How Sprinque helps Samsung leverage payments to grow their SMB segment
Samsung Electronics is a household name and a global leader in consumer electronics while also being active in a myriad of other industries like semiconductors, telecommunications, and digital media technologies.
In recent years, Samsung Electronics strategically expanded its B2B online presence in 30 countries across the globe. Traditionally relying on retailers for sales, Samsung has complemented indirect retail sales with direct sales through their online e-stores. After witnessing the success of this approach in the B2C segment, Samsung decided to expand the target scope of their e-stores to include Small and Medium Businesses (SMBs) in most of their European markets. This shift has been especially fruitful, with a remarkable doubling of growth in B2B online sales as of February 2023 compared to the previous year. Notably, this transition aligns with the evolving landscape, where 76% of Small and Medium businesses (SMBs) in Europe now prefer purchasing computer and telecom appliances online.
Distribution of online and offline orderers per product category
Samsung’s challenge
To further accelerate the growth of the SMB segment, Samsung seeks to continuously improve and remove friction in the buying experience. Learning that business buyers prefer to Pay by Invoice (or Buy now and Pay later), Samsung Benelux started the search for offering a B2B payment solution.
Samsung immediately ruled out the option of building and managing an in-house Pay by Invoice solution. Samsung recognized that managing invoices, monitoring credit limits, buyer approvals, and fraud checks would take valuable time and resources from their core business and opportunities. With this in mind, Samsung began their search for a B2B payments platform.
In their search, Samsung established three key requirements a provider should adhere to:
In most companies (especially those with more than 10 employees), purchasing is done by procurement, while payments are made by the financial department.
Finance processes usually require invoices to be uploaded to the ERP or accounting system for payment. This process can take anywhere from 7 - 30 days after purchasing.
Businesses like to be able to first sell their products, before having to pay their suppliers. Or at least have some flexibility.
The solution
After a thorough deliberation process, Sprinque was selected as the best payments platform to support the Samsung e-stores in the Benelux. Sprinque filled all the requirements and stood out from its competitors with the following:
The buyer is not the person who pays
In most companies (especially those with more than 10 employees), purchasing is done by procurement, while payments are made by the financial department.
The buyer is not the person who pays
In most companies (especially those with more than 10 employees), purchasing is done by procurement, while payments are made by the financial department.
The buyer is not the person who pays
In most companies (especially those with more than 10 employees), purchasing is done by procurement, while payments are made by the financial department.
Results
The results of the first months have been very positive for Samsung. A whopping 70% of all B2B buyers decided to pay with Sprinque. In addition, average order value was 30% higher with Sprinque.
Due to the strong results in the Benelux, Sprinque is now also available for B2B buyers in the Portuguese and Spanish markets, and we’re ready to support Samsung in growing the EU B2B segment.
70%
Adoption
Within months, 70% of business buyers select Sprinque as their payment method in the checkout.
+30%
Order value
Samsung has seen a 30% increase in the average order value in their B2B segment.
Sprinque ticked all the boxes for us. Furthermore, they exceeded our expectations with the flexibility of their platform, the responsiveness of the team, and European capabilities.
Ernst Vischer, Business Development Manager Samsung Electronics Benelux
