How are Millennials Changing B2B Payments?

How Millennials are changing B2B payments

Demographically, the oldest Millennial (a.k.a. Gen Y) is 36 this year. The youngest is about 20. These are the adults for whom digital technology is a given, not the dream-under-construction as it was for Baby Boomers and Gen X-ers at the same life stage. At 35, this group is of the age and level of prosperity to now take over the department management reins as the Boomers age out and the Xers step off the elevator into the C suite.

Companies that specialize in business-to-business sales will find their old marketing, invoicing and payment structures changing to suit the Millennials. The sooner they make the transition the better set for a bright future they will be. What needs to change and “Y”?

Technology is the Comfort Zone

A number of things come into play when all the convenient technologies, carefully developed over the past decade or so, find delighted users. here’s what you need to keep in mind:

  • Millennials expect B2B buying to be very similar to personal buying experiences.
  • They have credit cards at their disposal and trust enterprise security enough to use them, even on mobile devices.
  • They have no desire to mail paper and receive checks or paper confirmations of payment.
  • They much prefer online banking and want to be paid the same way.
  • They’re in their element when transactional records are created, moved, processed, accessed and stored electronically.

Paper Transactions No More

Right now, many businesses in the supply chain are fighting the switch over to digital transactions. Old processes are slow to die, after all. Part of the reason is that the old systems have paid for themselves over the decades and no longer have much cost of ownership attached. It’s true that developing an all-digital system will, inevitably, cause some pain at the outset. However, you will quickly realize a return on investment simply by streamlining your processes.

Once trained, all of your staff will appreciate the ease and efficiency of a document management system that places pertinent information at their fingertips. Stubbornly clinging to paper transactions in your business operations can result in only one thing, and fairly soon: the death of your business. The money saved by not transitioning into the 21st century can be applied to your company’s funeral expenses. Alas, you will never know the greater financial savings inherent in digital documentation.

Capitalize on a Document Management System

Your B2B sales process will absolutely gain efficiency if you market online, receive orders online, utilize digital invoicing and receive payments either through online banking transactions or credit card payments. With the simplified, user-friendly document management software services available, even your older, tech-allergic staff can come online with little difficulty.

Remember, your Millennials are fast becoming the heartbeat of your business. Tap into their tech wisdom and let them help guide you to fresh, new income streams. EDGE Business Solutions is the place to start. We have all the customized, scalable tools you need to organize your company with the right document management systems.  Contact us today and prepare your business for a new year with document solutions from EDGE Business Systems!