How Flexible Payment Solutions Can Improve Customer Retention and Satisfaction for B2B SaaS

BNPL
May 23, 2023 · by Alisher Akbarov
How Flexible Payment Solutions Can Improve Customer Retention and Satisfaction for B2B SaaS

How can a SaaS company ensure customer satisfaction, retention, and loyalty? By showing that your product can make your customer’s life easier and by putting their needs first. And any business needs predictable cash flow, preserved runway, transparent payment terms and enhanced customer experience. The solution for all of these is flexible payment options.

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Benefits of flexible payment solutions for B2B SaaS customers

The growing popularity of Buy Now Pay Later (BNPL) is undeniable. According to GlobalData, the BNPL market will grow by 2025 and reach 596.7 billion. In Germany, BNPL has already become the main payment method even for B2B companies, according to ibi research

There are many reasons behind BNPL success in B2B. Implementing a flexible payment solution allows your B2B customers to spread the cost of their purchases over a period of time. This makes larger purchases more affordable and manageable for businesses that may have limited cash flow or budgets. 

Moreover, BNPL options offer flexibility for businesses by allowing them to choose the repayment terms that suit their needs. Businesses can choose to pay off their purchases over a few months or even years, depending on the agreement with the BNPL provider. This way, your customers don’t have to accept the terms of a payment schedule that they cannot follow later. 

In addition, flexible payment solutions offer convenience and ease of use for businesses. By offering a BNPL payment option, you facilitate your customer’s work – they don’t need to seek financing options to afford your software. On top of that, you get paid by the BNPL provider the full amount upfront within a few days. If you choose Comfi as your BNPL provider, you will get the whole sum minus a small fee within 7 days. This gives you an instant cash flow boost. It’s a win-win for you and your customer.

How BNPL retains customers 

Customer retention art image. One unhappy and two happy girls.

It’s already common knowledge in business that customer retention costs five times less than new customer acquisition, and a 5% increase in customer retention can increase profit by 25%. If you are looking for a way to decrease customer churn, implementing flexible payment options can be a great way to do it.

Improve cash flow of your customers by implementing BNPL solutions. Paying in installments for your software helps your customers manage their finances more effectively by spreading payments over time. This makes it easier for customers to budget and plan their expenses, reducing the likelihood of needing to delay purchases or churn due to cash flow issues.

Also, Buy Now Pay Later solutions reduce financial stress for customers by offering a more flexible payment option. This helps to alleviate anxiety around making large purchases and jeopardizing runway, making customers more likely to continue doing business with the company.

Furthermore, by providing BNPL solutions, you can offer more personalized payment options, tailored to individual B2B customer needs. This can increase customer loyalty, as customers feel you understand and care about their financial situation.

Finally, implementing flexible payment options will turn your MRR into ARR. If you make longer subscription terms more affordable for your customers, they may tend to sign longer contracts, which can help to increase the lifetime value of your customers. 

Pro tip: offer prospects a discount on annual subscriptions. But not higher than 30% – it decreases their willingness to pay at the renewal. Also, give them a trial period – it converts around 60% of annual plan prospects into users. 

Book a call with Comfi’s co-founder, Amal, to learn how to close twice more annual contracts.

How BNPL enhances customer satisfaction 

Customer satisfaction art image. Three faces: sad, neutral, happy.

Customer satisfaction is crucial for your business. According to ResearchGate, even A-level companies’ market performance is highly dependent on customer satisfaction. Thus, you must provide excellent customer service to keep your users happy. Implementing flexible payment solutions is a great help for your business.

One of the features that customers value in payment methods is transparency of fees. BNPL solutions are typically very transparent about the costs and terms associated with using the service. Customers can see in advance what their payments will be and when they will be due, which reduces confusion and improves customer satisfaction.

You can also improve customer experience to enhance customer satisfaction. Implement BNPL options and provide a more seamless and convenient payment process. For example, Comfi’s checkout process is very simple and intuitive, and the decision about customer financing is made on the fly. As easy as it can be. This keeps customers satisfied and they are more likely to refer your business to others. 

By offering a BNPL payment option, you help your customers stay ahead of the competition. Without a significant financial burden, with well-planned cash flow, using your software, your customer has the means to plan its marketing and sales strategy, and manage investments in a way to differentiate themselves from the competitors. Customer success and satisfaction will follow.

Conclusion 

Implementing flexible payment solutions can have a significant impact on customer retention and satisfaction for B2B SaaS companies. This leads to increased customer loyalty, repeat business, and positive word-of-mouth recommendations. All of which can contribute to the long-term success of your business.

Book a call with our co-founder Amal to learn how Comfi can help your business grow.

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Amal Abdullaev

Co-founder at Comfi

Alisher Akbarov

Alisher Akbarov

Co-founder, COO

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