The study highlights a critical insight: payment terms are an essential condition for over 80% of B2B buyers, with a significant 83% willing to abandon a purchase if payment terms are not available at checkout. This indicates that merchants and marketplaces lacking payment term options are potentially forfeiting a substantial customer base. The report also outlines three primary obstacles that could hinder B2B merchants and marketplaces from providing trade credit.

First, the anonymity and vastness of e-commerce pose a risk in offering trade credit, making it difficult to ascertain the reliability of buyers in adhering to their payment agreements. Second, the complexity of providing trade credit online encompasses various aspects, including credit scoring, fraud detection, payment processing, insurance, and collections, making it a challenging endeavour. Third, trade credit can exert pressure on a merchant's cash flow when it is extended from their own financial reserves.

Nonetheless, it is crucial for B2B merchants and marketplaces to navigate these challenges successfully to maintain and attract a wider customer base. The survey indicates that 86% of buyers consider the availability of payment terms a key factor in selecting a vendor or supplier. Indeed, the provision of payment terms ranks among the top three priorities for B2B buyers, alongside the quality of the product and the speed of delivery.

The report further provides actionable recommendations for B2B sellers aimed at enhancing their checkout and user experience. These suggestions are designed to mitigate customer loss attributed to insufficient offerings at the point of sale.

Louis Carbonnier, Co-Founder and President of Hokodo said: “B2B merchants and marketplaces are struggling to deliver the e-commerce experience that buyers expect. The findings of our report highlight the challenges faced by e-commerce buyers, and provide sellers with essential guidance needed to improve their service. 79% of buyers said that payment terms are critical for the success of their business this year, so this isn’t something that sellers can afford to ignore. It’s never been more crucial to provide seamless digital experiences in B2B.”

Christopher Gee, UK Chapter Lead of the B2B eCommerce Association said: “Choosing to collaborate with Hokodo on this research was an easy decision to make. A seamless online payment journey is not simply a 'nice-to-have' for B2B buyers but a critical factor when choosing and reviewing a supplier. Offering a combination of easy-to-use payment terms and relevant settlement methods is essential for maintaining loyal customers.”