Report: Suppliers Need to Adapt to New Payment Technologies

Posted on Nov 29, 2018 11:36:47 AM by Tom Parrish

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?

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Topics: Payment Cards, B2B Innovation, Accounts Receivable

Game-Changers: 4 Innovations Transforming Commercial Payment Programs

Posted on Mar 2, 2018 2:18:02 PM by Tom Parrish

A new generation of game-changing innovations is rapidly transforming commercial payment programs. Acknowledging that AP professionals need access to their accounts from a variety of places, not just their office computers, these three features make monitoring online commercial payment activity easier and more efficient, while making commercial cards - especially virtual card - a more attractive product than ever for banks to offer their treasury clients.

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Topics: B2B Innovation, Commercial Cards

Inspiring Innovation Ahead: Five B2B Payments Trends for 2018

Posted on Nov 9, 2017 10:02:00 AM by Chad Clay

Can you believe Thanksgiving is almost upon us? With the end of 2017 coming up fast, we're looking ahead to the B2B payment landscape in the year to come. That landscape is more diverse than ever, for both suppliers and buyers. The internet is the common thread for many of the new and improved payments innovations: The push for faster, more secure B2B payments spurs new trends -- which is possible because of the nature of the web. There is every reason to believe that the following five B2B payments trends will continue to impact the accounts payable sphere in 2018 and beyond:

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Topics: B2B Innovation

B2B Leads the Charge to Digital Payments, Cashless Economy

Posted on Oct 12, 2017 1:14:05 PM by Tom Parrish

MasterCard is talking about smarter, digitally inclusive cities. Visa just issued a challenge to cities to go "cashless." Whatever you call them (cashless, digital, virtual, mobile, touchless), payments that don't require a physical form of payment are on track to dominate the consumer market in the coming decade, especially in urban areas. In the U.S., this is an arena where the B2B sphere, which has often lagged in innovation, is actually a leader and can share the lessons it has learned on going virtual with those in the B2C community who want to do the same. 

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Topics: B2B Innovation, Virtual Payments

Amex Walks Away From Enterprise B2B: How Specialists Win in Business

Posted on Feb 23, 2017 8:49:00 AM by Scott Songer
 
When  American Express decided to dismantle its enterprise growth division last year ( http://www.pymnts.com/news/payment-methods/2016/amex-finds-serve-no-longer-serves ), the news was a surprise to many in the sector. With the benefit of a year's worth of hindsight, though, we can say that what seemed like a puzzling decision at the time was actually quite logical. Why? Amex is a specialist and specialists win in most facets of life, as in business. 

Amex is arguably the leading monoline issuer in credit card history. Former parent to card processing giant First Data, Amex helped reshape the consumer loyalty and T&E card markets. Does Amex have a portfolio weakness? Yes, its B2B enterprise sales.
 
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Topics: B2B Innovation