Consumer markets are reaping the full benefits of digital payments. So fast, buyers are adopting all the safe & reliable solutions fintechs and retailers throw at them. For customers and retailers, digital payments offer fast, frictionless payments improving the buying and selling experience.
The same isn’t true for business-to-business companies who are yet to witness the far-reaching convenience of digital payments. While the buyer has myriad payment avenues, from P2P networks to online banking, B2B markets are only preparing for the digital migration.
A 2019 study posted on Pymnts.com shows that only ⅓ of B2B global payments happen electronically put side by side with ⅔ of Business-to-Customer transactions. Furthermore, checks still make up for more than 50 percent of the $120 trillion B2B payments initiated per year.
As a consequence, B2B markets waste money and time with slow traditional methods. For instance, a business spends 81 percent lesser on e-invoicing than paper solutions, and the process is 77 percent faster.
How B2B Can Benefit from Digital Payments
There’s much to benefit from digital payments no matter the size of your business-to-business firm. Some of the pros include:
Automating your business process speeds up the job while ensuring accuracy. It also reduces the need for human supervision letting a business channel its resources and expertise elsewhere.
A better customer experience
Convenience is a core characteristic of digital payments. Customers are after speedy solutions and prefer paying at their convenience (anywhere, anytime). Therefore, faster invoicing and transaction processing can improve business-customer relationships and better the payment experience for both parties.
Gather useful business Insights
Groundbreaking payment solutions offer helpful insights about a business’s inflowing and outflowing payments. That way, they monitor customer habits and preferences and can lead to more informed choices. After all, consumer markets already use such clues to track their customers’ favorite payment avenues.
Businesses are rethinking their processes to prepare for the new era of payments. This means updating everything from customer onboarding to checkout. For most, the priority is to improve customer satisfaction, cut down on costs, and achieve operational efficiency.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the best payment providers. He also writes non-fiction, on subjects ranging from personal finance to stocks to Cryptopay. He enjoys eating pie with ice cream on his backyard porch, as should all right-thinking people.