B2B payments are enormous, data-rich, ripe for innovation — and stubbornly resistant to change.
Overview of B2B Payments
In B2B payments, value isn’t just delivered by the payment. It’s also in the cost of making and receiving payments, reliability, and how the data is integrated into existing accounts payable and receivable systems.
There are multiple systems, from paper checks, wires, ACH, and the latest fast payment systems, each with its own rules. Large enterprises employ digital payments, but complex ERP system integration is required. And many small businesses still use checks.
In other words, B2B is complex.
B2B payment and fintech providers must be patient as change comes slowly to large enterprises given their complex internal processes.
Value can be unlocked through rich data, often based on ISO 20022 messaging.
Fintechs focused on the B2B domain are proliferating, bringing real value and the possibility of substantial process improvements to their customers.
Need to build out your B2B payments strategy?
Who are the right partners? What are the gaps? What’s the organizational impact of a B2B service? We bring expert guidance, deep industry experience, and a total focus on the best outcome for you and your organization.
Payments Boot CampTM
Education can increase your team’s effectiveness in developing and executing an updated B2B payments strategy. We’ll ground everyone in the essentials of how payment systems work, or design deep dive examinations of key areas relevant to B2B payments.
Launch, improve & grow your payments business