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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. Summer Trips: Canceled.
As payments giants like Visa and Mastercard shift the innovation spotlight onto B2B transactions, developers of new accounts payable solutions are ushering in a growing trend: designing paymenttools not just for the payer, but for the B2B supplier as well. Discover Targets Reconciliation Data.
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.
It’s a stark contrast from its historical high of 81 percent in 2004, analysts noted, and suggests checks are steadily declining within corporate payments. The AFP’s report was released the same week a range of new electronic B2B paymenttools were announced, the latest in a deluge of digital payment solutions emerging in recent years.
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