Does the B2B market need better payment services and solutions? The practice may need a serious overhaul according to a report from BI Intelligence which highlights that business payments have been slow to digitise and could do with being streamlined in a fast-evolving digital world.
As BI Intelligence’s research highlights, B2B payments can be inherently more complex than a standard payment, with most businesses still using ‘analogue’ ways of payment in the form of cheques and three-month invoices to complete transactions with suppliers.
With multiple banks, platforms and more often involved in a single payment, sellers and buyers are fast becoming exhausted with payment solutions that slow cashflow down to a trickle. It can be even worse for B2B operators who rely on global payment services, with international regulations making the process naturally more difficult.
Adopting the best online payment services though means larger firms and marketing managers can better streamline B2B payment processes, improve the rate and consistency of cashflow and build better relationships with industry suppliers.
Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any business. Looking to grow your company and enter new markets? Read our blog ‘Can a consultative payment services provider boost SME growth?’ to find out more.
Online payment services are spearheading B2B innovation
The report also goes on to outline how B2B complexity is slowing down the payment process, but that innovation from the financial technology (fintech) sector is helping to unlock a new payment culture which will be music to the ears of managers and firms looking for more accessible global payment services.
B2B payments far surpass B2C payments in profit potential according to studies, again highlighting the need for efficient, secure and easy-to-use payment services in the B2B sector. The right payment services can go a long way to complementing a business’s growth strategy and give CEOs and financial managers more time to focus on growing their departments and the business.
As well as the fintech revolution, traditional institutions are also recognising the need for more streamlined B2B payment services to attract new customers and hold on to existing ones. Visa, for instance, has recently announced a new B2B payments program dedicated to speeding up the process, while Mastercard has also recently launched a B2B payments hub to speed up payments.
Choosing the right B2B payment services for your business
Not every business or industry is created equal, though, and businesses and managers will perform better with a bespoke financial strategy and payment solution that works with the way they work and how the business operates in mind.
Something that a lot of fintech companies are helping complex businesses to navigate with creative new solutions. TransferMate for example is launching a new platform that allows all payments to be handled on a single platform which may work better for certain larger businesses than the solutions Visa and Mastercard have recently released.
Managers in important roles may not have the time to research the countless options available to them. Short on time, they’ll also have to learn about issues surrounding compliance, especially on an international level when it comes to B2B payments.
Partnering with the right payment solutions provider can take the complexities of compliance away from them, creating a bespoke financial strategy that streamlines the internal and external payment process, allowing them to focus on their job and enter new international markets.
Find out more about streamlining the B2B payments process at your company and building an international financial growth strategy by contacting the Fibonatix team today.
Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any business. Looking to grow your company and enter new markets? Read our blog ‘Can a consultative payment services provider boost SME growth?’ to find out more.
