The two major transactional requirements in B2B eCommerce are:
- Delivering the varied payment options customers need to make a purchase, and
- Making sure this is done in a trustworthy and secure manner.
When it comes to finance and payments in the context of B2B eCommerce there are a significant number of key systems that need to be considered in any solution developed. These could include point of sale (POS) systems, payment gateways, accounting software, banks and unions, buy-now-pay-later (BNPL) solutions and more.
The need for integration with these key systems should form the basis for a set of business requirements specifically relating to payment and finance when you go to market with an RFP.
For businesses already using an established platform, we strongly advise considering working with a specialist consultancy. Policy and governance is a significant component of digital transformation in B2B, and more often than not requires specialist expertise to develop.
We are increasingly seeing leading B2B merchants appoint a digital security officer (DSO) as part of their digital transformation projects or into an already established B2B ecosystem to govern the various policies and internal procedures and policies that go hand in hand with eCommerce. This can often be a well-established individual within the business, such as the Chief Financial Officer, or eCommerce manager.
Key policies this individual would be responsible for introducing into the business and maintaining at an agreed frequency include:
- PCI Compliance Policy / Self-Assessment Questionnaire (SAQ)
- GDPR Compliance Policy
- GDPR Compliance Policy
- Fraud Protection Policy
- Cookie Compliance Policy
- Data Security / Data Protection Policy
- Cyber Security Policy
- Incident Response Policy
- Legislative Reporting Requirements (as required, depending on the industry, data, and company specifics)
Alongside business policies and procedures, we strongly advise all merchants to seek consultation about their current state concerning security. Engaging a cyber security expert to undertake a security audit is one of the best things you can do to understand if you are currently in a stable or vulnerable position. An expert would typically undertake an audit that includes vulnerability scanning and penetration testing to begin with.
Enjoyed our B2B Payment and Security highlight? Download our whitepaper ‘How to Succeed at Digital Transformation in B2B eCommerce’, to read the full ‘Payment and Security’ chapter.