Business-to-business (B2B) companies are notorious for being slow adopters of technology when compared to their B2C counterparts. But the massive paradigm shift in how payments are made and received because of the pandemic has forced payment automation into the forefront for all businesses.
As WorldPay’s Maria Prados observed, “B2B historically has been pretty behind, especially around payments.” But because the industry was less digitized and a lot more reliant on manual processes going into 2020, many B2B merchants were left with no choice but to make changes – and make them quickly. Digital transformation initiatives had three- to five-year timelines, but now are executed in six months or less.
Payment Technology Provides the Tools Needed to Succeed
To survive and succeed, B2B organizations must transform their accounts payable process and cost structure. Now is the time to strategically rethink how to operate and make a commitment to lasting gains. To do this effectively, businesses need to find ways to deliver more with less, apply smart financial controls, maintain team productivity, and address operational risks. Smart payment technology helps make this happen in the short term while planning for long-term success.
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