05/10/2021

Digital B2B Payment Trends Rule 2021

Buyers and suppliers are building a new business model

The past year has radically changed the business-to-business (B2B) landscape, and some clear payment trends have emerged that will likely unfold over the next 12 months. B2B merchants should take note of these payment automation trends that will influence how they conduct business in the future.

Payment Trends to Watch for This Year

1. Checks Continue to Lose Ground

Payment automation has focused on cost savings, account payable (AP) efficiency and has surged as companies did not want to send employees into the office to cut checks during the pandemic. Hopping on this digitization bandwagon – suppliers. With more suppliers asking buyers to start making payments electronically, the check is becoming more obsolete.

2. ACH Fraud is on the Rise

Traditionally, banks have been able to offer check protection, but have not focused on ACH. The fraud risk is greater than with checks because the ACH payment process is much faster. It is almost impossible to recover stolen funds if you don’t recognize the problem before the funds reach the bad actors.

Please select this link to read the complete blog post from OSAE Member Infintech.