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Payment technology is evolving before our eyes, and businesses are taking notice. Stores across the United States are leaving their physical locations behind to clear the way for online shopping. On top of this, automation and artificial intelligence are being adopted by companies all over the country. Business-to-business (B2B) payment methods, however, have lagged behind when it comes to evolving.
B2B payments are transactions between two companies on a recurring or one-time basis, such as manufacturers, distributors, wholesalers, and retailers. These are often bulk purchases and can be quite costly – and more complicated – than your average C2B (customer-to-business) dealing. Purchase volume, transaction history, and the relationship between the buyer and seller all play a role in the efficiency of the transaction.
Paper-based payments, however, are still a vital cog in the machine of business. They are, however, being quickly phased out. B2B buyers and suppliers are looking to the future to simplify the transaction process and deliver punctual payments.
Since the COVID-19 pandemic, 68% of small businesses have decreased their paper check and cash usage in favor of its digital counterpart. By 2025, 80% of B2B transactions could be digital. 45% of transactions are still done manually, but that number is steadily declining.
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
