Fintech is pushing B2B payments to get ‘personal’
Maturing technology, rising economic pressures and changing expectations for the customer experience across B2B organizations have driven businesses to transact in more personalized and efficient ways.
One of the most critical and frequent interactions that businesses have with their suppliers, contractors and customers, payments serve as a vital extension of a company’s brand and communicate reliability, trustworthiness and solvency.
Companies that recognize the opportunity to differentiate themselves and their brands through their payments process will be poised for success.
Innovative fintechs such as Stripe, TransferWise and Funding Circle have exposed process opportunities and lowered barriers to doing business, both internationally and domestically. With the rise of fintech — especially one-stop-shop solutions that streamline payment processes in the back office and eliminate manual work — business transactions have become easier and more efficient.
Companies and consumers are no longer limited to paper payments. Now, there are more ways to move money than ever, like electronic checks, e-wallets, blockchain, and eMarketplaces. These new methods are not only faster, but often more secure.
Tight labor markets, the rise of the gig economy, macroeconomic shifts, and political disputes are pressuring businesses. These changes demand that businesses move quickly and stay agile at scale. The better a business can navigate these turbulent waters by being able to spin up or down resources quickly, pay easily and manage spend, the more likely it is to succeed.
Tailored experiences have become commonplace for consumers and are making their way into B2B. Amazon, Netflix, Google and many other companies have shown what intelligent recommendations can do for consumers. These tailored experiences are now making their way into B2B transactions so businesses and supplier networks can process payments in the way that’s best for them.
Companies that take advantage of these coalescing factors and rethink how they transact will see stronger partnerships with suppliers and customers in the coming year. The payments process isn’t about just checking a box or signing a check anymore; it’s about cultivating genuinely beneficial relationships for all involved that build trust and drive growth.