In the face of rising costs and lower revenue, 35.6% of wholesalers are planning to increase revenue by improving their eCommerce capabilities. Through selling online, wholesalers can start selling more by offering existing customers a better shopping experience to encourage brand loyalty, while saving time on managing their operations.
However, no shopping experience is complete without a smooth payment system. Even if all your customer orders go through your online store, you’ll still have to deal with the hassle of reconciling customer payments across different payment systems. This can be a time consuming process, especially if some of your customers choose to pay through bank transfers, while others may stick to legacy payment gateways.
Is reconciling customer payments across different channels a pain? TradeGecko Payments lets you send your customers online payable invoices!
We found out that some of our customers are spending over an hour a day on reconciling payments across different channels -- time that could be better spent on growing their business.
This is where TradeGecko Payments comes in. With TradeGecko Payments, you won’t have to deal with lengthy bank transfers and managing multiple payment platforms any longer, as it integrates with all sales orders in TradeGecko. Instead, you’ll be able to bill your customers in a single click AND enable your wholesale customers to pay online directly through invoices. Now, every finalized invoice now comes with a “Pay Invoice” button that lets the customer pay securely online by credit card, turning your invoice into a checkout page for your customers.
If you’re thinking of selling internationally, you want to find the right eCommerce platform that makes it easy for your customers to purchase online, regardless of where they’re located. You might opt for a wholesale marketplace like Alibaba, or create your own wholesale online store using a platform like TradeGecko’s B2B eCommerce platform. With the latter, you’ll be able to offer every customer a unique catalog and price list, while tracking inventory movement in real time.
“As wholesale merchants start selling internationally, they often struggle to get paid on time when they’re dealing with cross border transactions as they have to navigate traditional financial infrastructures like bank transfers and legacy payment gateways. We want to put our customers at a significant advantage with TradeGecko Payments and enable our users to seamlessly transact with customers all over the world instead of spending over an hour every day reconciling payments from different sources.” - Cameron Priest, CEO of TradeGecko
Selling to new geographies can be tricky, but it offers great opportunities for business growth and diversification. After doing some research about the country you’re thinking of expanding into, you’ll know if there’s a potential market there. For example, you can keep an eye out for repeated inquiries about shipping to a specific country, or watch for location-specific abandoned cart reports. Once you’ve found the right markets to target, you can get started on your go-to-market strategy. This can range from running awareness campaigns in your target locations through Google AdWords, to providing product-related content that presents your company as an industry leader.
As orders from all over the world start coming into your B2B eCommerce store, you’ll be able to manage international orders and payments through TradeGecko Payments. By enabling customers to pay online, you’ll gain better control of your cash flow as you’ll be able to see your account balance, payments, and payouts history on a single dashboard. TradeGecko Payments is an easy way for you to manage your cash flow and customer payments, as you’ll be able to tell at a glance the status of your sales orders, regardless of where your customers are.
“The essential mindset shift is for distributors to realize that technology is no longer a back office cost to manage, and that digital is a weapon they can leverage for competitive advantage upstream and downstream.” - Deloitte, Wholesale distribution disrupted
We’ve built TradeGecko Payments with the goal of helping wholesalers to optimize their B2B payment processing workflow and get paid faster. If you’re interested in learning more about getting started on accepting payments online, look out for our next blog about why Knowing Your Customer is important when you’re selling online.
Start managing your cash flow and inventory today!