In part 2 of my “Card Acceptance Matters” blog article, I discussed how card acceptance can lead to greater revenue consistency. In this article, we’ll take a look at how card acceptance can increase the likelihood of being selected as a supplier.
In the study, more than half of Buyers surveyed indicated a preference for card-accepting suppliers. 55% of managers indicated that they were “likely” or “very likely” to select a Supplier that accepts cards over one that does not in a particular spend
category. While this effect was observed across all sped categories, it was strongest in non-strategic spend categories.
Card acceptance is not often promoted as a payment option for B2B suppliers in North America, although promoting it could add to a Supplier’s differentiation relative to its competitors. Anecdotally, we hear that Procurement groups are including card acceptance
as a criteria in RFPs. Adding card acceptance to a firm’s capability list can be a simple way to increase competitiveness.
In my next article, I’ll discuss a fourth benefit from card acceptance. Please let us know your thoughts!