The ubiquity and simplicity of the delivery model means that most businesses across the globe today use multiple SaaS products, making international expansion an attractive growth opportunity for many B2B SaaS companies. But, collecting payments from international customers can hold back growth plans.
A recent Flywire-commissioned survey of 460+ AP professionals provides revealing insights as to how international payments impact customers. Here are three reasons why B2B SaaS companies should prioritize payments to supercharge international growth.
1. Customers are more likely to do business with you
International customers are looking for (and expect) businesses that offer a streamlined, modern payment experience. Vendors that make it easy to pay them are attractive to customers, with 94% of payers saying they were more likely to do business with a vendor that offers an easier cross-border payment process. Similar numbers say they are more likely to work with a vendor that offers the ability to pay with local payment methods and in the local currency.
Payment is so important that 7 in 10 payers say they have stopped doing business with an international vendor because of a cross-border B2B payment experience.
Taken together, these figures emphasize the increasing importance of payments to the B2B SaaS company’s brand, and are an important growth lever.
2. You’re more likely to get paid quickly and in full
95% of payers say they pay quickly when a vendor makes the payment process easy. However, most also say that they have difficulties making international payments and that these difficulties have delayed payments.
When asked about the problems they experience, payers cited managing FX complexity, refunds, fee transparency, accessing local support and more. Importantly, over 80% say that managing FX complexity, a lack of local payment options and dealing with bills in another currency have directly led to payment delays. Short payments are also a problem for over half of payers, particularly those in mid-sized companies.
Making it easy for customers to make prompt and full payments will increase cash flow, making it easier to expand your business.
3. You’ll make your clients’ jobs easier and that will drive customer loyalty
International payments impact internal operations. Customers want to pay their international invoices online, but find there is too much paperwork involved. They also want more flexibility over the payment method—ACH/direct debit, wire transfer, credit card—they use, with their preferences varying by region and seniority.
Three quarters said payment difficulties make it hard to do their job properly, and 60% say it causes strain in their relationships with other departments. Critically 82% believe a lack of payment ease limits their company’s own ability to grow.
What would help payers with their international payment challenges? More than half say better security, and they also want clear visibility into payment status and fees at the time of payment.
Overall, payers want international B2B SaaS vendors to make it easy for them to pay their bills. SaaS businesses that offer easy cross-border payments can attract customers in new markets and retain existing clients by providing a better customer experience.
Accelerate your global expansion plans with Flywire
The combination of Flywire’s B2B cross-border payment platform, global payment network, and vertical-specific software enables SaaS businesses to easily enter new markets and meet the unique needs of their international customers. Find out how.
Learn more about how streamlining the payment process for your international customers will drive accelerate your international growth:
- Read our report, “The secret weapon for attracting and retaining international customers”
- Read how Basis Technologies turned to Flywire to ease both cross-border payments and domestic B2B credit card payments
- Find out our top 3 takeaways from SaaStock 2024
- Read about Flywire’s acquisition of Invoiced which bolsters our Global B2B payment network with an award- winning A/R SaaS Platform