B2B payments are transactions between businesses that involve large amounts of money, sensitive data, and complex processes. They are also vulnerable to various risks, such as fraud, cyberattacks, human errors, and compliance issues. According to TrustPair, 24% of companies victims of fraud lost more than $100,000, and 5% lost more than $1 million in 2022. It's important to note that these funds are seldom recovered, especially for international or instantaneous transfers.  

To prevent these losses and protect their reputation, businesses need to ensure that their B2B payment systems are secure, reliable, and efficient. However, security alone is not enough. Businesses also need to provide a positive user experience (UX) for their customers, partners, and employees who use their B2B payment systems. 

UX is the overall impression and satisfaction that users have when interacting with a product or service. It encompasses aspects such as usability, accessibility, functionality, design, and emotion.

Why is UX important for B2B payment security? UX can influence user behavior, trust, and loyalty, which are essential for successful and secure B2B transactions. In this article, we will explore how UX can enhance B2B payment security in three ways: by reducing human errors, by increasing user adoption, and by building user trust.

Reducing Human Errors

One of the main causes of B2B payment fraud is human error. For example, a user may enter the wrong account number, the wrong amount, or the wrong recipient when making a payment. A user may also fall victim to phishing, spoofing, or social engineering attacks that trick them into revealing their credentials or authorizing fraudulent payments.

To reduce human errors, businesses need to design their B2B payment systems with UX in mind. They need to make their systems easy to use, intuitive, and error-proof. Some of the UX best practices that can help achieve this are:

• Providing clear and consistent instructions, labels, and feedback
• Using simple and familiar language, icons, and symbols
• Implementing input validation, auto-correction, and auto-completion
• Offering multiple verification methods, such as email, SMS, or biometrics
• Highlighting potential errors, warnings, and risks
• Enabling undo, cancel, and edit options
• Applying user testing, user feedback, and user research

By following these UX best practices, businesses can reduce human errors and improve B2B payment security. They can also enhance user satisfaction, confidence, and productivity.

Increasing User Adoption

Another way that UX can enhance B2B payment security is by increasing user adoption. User adoption is the degree to which users accept and use a product or service. It is influenced by factors such as user needs, expectations, preferences, and motivations. If users do not adopt a B2B payment system, they may resort to alternative methods that are less secure, such as cash, checks, or wire transfers. These methods are more prone to fraud, theft, loss, or delay. They are also more costly, time-consuming, and inefficient.

To increase user adoption, businesses need to design their B2B payment systems with UX in mind. They need to make their systems attractive, engaging, and rewarding. Some of the UX best practices that can help achieve this are:

• Providing a clear and compelling value proposition
• Offering a smooth and seamless onboarding process
• Creating a visually appealing and consistent interface
• Incorporating gamification, personalization, and social features
• Delivering a fast and reliable performance
• Supporting multiple devices, platforms, and channels
• Providing customer support, education, and incentives

By following these UX best practices, businesses can increase user adoption and improve B2B payment security. They can also enhance user loyalty, retention, and advocacy.

Building User Trust

A third way that UX can enhance B2B payment security is by building user trust. User trust is the extent to which users believe that a product or service will fulfill their expectations and protect their interests. It is influenced by factors such as user perception, experience, and emotion.

If users do not trust a B2B payment system, they may hesitate to use it, share it, or recommend it. They may also feel anxious, frustrated, or dissatisfied. This can negatively affect their relationship with the business and their willingness to engage in future transactions.

To build user trust, businesses need to design their B2B payment systems with UX in mind. They need to make their systems transparent, credible, and respectful. Some of the UX best practices that can help achieve this are:

• Providing clear and honest information, policies, and disclosures
• Using trusted and reputable brands, logos, and certificates
• Implementing robust and up-to-date security measures, such as encryption, authentication, and authorization
• Respecting user privacy, preferences, and consent
• Handling user data, feedback, and complaints with care and professionalism
• Communicating user benefits, risks, and responsibilities
• Showing user appreciation, recognition, and gratitude

By following these UX best practices, businesses can build user trust and improve B2B payment security. They can also enhance user satisfaction, emotion, and word-of-mouth.

