The Future of B2B Payments
With the advance of intuitive technologies in the marketing industry, B2B marketing is witnessing a renaissance. All the entities in the B2B marketing space have undergone infrastructural changes in order to keep up with latest technologies that have been deployed to update payable and receivable accounts, credit card and debit card brands, banks, and payment processors.
The B2B payments account for $38 trillion and a major part of these payments is done by traditional paper checks. Checks being expensive and inconvenient for both senders and receivers, the payment options are getting digitalized so as to facilitate customers with convenient and simpler payment methods. With the introduction of virtual credit cards, the financial officers are now able to transform the traditional expensive checks into revenue streams as these virtual credit cards monetize A/P spent in rebates. Although there are monetary and security advantages associated with virtual cards, the delivery standards are inefficient as the process of completing the payment is complex.
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According to a survey by the Institute of Finance Management of Dar Es Salaam, Tanzania, “31 percent businesses identified receiving fewer calls from customers regarding lost invoices as the biggest benefit of electronic payment adoption.” The use of electronic media for delivering payment details is significantly safer and it also cuts the cost of businesses by half as traditional paper checks are not used. The adoption of electronic modes for financial payment and acceptance saves time too. Payment options via mobile platforms are portable and therefore provide immediate and instant B2B payments, enhanced user-convenience, secure data transfers, and automated interfaces.