Payment technology is rapidly evolving, so it’s not a shock that the business world is adapting to these quick-moving changes. Stores across the country are closing their doors and shifting their focus onto online shopping; at the same time, automation and artificial intelligence is being implemented across numerous companies. Business-to-business (B2B) payment methods, however, have not evolved at the same pace.
B2B payments are transactions between two companies on a recurring or one-time deal, such as manufacturers, distributors, wholesalers, and retailers. These are often bulk purchases and can prove to be costly, not to mention more complicated than standard C2B (customer-to-business) transactions. Purchase volume, transaction history, and the relationship between the buyer and seller all play into how stressful or stress-free the process will be.
Due to this, paper-based payments still play a major role in countless spaces. However, this doesn’t mean that digital payments haven’t been making their way into said spaces. B2B buyers and suppliers are adopting modern methods that make transactions simpler while delivering timely payments.
In part due to the COVID-19 pandemic, the push into the digital age has caused 68% of small businesses to cut back on their paper check and cash usage. By 2025, 80% of B2B transactions will most likely be digital. 45% of transactions are still done manually, but that number is ever shrinking.
For more information on B2B payment methods and emerging trends, please see the provided guide created by CardConnect.
Visit CardConnect’s website for more on merchant payments