine the relationship between B2B organisations or vendors and their international business customers. Our research indeed validates our belief that payments are an extension of a company’s brand. A seamless payment experience can be a critical growth driver for organisations looking to scale internationally.”

International customers want to improve payment timeliness, accuracy and security

Business payers surveyed noted that dealing with foreign exchange (FX) market complexity holds back their company’s growth. It introduces delays and causes problems in paying invoices to key partners.

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  • 82% of those surveyed have waited to pay a vendor because of FX complexity.
  • 88% of respondents said dealing with bills in another currency has sometimes delayed payment to vendors.
  • 84% said when there are no local options to pay, the process takes much longer.
  • Some of the top problems payers experience when making cross-border payments include managing FX (66%) getting refunds (64%) accessing local customer support (57%) and more.

When asked what would help international customers better meet the challenges of paying their invoices, security was top of mind. 88% say they worry about security or fraud when making cross-border payments. Additionally, 48% said better visibility into FX fees and being able to track payments would help them meet challenges. 55% said they wanted an automated way to make cross-border payments.

International customers prefer vendors who make it easy to pay & support local payments, yet reveal loyalty can be fleeting

Survey respondents showed clear preferences for vendors that pay attention to payment processes. 95% of those surveyed said they pay quickly when a vendor makes the payment process easy. International customers surveyed also said they’re more likely to do business with a company that supports local payment methods (89%) payment in local currency (87%) and easier cross-border payment processes (94%)

At the same time, difficulty paying vendors can create business risks. 82% of survey respondents say this difficulty impacted their ability to grow. It also strains relationships with colleagues (60%) and makes it harder to do their jobs (74%).

70% of companies buying from international vendors stopped doing business with them because of a poor cross-border B2B payment experience.

Frere concluded: “International customers hold their vendors to high standards. They want to do business with those who make it easy, fast and secure.”