With midsize businesses still handling the majority of their accounts payable via checks, large corporations are reaping the benefits of digital or card payments. A lot of this has to do with a misunderstanding of the options available to them.
Many companies in the payments industry see B-to-B transactions as ripe for modernization, and Mastercard is no exception. Its recent participation in a $300 million funding round in AvidXchange enables a new approach to this market.
Merchants increasingly sing the praises of analyzing customer payment data to learn more about spending habits and deliver customized offers through mobile devices. American Express is kicking off a project to do the same with corporate travel data.
As the gig economy expands, at least some consolidation is inevitable. As a result, companies that already have complex webs of payments, billing cycles and workflows will need a way to merge their systems with those of their acquisition targets.
Boston-based Flywire has made another move to diversify beyond its original cross-border tuition payments niche by acquiring Pace Invoice, a multi-currency invoicing platform enabling clients to more easily link outgoing cross-border invoices with incoming receivables.