It’s time for B2B businesses to accelerate adoption
Whether online or in-store, today’s consumers want to be able to pay for goods and services the way they choose, whether that’s credit card, debit card, ACH, PayPal, Venmo, etc. For some time now, consumer-facing companies have been investing in and integrating a wide range of payments capabilities to meet this expectation and provide customers with a seamless shopping and payment experience. Also read: B2B payments: The next $38.2 billion market While progress has been made in modernizing payments in the consumer space, the speed at which B2B companies are getting there pales in comparison for a number of reasons. In some cases, limitations of existing accounting systems prevent B2B companies from switching to electronic payments or abandoning paper checks delivered via snail mail. The cost and difficulty of implementing a digital payments platform is also a contributing factor. In other cases, B2B companies are simply unwilling to disrupt processes that customers have become accustomed to. However, the dynamics of…
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