The B2B industry has historically been slow at adapting to automated payments compared to its consumer counterparts. However, this past year has been a catalyst for substantial change and the business-to-business ecosystem is embracing new technology like never before. And this new B2B technology is not only changing the industry’s payment models but is changing the B2B landscape altogether. Below are some examples of how that is happening.
1. More Affordable Options
Thanks to the advances in technology, such as the cloud or mobile apps, businesses have more payment options that will save them both time and money. For merchants that have embraced technology this past year, they have learned how beneficial it can be in sharing documents, hosting meetings online, and sending out invoices. That same technology is being embraced for B2B payments where owners can automate invoicing by setting-up recurring payments, even for multiple businesses. And these advances can add to the bottom line.
2. Rise of Purchasing Cards
According to the NAPCP, “A Purchasing Card (P‑Card) is a type of commercial card that allows organizations to take advantage of the existing credit card infrastructure to make business-to-business (B2B) electronic payments for a variety of business expenses (goods and services).”
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