Sep 24 2024 26 mins 2
We’re all familiar with consumer payments technology in its various forms, but business transactions have a different set of requirements and a very different set of technologies and market participants. McKayla Wooldridge joins host Eric Hanselman to look at the results of a recent study and explore the dynamics of this complex market. The core accounting operations of any business are their lifeblood and change can be challenging, but the pressure to digitize to streamline operations, reduce errors and fraud and better manage cash flow are fueling interest in B2B payments. Much like transitions in other areas, like logistics or healthcare, going digital has to include a bridge from existing methods to electronic payments. In a world where 16% are transacting in cash, that’s no small task.
There are many players in this market, including software vendors looking to centralize on platforms for both payables and receivables, as well as banks with business-focused payment technologies. Moving from paper checks to credit card backed transactions might be a good first step, but businesses need to leverage the data that their payment activities generate to realize the full set of benefits. There’s a lot of ground to cover, but significant benefits for those that can do it well.
More S&P Global Content:
- Virtual cards offer a boost to security, could help streamline B2B payables
- Payments, fraud prevention enhance strategic value for merchants – Highlights from VotE: Customer Experience & Commerce
Credits:
- Host/Author: Eric Hanselman
- Guests: McKayla Wooldridge
- Producer/Editor: Donovan Menard
- Published With Assistance From: Sophie Carr, Feranmi Adeoshun, Kyra Smith
