If you work in procurement, then you know there are a lot of everyday challenges to overcome. From finding reliable sourcing vendors, to gathering appropriate approvals on purchases, to matching invoices with orders and deliveries, it can often seem like every step in the procurement process is wide open to human error. Additionally, the more complicated a procurement process is, the longer it takes.
And if you’re a B2B merchant, it’s essential that you understand and cater to buyers’ procurement process needs. The more you know what your customers’ need, the better you can serve them. That’s where Credit Key comes in. Let’s take a closer look at the role Credit Key can play in the procurement process to make your customers’ workflow faster.
The procurement process for many firms can be very cumbersome. It usually starts with identifying a need, and then goes through a variety of research, checks and balances, and proposals, before a firm finally settles on a vendor.
But once they do, why would you want them to wait to be able to effect an actual purchase? By offering instant credit through Credit Key, sellers can dramatically shorten their end of the procurement process. That includes pre-authorizing the buyer for a certain level of credit, but also allowing them to go ahead and make the purchase without having to wait for the seller to finish their own credit approval process.
Sometimes buyers like to test out vendors with smaller orders before placing larger orders to see how well the vendor delivers. Not only can Credit Key’s instant credit approval help you process smaller orders faster, but by extending terms that allow a buyer to order anything they want at any time, Credit Key also paves the way for repeat orders of larger quantities. For example, among our current customer base, we find that 85 percent of buyers are using Credit Key to purchase consumables, often as weekly recurring orders. By providing the means to process and deliver orders faster, Credit Key can help your business become a vendor of choice quicker, paving the way to larger, more lucrative deals.
Risk is an important factor in a buyer’s purchasing decisions. Can a vendor deliver high quality products or materials? Can they deliver them on time? Do the vendor’s products or materials meet any regulations or laws that the buyer needs to adhere to?
While Credit Key can’t respond directly to these risk factors, we can reduce both the buyer’s and the seller’s financial risk. By offering the first month of financing at 0% interest, buyers can commit less capital to their initial purchases, meaning that they face a lower financial risk of something going wrong with the order. The lower their risk, the more likely they will make repeat purchases. For sellers, we pay out their orders within 48 hours, enabling them to avoid the risks associated with financing a new buyer’s purchase. It’s really a win-win for buyers and sellers.
If you’d like to learn more abou thow Credit Key can help your firm make buyers’ procurement processes easier, contact us. We’re happy to show you how fast and easy it is to offer Credit Key.