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In B2B payments, the commercialcard has experienced a dramatic spike in adoption this year as organizations accelerated their digital transformations and, unable to physically enter the office, began to rely on electronic payments to conduct their business. Winter Blues. Spring’s SMB Support. Spring began in dramatic fashion.
Leavitt, founder and CEO of Boost Payment Solutions , this is among the largest priorities for today’s accounts receivable departments, and commercialcards are stepping up to meet that demand. The drive for payment information is a key factor behind suppliers’ gradual path toward commercialcard acceptance.
NACHA released new statistics late last week on growth of ACH transaction volume in the U.S. According to the firm, B2B transactions were a key driver of ACH transaction growth in the third quarter of the year, leading NACHA Chief Operating Officer Jane Larimer to describe the ACH Network as “thriving.”. In all, more than 3.3
Initially, this came in the form of purchase cards that gave managers the ability to allow their employees to make purchases on behalf of their companies, from office supplies to travel and expense spending. Leavitt says suppliers are indeed more difficult than buyers to convince of commercialcards’ value proposition.
Accounts payable company MineralTree just gave a big show of support for commercialcards when it announced this week it is partnering with American Express (Amex) to offer companies an integrated platform to support supplier payments via virtual commercialcard. But the hurdle of card adoption persists.
Only a day earlier, payment processing giant Stripe announced an expansion of its corporate payment offerings with the launch of a commercialcard product in yet another effort by an industry stakeholder to encourage businesses to shift away from paper. Check and ACH transactions have been around for a long time for a reason.
Below, PYMNTS looks at the latest solutions that take one of those two paths as innovators address friction in checks, ACH and other rails. It’s both a show of support for a new rail like RTP, as well as for the strategy to improve upon legacy rails like ACH. s first new payment rail since ACH launched in 1974.
In an often-cited report released by NACHA last month, accounts receivables executives said they are gearing up for ACH payments to over take paper checks when it comes to how their business customers pay. Plus, the VP added, ACH payments don’t always come with remittancedata. “A
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