Flexible Contract Terms: Protecting Customer Relationships in Challenging Times
During challenging times with rising prices and interest rates, both SaaS vendors and sellers may look to make changes in order to protect their interests.
Some SaaS customers may seek to change or shorten their contracts, while others may be under increased financial stress that has them cutting down their tech stacks. During times of increased stress, customer relationships can suffer.
Today, we’ll break down how to protect your customer relationships in challenging times, and how offering flexible payment terms could help you retain and even grow business in a difficult market environment.
Challenges of the market environment
When the market is in a challenging state, some SaaS customers may look to adjust their contracts in order to retain necessary capital. During these difficult times, customers may:
- Cut back on their tech stack
Some companies may need to cut down the number of SaaS platforms they use.
- Downsize their contract or subscription
Companies under stress may need to reduce the number of user seats they’re eligible for, or remove features that cost extra.
- Seek contract financing to cover costs
Many companies look to finance their SaaS payments in order to use essential platforms without breaking the bank.
Additionally, customers may feel pressured or stressed by upcoming bills, manual collections processes, and a lack of flexibility surrounding payment. All of these stressors can slowly erode a positive customer relationship.
Protecting and strengthening customer relationships in challenging times
There are a number of effective ways to protect and even improve customer relationships in a challenging period.
- Make customers feel heard and valued
- Prove your product value
- Work collaboratively to find a solution
- Offer payment flexibility with a B2B buy-now-pay-later
Make your customers feel heard and valued
In order to maintain strong customer relationships during challenging times, it’s important to make your customers feel that their concerns are being heard and considered. In an increasingly-automated world, a personal, human relationship with customers is more meaningful than ever.
Prove your product value
Open a line of communication with your customer to determine whether they have new pain points that your product can alleviate. Reassess their needs and show them how your product can help improve their efficiency, sales cycles, or other issues.
Work collaboratively to find a solution
Work as a partner with your customer to address their concerns. Proving product value and working to meet their needs can be a collaborative process that can strengthen your customer relationship and increase customer loyalty.
Offer payment flexibility with a B2B BNPL
If customers are facing budget restrictions and need to alter their subscriptions mid-contract, offering flexible payments through a B2B BNPL (buy-now-pay-later) platform is the best way to meet their needs while still ensuring that you receive ACV payment upfront.
Protecting customer relationships with a B2B BNPL
B2B BNPL platforms allow SaaS vendors to offer flexible payment terms to their customers at checkout. Seamlessly integrating into your CRM and CPQ, a B2B BNPL like Capchase Pay makes it easy for customers to choose a payment plan that suits their needs.
Unlike traditional financing methods, which require significant manual data entry and provide few, if any, integrations, B2B BNPL platforms provide rapid approval and streamlined payments supported by automations.
Not all B2B BNPL platforms offer the flexibility required to support your customers during challenging times. Capchase Pay provides a range of options that allow vendors to work with customers who are facing difficulties.
- Mid-contract changes
Capchase Pay can handle adjustments that take place in the middle of a contract period. Does your customer need to switch from monthly to quarterly payments? Capchase makes it easy.
- Custom payment terms
Capchase Pay allows customers to select from monthly, quarterly, or custom payments. Capchase then provides the automations and collections necessary to secure payment.
- Line item options
Unlike many other B2B BNPL platforms, Capchase Pay allows customers to finance specific line items in their contracts for more flexibility and a truly bespoke experience.
- Custom fee payments
In challenging times, some SaaS vendors may want to cover the fees associated with using Capchase on behalf of their customers. Capchase Pay allows vendors to cover fees, split fees, or pass fees to the customer depending on your preference.
- Hands-on customer service
Capchase Pay provides stellar customer service to SaaS vendors and customers alike, ensuring that the details of every transaction are handled with care and respect.
Capchase Pay is G2’s #1 B2B BNPL platform, and at the top of their customer service category, as well. We pride ourselves on providing a service that strengthens and protects customer relationships, even in challenging times.
Ready to get started with Capchase for a better future? Let's talk!
