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According to John Innes, CEO of ACH Processing Company , the complex flow of B2B payments in the healthcare space has several areas of opportunity to not only bring efficiency to the process, but actually provide financial relief to both payers, like third-party administrators (TPAs), and payees, like dental offices and private practices.
Factory shutdowns and stay-at-home orders have disrupted manufacturing and production, with ramifications reverberating throughout global supply chains. Yet as van der Walt explained, without preexisting B2B relationships in place, the process of connecting vendors like airlines to payers like shippers and forwarders is a major hurdle.
At the dawn of 2020, commercial cards made up only a fraction of overall B2B payments volume, even as corporates continued their slow-but-sure payments digitization efforts away from the paper check. But in the midst of the coronavirus crisis, the corporate card seemed to unlock more value for businesses large and small.
Kohli said such customers are looking to turn the shutdown into an opportunity by rethinking some manual processes that their payments workflows are still chained to. economy still uses $30 trillion of checks and ACH payments per year. He said such analog processes just don’t “gel” with the explosion of digital demand. Frew asked.
And digital payers are striving to win more business from tax filers this year. But there is some good news: Despite the government shutdown, tax refunds will still be paid, according to the most recent reports. Rise of Quicker Payments.
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