Overview

2Checkout (now Verifone)’s all-in-one monetization platform helps businesses grow digital commerce revenue streams across geographies, business models or channels. 2Checkout’s digital services, including global payments, subscription billing, merchandising, taxes, compliance and risk, help clients stay focused on innovating their products while delivering exceptional customer experiences. Therefore, merchants benefit from a rich set of features that allow them to transact at every customer touchpoint, work with individual sales or subscriptions, and reach their target audience globally – all in one seamless solution with rapid setup and cloud scalability.

Supernova Award Category

Next Generation Customer Experience

The Problem

For decades, companies have approached B2B sales mostly by building direct sales forces that pursue big, complex enterprise deals. However, the B2B buying process has changed dramatically in the past several years due to technological innovation and changes in buyer demographics. As prospects and customers expect faster and more accurate responses, companies need new approaches in terms of B2B sales process automation. In the current B2B commerce context, the need for an "all channels" approach has become evident, especially as traditional sales (through multiple channels) keep dropping while B2B customers and merchants have set their sights on all online channels and touchpoints.

The go-to solution is CPQ (Configure, Price, Quote), which optimizes and automates the quote-to-cash process, thus powering up CRM with order management, subscription management, and payment solutions in a streamlined and seamless experience.

The Solution

Responding to this market need, 2Checkout recently introduced the Verifone CPQ for Salesforce. This native CPQ app is an add-on capability built on top of a CRM (Salesforce) that helps salespeople send out commercial proposals (offers) to the companies' major clients (key accounts). It is used to automate order placement, subscription management, billing, and more, in the back-end, based on what a salesperson does in the CRM.

The CPQ app provides B2B merchants an easy, two-way integration with our platform. In the long run, this solution will enable sales teams to have a one-stop shop for account management and quote-to-cash processes. Merchants will benefit from an automated and streamlined quote-to-cash flow with payment capture, low processing fees, and lower CPQ costs. Finally, the all-in-one solution is bound to drive the costs down and not require integrated landscapes to provide payment and subscription management with sales channel support.

The results

The Verifone CPQ application for Salesforce can be used by our merchants with a Salesforce account, and is expected to bring the following results:

• The sales team will have a one-stop shop for account management and quote-to-cash processes.
• Automated and streamlined quote to cash flow with payment capture, low processing fees, and lower CPQ costs for merchants
• All-in-one solution to drive costs down and not require integrated landscapes to provide payment and subscription management with sales channel support.

Metrics

The Verifone all-in-one solution for B2B offers a combination of self-service and assisted sales to help merchants get a revenue uplift of almost 15% and reduce complexity on their end.

The Technology

The Verifone CPQ app allows B2B merchants to create customized offers in four steps:

1. Configure products

• Select products​
• Set the quantity​

2. Set the price

• Get price
• Default discounts/promotions​
• Invoice/billing terms​
• Taxation​

3. Create a customized quote

• Get the internal approval for the customized quote​
• Send out the quote 
• Start negotiation ​

4. Get payment

• Customer approves the proposal
• Issue the invoice​​​

Disruptive Factor

The newly introduced CPQ application is game-changing as its value lies particularly in the integration between sales and back-end ordering, subscription, payment, and financial systems.

While selling through a CRM is a good strategy, in the current eCommerce context it is not enough when considering some key downsides such as longer sales cycles, less selling time for sales reps, rising quote error rates, and eroding margins. This is where our CPQ solution comes into play.

Shining Moment

We are most proud of the fact that our CPQ app enables the traditional B2B assisted sales and self-service to co-exist, not in siloed systems, but working together in a synergetic way, ultimately offering the best possible customer experience for B2B buyers and empowering them to make the purchasing decision on their own terms.