Business-to-business B2B payment trends have been rapidly evolving in recent years, driven by advances in technology and changing customer expectations. With the rise of digital payments, businesses can now process payments faster, more securely, and more efficiently than ever before. In this article, we’ll explore the top B2B payment trends in 2023, including the rise of AP automation and BNPL (buy now, pay later) solutions.
AP Automation
One of the biggest trends in B2B payments in 2023 will be the rise of AP automation. AP (accounts payable) automation refers to the use of technology to streamline and automate the process of paying bills and invoices. This technology can help businesses process payments faster, reduce errors, and improve cash flow management.
AP automation involves several key components, including electronic invoicing, automatic approval workflows, and integration with accounting systems. With electronic invoicing, businesses can receive invoices directly in their accounting software, eliminating the need for manual data entry. Automatic approval workflows can help businesses route invoices to the appropriate individuals for approval, reducing bottlenecks and delays.
Another key component of AP automation is integration with accounting systems. By integrating AP automation with accounting software, businesses can automatically reconcile payments with their accounting records, reducing the risk of errors and ensuring accurate financial reporting.
BNPL solutions
Another major trend in B2B payments in 2023 will be the rise of BNPL (buy now, pay later) solutions. BNPL solutions allow businesses to defer payments for purchases, making it easier for them to manage cash flow and improve their purchasing power.
BNPL solutions can be particularly useful for businesses that need to make large purchases. Also don’t have the cash on hand to pay for them upfront is a relevant use case. By deferring payments, businesses can manage their cash flow more effectively and avoid the need to take out loans or lines of credit.
In addition to helping businesses manage their cash flow, BNPL solutions can also provide other benefits, such as rewards programs and cash back offers. These incentives can help businesses save money and improve their bottom line.
Mobile Payments
Mobile payments have been on the rise in recent years and will continue to play a critical role in B2B payments. With mobile payments, businesses can process payments quickly and securely, without the need for physical payment cards or cash.
Mobile payments can be particularly useful for businesses that need to process payments on the go, such as field service providers and delivery companies. By using mobile payments, these businesses can process payments quickly and efficiently. It also reducing the risk of errors and improving customer satisfaction.
In addition to their convenience and efficiency, mobile payments are also highly secure. Mobile payment providers use advanced encryption and authentication technologies to ensure that transactions are safe and secure.
Real-time payments
Real-time payments have been gaining popularity in recent years, and in 2023, they will become a critical trend in B2B payments. It allow businesses to process payments instantly, providing faster access to funds and improved cash flow management.
Real-time payments can be particularly useful for businesses that need to process payments quickly. Examples can be found in the healthcare, retail, and manufacturing industries. By using real-time payments, these businesses can improve their cash flow management and reduce the risk of payment delays.
In addition to their speed and efficiency, real-time payments are also highly secure. Real-time payment providers use advanced security technologies to protect transactions and ensure that funds are transferred securely.
B2B payment trends: eliminate pain points
In conclusion, B2B payment trends are rapidly evolving, driven by advances in technology and changing customer expectations. In 2023, we’ll see several key trends emerge, including the rise of AP automation, BNPL solutions, mobile payments, and real-time payments. Deep understanding of the client and platform pain point will increase success with factor 4. It’s also important to master the financial language to convince C-level. Businesses that embrace these trends and adapt their payment strategies and understanding the C-level financial language accordingly will be well-positioned to win the B2B payment race.