There are countless businesses operating in the United States, with the latest data revealing a total of 32.5 million companies. Among these, B2B sales are far more significant than B2C transactions, with B2B reaching a staggering $14.9 trillion in 2020, five times the volume of B2C sales.
Although B2B eCommerce transactions currently account for just 9% of all transactions, Forrester predicts that this figure will jump to 17% by 2023. This growth reflects a broader trend in the market as businesses increasingly embrace digital transformation.
What's even more compelling is that 87% of B2B buyers are willing to pay a premium to suppliers who offer a well-rounded eCommerce portal. This demand for streamlined online experiences is driving the growth of B2B business portals, where companies can easily handle transactions, manage orders, and improve customer relations. As the shift toward eCommerce continues, these portals are becoming essential for B2B businesses to remain competitive and meet the evolving expectations of today’s buyers.
Business portals are web pages in a website dedicated to restricted content that only authorized users can access.
As almost 70% of companies worldwide provide credit terms, it helps to provide a B2B lender portal. Therefore, a B2B lender portal is a personalized section of the website where customers can log in and keep track of debts.
Further, a B2B lender portal will contain other information as the lender has all their details so that they can push relevant content to their space. What’s more, a lender portal may contain products from other service providers.
The main benefit of a B2B is that you don’t have to visit the lender’s premises to access services. Here’s what to expect from a typical lender portal:
1. Personal space
You get a personalized space that’s different from others. It contains your name, business details, policy number, customer care queries, and FAQs. In the case of an insurance policy, proof of insurance, such as the declarations page.
2. Manage profile
View and manage your company profile, such as people with access to the portal, store locations, mailing address, personal information, contact person updates, roles, and contact information.
You can even tweak consumer privacy settings like checking the ‘do not sell my personal information’ button.
3. Track activity
It is a centralized online account where you can track payments, lien status, subsisting loan amount, and general account status. Further, you can view billing information and print policy documents.
4. Account management
Some of the best portals will even offer account management. For instance, some have an entire credit management team that will take care of credit assessment, streamline invoicing, and help you make intelligent decisions on the choice of line of credit.
5. Shop
The portal provides information on products that customers qualify for. Lenders will only show products that fit your profile, and since they already have your details, applying for services will be a breeze.
6. Enables communication
It is the primary source of communication between you and the lender’s local agent, such as party policy inquiries or requests for an insurance quote/pricing of an insurance policy.
It is easier for support to follow up on issues. What’s more, it stores all communication for future reference.
7. Quick notifications
Once you gain online access, you can manage how to receive notifications as the portal provides account-specific notifications.
Some of the more prominent lender portals include:
The Nationwide Mutual Insurance Company and its business partners, such as American Family Insurance, provide a comprehensive suite of Nationwide business services under its nationwide.com website.
If you need any business insurance products, Nationwide is on your side, including:
The company offers a fleet of financial services, predominantly rapid credit checks, and rock-solid advice on customers that meet the requirements for credit terms.
What’s more, Resolve will make the credit decisions for you as it has a team of financial professionals, advance cash for invoices on credit terms, and bear the risk of defaulting or late payments.
Just like Resolve, this is sort of a marketplace for invoice factoring.
In short, suppliers upload invoices they need early payments. Buyers will then submit the total cash they can provide for that day and the acceptable discount (APR) they’ll accept. The portal will then match suppliers to lenders who offer the best discount match.
All you have to do is fill in an enrollment application. Your answers will determine which lending products you qualify for. Lenders will scrutinize your application and send their offers for your perusal; then, you can settle on one that suits your needs.
There is a widespread shift towards the B2B lender portal. Customers can have a personalized site to access their information, get customized offers for lending, track loan activity, and get one-on-one communication with the lender.