A recently released whitepaper from The Strawhecker Group on B2B payments highlights the need for suppliers to adapt to new payment technologies, including virtual card, in the very near term. According to TSG and their partners at Mastercard:
"As customers move to eliminate paper checks and improve working capital through the use of virtual account payments, suppliers should capitalize on the opportunity to invest in technology. This will help to both create a more seamless experience for the customer and improve the efficiency of the card acceptance process. The supplier’s investment should focus both the current needs of the business and the future state of payments acceptance." - The Strawhecker Group/Mastercard, 2018.
As a supplier in the business-to-business sphere, you've no doubt encountered buyer organizations that wish to pay you electronically rather than via paper checks. How do you determine which forms of payment your organization will accept from buyers? Are you concerned about added costs associated with electronic payment formats? And if you do go electronic, which format makes the most sense for your B2B payments?