Topics: B2B Portal, Customer Experience, Invoicing & Payments
Want loyal customers who pay on time? Here’s some food for thought. Out of all business segments, mid-market customers are the greatest adopters of online multi-pay, a payment process where multiple invoices are grouped into a single payment. In fact, Globys Research shows mid-market customers also have the highest adoption rate of multi-user access, pre-defined invoice reports, and automated budget validation.
Why is this worth noting? Well…
The mid-market segment represents companies earning an annual revenue between $100 million and $3 billion. Sitting in between smaller companies and billion-dollar giants, these companies account for a third of revenues in both the U.S. and European economies. For most suppliers, they represent a sizeable amount of revenues (and support costs).
Understanding the unique workflows and dynamics within a mid-market’s operations is key to providing the optimal digital billing and payment experience. The features called out above are directly aligned to how mid-market customers prefer to pay, the visibility required throughout multiple roles, and the validation required to meet internal control standards. The resulting benefits for them means you get paid faster.
While there are some similarities between customer segments, it’s important to note that mid-market customers are not the ‘in between’ of SMB and Enterprise. Mid-market customers possess a unique set of characteristics that impact the way your invoices are processed and paid. For example:
Mid-market customers offer a prime opportunity for a win-win scenario. When suppliers understand and guide their mid-market customers to the most efficient billing and payment experience, they also reap the benefits by accelerating cash flow, lowering costs and building stronger customer relationships.
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