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The Importance of Lockbox Payments To B2B

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Posted by Matt Osborn - 03 December, 2019

What can B2B eCommerce Marketing learn from going to the Bar?

As the busy workday comes to an end a very important question is asked, “Where are we going for happy hour?”

This is a question loaded with variables. Do we judge on location, food options, tap beers or the best happy hour specials? Every successful bar has invested heavily into these unique product differentiators. They know there is tough competition and they need to stand out by investing a lot of money into the building, a cook, and the beverages they serve to get you to walk through the doors.

Put it on my Tab!

The work crew decided to go to “Paddy’s Pub;” they have a great atmosphere and a great work staff. In a matter of seconds, a cold beverage is set in front of you and Dennis (the bartender) asks, “would like to cash out or start a tab?” This may sound like a simple question, but for Dennis, this is a big moment. He knows that if you pay with cash you are probably only having this one drink and leaving. If you start a tab, the ROI for him will continue to grow. When people open tabs, (buy now pay later) they BUY MORE and MORE OFTEN!

Just say, “YES”

As a consumer, why did you choose to open a tab? (Yes, you are more fun with 3 drinks in you!) But did you open it because it is convenient and quick? Nobody wants to continually open up their wallet and pay for every drink separately. What did you have to do in order to start a tab? Seriously, you just had to respond “Yes” to Dennis? In one word you moved from a payment inconvenience to a streamlined service.

Now that you are figuratively buzzed, let’s talk business. What did you learn while you were at the bar?

How a business obtains customers and how a bar obtains customers are very similar. 

They invest in their establishment while you invest heavily into your site’s functionality, branding, advertising, and discounting in order to gain more customers. Similar to a bar, you need to maximize the spend of each new customer to obtain a positive ROI.

Get customers on a Tab!

Offering customers an option to buy now and to pay later increases customer buying behavior. Opening a tab can increase cart sizes and checkout frequency!

Convenient and quick Tabs

The process to create a tab needs to be simple and quick to be a benefit the customer.

How do you open a Tab in B2B?

A bar tab in B2B is referred to as extending a revolving line of credit. Your customers can make repeat purchases with ease, based on their credit limit. The unfortunate thing, setting up a line of credit takes time. If opening a bar tab took a week, a printer, and a fax, would you still open that tab?

Conveniently, Apruve offers 60 second credit approval, account management, and invoice financing.

We open the tab, you increase sales.

B2B eCommerce Marketing

 How are you making your B2B eCommerce visitors start a tab?

Topics: B2B eCommerce, B2B Sales, Sales & Marketing

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