The B2B payment industry is shifting, as more buyers and suppliers address high costs, automate manual payment processing, and adopt digital payment solutions. Virtual cards are quickly becoming the preferred method of payment for enterprise buyers because they are significantly more secure than other payment modalities and offer better control for procurement and AP organizations. As AR teams are challenged to accept a widening array of payment types, including virtual cards, they are looking for processing solutions that minimize costs, reduce manual workloads, increase security, and ultimately optimize cash flow.
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When it comes to business-to-business (B2B) payments, it’s easy to get blindsided by the staggering $100 trillion-plus annual transaction volume and miss the real action.
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In an increasingly interconnected global economy fed by international supply chains, the buying and selling of goods and services increasingly is configured, priced, quoted and sold through digital channels. But when it comes to B2B payments, the process comes to a screeching digital halt. In fact, the global B2B payments market is estimated to be $125 trillion dollars and yet only 7% of that is conducted digitally, according to Manhattan Venture Research.
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Among consumers in Europe, preferred payment methods vary widely. From credit cards in France to account-to-account payments in Denmark and Poland, each country has its own favorite way to pay. B2B payments, however, are different story.
Read MoreTesting Lead Job Summary The Testing Lead will design and implement a testing suite for Boost applications deployed in AWS Cloud utilizing a combination of manual testing and automation testing frameworks. About Boost Payment Solutions Boost Payment Solutions optimizes the use and acceptance of commercial cards through its suite of proprietary technology-enabled solutions. Boost has…
Read MorePYMNTs Executive Insight Series — The Next Three Years The payments pull and tug between buyers and suppliers has long favored those doing the buying, but that’s changing as technology takes friction and cost out of B2B transactions. Speaking with PYMNTS Karen Webster for the “Executive Insight Series — The Next Three Years,” Boost Payment…
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In today’s fast-paced business landscape, efficiency and quality are essential for staying ahead of the competition. Straight-through processing (STP) is a solution that enables businesses to expedite financial transaction processing while reducing errors and eliminating repetitive tasks.
Read MoreIt is truly remarkable to witness the tremendous evolution of consumer payments in recent years. We’ve found ourselves in a world where making transactions is as effortless as a simple tap or click, and everything unfolds in the blink of an eye.
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One of the main trends we have seen that will have an impact in 2024 is redefining the role of commercial cards as a tool for working capital. In the pursuit of optimizing financial strategies, corporations are increasingly prioritizing working capital.
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Many businesses share similar goals regarding managing their cash flow: they want to keep adequate cash on hand for short-term needs while maintaining solid relationships with suppliers by making timely payments.
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