Fintechs are in a unique position as the liaison between customers and their suppliers. However, they tend to limit services offered to suppliers in favor of a more customer-oriented focus. As such, supplier support remains a well of untapped potential. How is this important, and why should fintechs care about suppliers?
“End-to-end,” from a B2B payment perspective, defines the customer’s processes from the time they receive an invoice to final reconciliation. Fintechs that prioritize customer-focused solutions risk their reputations by not providing decent supplier support. In reality, suppliers are customers too. Though they may not be required to pay for the back-end services that fintechs offer, they are just as capable of leaving reviews of their poor experiences on social media.
Fintechs often completely disregard supplier support. In some ways, this approach makes sense: customers pay for the service. But it often means suppliers are reduced to a “commodity” status. Tales of suppliers being strong-armed into accepting certain payment types are rampant. To no one’s surprise, this method for supporting customers does not encourage stable, long-term business relationships.
By choosing a SaaS that treats your suppliers well, you’re getting the whole AP support package. Without supplier services, any payment follow-ups wind up in the laps of your AP team—not exactly the groundbreaking automation you were promised.
While it’s likely not the first thing on your mind when you browse for AP solutions, choosing one that also benefits your suppliers gives you an overlooked advantage, and will leave you with both a happier AP team and satisfied suppliers. Ultimately, a solution without a holistic approach to the “end-to-end” process is no solution at all.
Customer service isn’t what it used to be—in a good way. The financial world has witnessed rapid technological advancements over the last century, but customer service remains a steadfast priority through it all.
Ensuring a good experience for buyers not only gives companies an edge over their competition, but it has practically become a requirement for company growth. With the increasing popularity of information-sharing websites and apps like Facebook or Yelp, reputations can expand or shatter within moments.