Measuring UX for B2B Payment Systems

To ensure that their B2B payment systems provide a positive and secure UX, businesses need to measure and evaluate their UX performance. Measuring UX can help businesses identify the strengths and weaknesses of their systems, understand the needs and preferences of their users, and optimize their systems accordingly.

Different methods and metrics can be used to measure UX for B2B payment systems. Some of the most common ones are:

User surveys and interviews: These methods can help businesses collect qualitative feedback from their users, such as their opinions, feelings, and suggestions. User surveys and interviews can be conducted before, during, or after the user interaction with the system, depending on the objectives and questions of the research.

User testing and observation: These methods can help businesses collect quantitative data from their users, such as their actions, behaviors, and outcomes. User testing and observation can be done in a controlled environment (such as a lab) or a natural setting (such as the user’s workplace), depending on the context and scope of the research.

Analytics and metrics: These methods can help businesses collect quantitative data from their systems, such as the number, frequency, duration, and quality of user interactions. Analytics and metrics can be tracked and analyzed using various tools and platforms, such as Google Analytics, Mixpanel, or Hotjar. 

Some of the specific metrics that can be used to measure UX for B2B payment systems are:

Conversion rate: This metric measures the percentage of users who complete a desired action, such as making a payment, signing up for a service, or referring a friend. A high conversion rate indicates that the system is effective and satisfying for the users.

Abandonment rate: This metric measures the percentage of users who leave the system before completing a desired action, such as making a payment, signing up for a service, or referring a friend. A high abandonment rate indicates that the system is problematic and frustrating for the users.

Error rate: This metric measures the percentage of users who encounter an error or a problem while using the system, such as entering a wrong account number, failing to verify their identity, or experiencing a system crash. A high error rate indicates that the system is unreliable and insecure for the users.

Satisfaction rate: This metric measures the percentage of users who express a positive attitude or emotion towards the system, such as satisfaction, happiness, or loyalty. A high satisfaction rate indicates that the system is enjoyable and trustworthy for the users.

By measuring UX for B2B payment systems, businesses can gain valuable insights and data that can help them improve their systems and achieve their goals.

Examples of UX Best Practices for B2B Payment Security

To illustrate how UX can enhance B2B payment security, here are some examples of UX best practices that have been implemented by some B2B payment providers and platforms:

Stripe: Stripe is a platform that enables businesses to accept and manage online payments. Stripe uses a single-column layout for its payment form, which reduces the risk of user confusion and error. Stripe also uses input validation, auto-correction, and auto-completion to help users enter their payment details correctly and quickly. 

Stripe also offers multiple verification methods, such as email, SMS, or biometrics, to ensure that the users are who they claim to be. Stripe also provides clear and honest information, policies, and disclosures to build user trust and transparency. Stripe also supports multiple devices, platforms, and channels to provide a seamless and consistent user experience. 

Versapay: Versapay is a platform that enables businesses to automate and optimize their accounts receivable and payment processes. Versapay uses a clear and compelling value proposition to attract and retain users. Versapay also offers a smooth and seamless onboarding process to help users get started and familiar with the platform. 

Versapay also creates a visually appealing and consistent interface to enhance user engagement and satisfaction. Versapay also incorporates gamification, personalization, and social features to motivate and reward users. Versapay also delivers fast and reliable performance to ensure user efficiency and productivity. 

WDIR, Your Guide to UX Excellence in B2B Payments 

B2B payments are vulnerable to various risks, including fraud, cyberattacks, and human errors. To prevent these risks and ensure secure payments, businesses need to prioritize UX. Good UX can reduce human errors, increase user adoption, and build user trust. As a leading UX agency in B2B payments, WDIR is trusted by American Express and innovative fintech startups around the world to deliver secure, user-friendly payment systems. Protect your customers and your reputation with greater B2B UX.