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Despite many obstacles that smaller businesses face in automating the processing of payments, many are now showing progress toward the ultimate goal of Straight-Through-Processing (STP).
In the world of payments, rife with friction, there is no such thing as a silver bullet. Even when technologies come close to addressing multiple challenges that exist today when sending, receiving and reconciling B2B payments, those benefits typically come with a cost — whether it be the interchange fees of cards or the burden of replacing legacy infrastructure.
While the consumer payments market quickly eschewed checks for mobile and card-based payments, the B2B sector clings to physical checks as a standard payment form.
The payments industry has been talking about the digitization of B2B transactions for years, maybe decades, with not much of a nudge of that needle.
In 2018, the acceptance of virtual cards, also known as v-cards, by small-to-midsize businesses (SMBs) increased significantly as suppliers embraced the improved security and convenience of this digital payment method over paper checks.
In 2018, the acceptance of virtual cards, also known as v-cards, by small to mid-sized businesses (SMBs) increased significantly as suppliers embraced the improved security and convenience of this digital payment method over paper checks. Still, making the leap to fully automated payments remained a challenge for most within this market segment.
In a vast and rapidly growing commercial card market, virtual cards are grabbing dollar-volume share and are poised to dominate business-to-business card payments, according to research from Accenture Payments.
30 experts provide their view into the future of payments.
SHARE TWEET SHARE SHARE PRINT EMAIL In B2B payments, the tipping point looms — away from checks and toward payments done electronically. At least, if the tipping point is not here yet, then we are tipping rapidly toward the tipping point.
The growing acceptance of virtual cards, sometimes referred to as v-cards, by small to mid-sized businesses (SMBs) increased exponentially in 2018 as suppliers embraced the improved security and convenience of this digital payment method over paper checks.
