Why business payments have been slow to digitize, and what's changing that in 2017… As the world around us digitizes, payments are no exception. The way we manage money and make payments has moved from physical channels, like cash and checks, to digital methods, like cards and online platforms. Although that's been a long-term shift, it's one that's occurred rather seamlessly. This isn't the case for businesses, where the business-to-business (B2B) payments process is considerably more complex, and as a result, almost entirely analog for the majority of businesses. When businesses pay one another, like transactions between a supplier or a buyer, the process is cumbersome, involving invoices, waits of 30-to-120-days, multiple banks and platforms, and phone calls. When those payments happen overseas, even more friction is involved, like letters of credit. That makes payments a top pain point for sellers and buyers alike, particularly smaller businesses—the population that's hurt the most by the challenges of the existing system. However, the barriers preventing firms from digitizing their B2B platforms are starting to erode and business payments are slowly catching onto consumer payment trends. As consumer technology becomes more available, back-end innovation is becoming simpler, and cheaper, for payments companies. And as consumer-side digital payments adoption begins to stagnate as the market saturates, B2B is becoming an increasingly palatable greenfield for companies looking for a new, lucrative market. A new report from BI Intelligence addresses what's been holding firms back, why they're moving forward now, and what they stand to gain from making their payments processes digital. It also discusses potential approaches for moving into the space, and why there's no "one ideal" B2B payments solution. Among the big picture insights you'll get from this report, titled The B2B Payments Explainer: Why Business Payments Have Been Slow to Digitize, and What's Changing that in 2017: - The business-to-business (B2B) payments market is a vast opportunity. In the US, B2B payments reached an estimated $18.5 trillion last year, vastly outstripping the consumer-to-consumer (C2C) and business-to-consumer (B2C) realms.
- The complexity of B2B payments is holding back innovation, but times are beginning to change. Consumer payments innovation and a vast greenfield opportunity are making the space more accessible and more appealing to payments firms, which is translating to broader market availability for merchants.
- But until digitization permeates all stages of the complex B2B payments process, and allows those disparate segments to work in tandem, we won't see any major steps towards an industry standard.
This exclusive report also: - Sizes the B2B payments market relative to other major US payment segments
- Explains how the B2B payments process works, and what makes it so complicated relative to consumer payments
- Discusses the pain points associated with analog B2B payments
- Analyzes the factors behind eroding barriers to industry digitization
- Evaluates what it will take to eventually build up an industry-wise digital payments standard
- And much more.
The B2B Payments Explainer is how you get the full story. To get your copy of this invaluable guide to the payments industry, choose one of these options: - Bundle and save 93% today when you purchase the Ultimate Fintech and Payments Reports Bundle. You will gain immediate access to this report and 51 others on some of the most important topics impacting the payments space. >> BUY THE BUNDLE AND SAVE 93%
- Purchase the report and download it immediately from our research store. >> BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of B2B payments. |
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