While the past 18 months have seen a positive shift in the dynamics between buyers and suppliers, the acceleration of digital transformation has created new opportunities for innovation, including new B2B payments solutions.
Innovative Opportunities to Drive Digital Transformation
As younger generations become decision-makers, these digital natives are pushing for solutions that improve the overall business flow while emphasizing the convenience of personalized finance tactics.
Innovative opportunities include:
- Use of virtual cards for greater convenience and higher security against fraud
- Personalization of payments to meet each client’s preferences (See our previous blog for more on personalized B2B payments)
- Integration with enterprise resource planning (ERP) for strategic insights
- Integration with accounting software for automatic, error-free reconciliation
- Generative AI for workflow enhancements, including automating administrative tasks, such as autofill and reconciliation
Compelling Reasons to Move to Digital B2B Payments
Compelling reasons for digital transformation to help businesses be more successful through better financial management include:
- Having the ability to keep more cash on hand
- Helping to avoid paying increasing costs for capital
- Getting paid faster through automated payments
- Having more time to pay (when paying by credit card)
- Avoiding paying today’s interest rates, which can impact profitability
- Reducing accounts payable and receivable errors through automation
- Accessing data for real-time insights to gain a competitive advantage
Consumerization of B2B Payments
With new technology innovations and the drive for digital transformation, B2B payments are seeing a behavioral shift to a more human approach, giving business users the digital conveniences they are used to in their consumer lives. For example, seamless underwriting, credit processing and cash flow with fewer errors and greater security increases repeat business. According to PYMNTS Intelligence, nearly nine in 10 retailers (89%) that make commercial payments using real-time innovations say they have built stronger buyer-supplier relationships, and 76 percent of those that receive payments say the same. Simply put, companies that trust each other are more likely to work together, leading to repeat business and more consistent, stable revenue.
Want to get started with digital payments today?
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Whether you currently have a payments processor or are new to B2B payments, connect with PayNation today and provide your buyers and suppliers with the digital payments support they need for the cutting-edge payments solutions of today.
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