Payment terms aren’t just “nice to have” but essential for business survival. Credit: thodonal88 via Shutterstock.

Business buyers from a range of industries across the UK and the EU have taken part in a survey developed by Hokodo and the B2B [business-to-business] eCommerce Association.

Out of 500 surveyed B2B buyers, 83% said that they would abandon an e-commerce purchase if no payment terms were offered at checkout. This means that B2B sellers failing to offer payment terms are missing out on capturing new business and revenue growth.

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The majority of respondents (73%) said that payment challenges at checkout are causing them issues. These include unsuitable settlement methods, or a lack of payment terms on offer.

With 79% of buyers agreeing that payment terms are critical for the success of their business in 2024, those who experience payment issues at checkout will be far more likely to abandon their cart.

An overwhelming majority of respondents (82%) said that having access to payment terms is either important or very important when choosing a new B2B supplier.

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For B2B buyers, the verdict is clear: payment terms aren’t just “nice to have”, but essential for business survival.

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A lack of payment terms is not the only issue that B2B buyers are facing at checkout. Only 2% of respondents said that they face no issues at checkout whatsoever. This suggests that buyers generally have very low expectations of what their suppliers can deliver.

Low customer expectations can then lead to a reduced sense of loyalty, meaning that many merchants risk losing customers to a more reliable supplier.

Improvements for B2B e-commerce checkouts

Respondents identified three top areas for improvement in B2B e-commerce checkouts. 44% said that more transparency is needed around shipping costs and other fees, 43% said that customer support needs improvement, and 39% said that e-commerce checkouts need to be faster and simpler.

To tackle the dissatisfaction amongst B2B buyers, the report recommends that sellers request feedback from the people who use their checkout to find out where it can be improved. In doing so, sellers can pinpoint exactly where they’re going wrong and apply new measures to improve the experience.

From bettering customer support, limiting checkout complexity or introducing transparency around additional fees, there are several measures that B2B sellers can use to impress and win customers.