Is your B2B SME about to miss out on a huge sales revenue growth?
Research published by Kriya, the new name for fintech platform MarketFinance, shows that the leaders of UK B2B firms do not plan to offer ‘buy now, pay later’ terms on their e-commerce sites for another 3.23 years, despite 92% of them having heard of the term Embedded Finance.
With Kriya able to deploy its Payments solution in just four weeks, this means that businesses are missing out on a host of key benefits that their peers that have already moved ahead are experiencing.
The ‘UK Embedded Finance Index: A snapshot across four B2B sectors’ reveals the top five benefits reported by surveyed firms to be: improved customer experience (30%), faster new customer onboarding (28%), more efficient internal operations (27%), improved cash flow (27%), and increased sales volume (26%).
One such firm is Materials Market, a platform connecting trade buyers and suppliers in the construction industry to find the best prices and delivery times. In the first month after integrating Kriya Payments, Materials Market saw a 579% increase in trade credit transaction volume and a 186% increase in trade credit order value after two months. The company expects Embedded credit sales to grow to around 50%-60% of total transactions on its platform.
Samuel Hunt, Co-Founder and CEO of Materials Market said: “We’ve seen significant growth in sales volume and order value since partnering with Kriya to offer credit on our platform. Suppliers like being paid upfront, buyers value being able to pay in instalments, and the ability to automate and scale the provision of credit is hugely efficient for our business.
“The overall experience working with the Kriya team has been great – a true end-to-end partner with us every step of the journey. We expect the majority of transactions on Materials Market will soon involve this form of payment option.”
Commenting on the findings of the UK Embedded Finance Index, Kriya’s Co-Founder and CEO Anil Stocker added: “These findings highlight a worrying lack of urgency among B2B firms to offer flexible finance and payment options like ‘buy now, pay later’ to their customers.
“These tools are now readily available and can be deployed in a matter of weeks, providing a cost-effective way to improve customer experience, operational efficiency, and cash flow.”