{"id":13779,"date":"2019-11-12T06:00:46","date_gmt":"2019-11-12T14:00:46","guid":{"rendered":"https:\/\/www.trulioo.com\/?p=13779"},"modified":"2023-08-01T16:31:58","modified_gmt":"2023-08-01T16:31:58","slug":"b2b-payments","status":"publish","type":"post","link":"https:\/\/www.trulioo.com\/blog\/payments\/b2b-payments","title":{"rendered":"How digital B2B payments are accelerating the speed of business"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2019\/11\/B2B-payments.jpg\" alt=\"B2B payments is an industry that is ripe for innovation and is attracting a lot of investment as a result. For suppliers, it promises quicker payments and lower friction. \" class=\"wp-image-13780\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2019\/11\/B2B-payments.jpg 900w, https:\/\/www.trulioo.com\/wp-content\/uploads\/2019\/11\/B2B-payments-740x493.jpg 740w, https:\/\/www.trulioo.com\/wp-content\/uploads\/2019\/11\/B2B-payments-48x32.jpg 48w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<p>Digitized and automated business-to-business (B2B) payments are forecast to reach&nbsp;<a href=\"https:\/\/www.globenewswire.com\/en\/news-release\/2022\/09\/29\/2524901\/0\/en\/Global-B2B-Payments-Market-Size-to-Reach-USD-1-618-15-Billion-by-2028-Opportunities-Obstacles-Competitive-Landscape-for-B2B-Payments-Industry-by-Vantage-Market-Research.html\" target=\"_blank\" rel=\"noreferrer noopener\">$1.61 trillion in global market value<\/a>&nbsp;by 2028.<\/p>\n\n\n\n<p>From traditional paper checks to automated payment systems, B2B payment options are plentiful. But while businesses are experiencing greater payment flexibility and security, the industry is still evolving and discovering the challenges of B2B payment processes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Popular B2B payment types<\/h2>\n\n\n\n<p>While checks are still the standard B2B payment method for many companies, digital B2B payments are on the rise. A&nbsp;<a href=\"https:\/\/www.gartner.com\/smarterwithgartner\/future-of-sales-2025-why-b2b-sales-needs-a-digital-first-approach\" target=\"_blank\" rel=\"noreferrer noopener\">2020 Gartner report<\/a>&nbsp;predicted 80% of B2B payments would be digital by 2025.&nbsp;<\/p>\n\n\n\n<ul>\n<li><strong>Checks<\/strong>&nbsp;\u2014 Checks provide an audit trail that simplifies inventory management. But high processing costs, diminishing security and payment delays can add up for some organizations.<\/li>\n\n\n\n<li><strong>Automated Clearing House (ACH) and wire payments<\/strong>&nbsp;\u2014 With ACH payments, businesses can send electronic payments among any banks in the United States. In most cases, there\u2019s no charge. Wire transfers come with higher fees but are better suited for time-sensitive and high-value&nbsp;<a href=\"\/blog\/payments\/remittances\">cross-border payments<\/a>.<\/li>\n\n\n\n<li><strong>Credit cards<\/strong>&nbsp;\u2014 Credit cards can be cheap and convenient, and businesses can easily monitor transactions with monthly statements.&nbsp;<a href=\"https:\/\/seekingalpha.com\/article\/4274844-visas-new-visa-b2b-connect-become-major-growth-driver\" target=\"_blank\" rel=\"noreferrer noopener\">Visa B2B Connect<\/a>&nbsp;specifically focuses on cross-border B2B transfers through blockchain technology for fast, transparent and secure payments.<\/li>\n<\/ul>\n\n\n\n<p>Virtual credit cards are an increasingly popular payment method. They link to a credit card account and use one-time passcodes that mitigate fraud.&nbsp;<\/p>\n\n\n\n<ul>\n<li><strong>Digital payment platforms<\/strong>&nbsp;\u2014 Digital payment platforms such as PayPal, Apple Pay and Stripe enable electronic transfers.&nbsp;Different payment platforms offer various perks, including analytics, online invoicing, fraud prevention, risk management and B2B cross-border payment networks.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Real-time payments rising as the trend to watch<\/h2>\n\n\n\n<p>Real-time payment (RTP) solutions enable businesses to send money through their financial institutions for recipients to receive instantly. RTPs can accelerate cash flow and liquidity, and improve operational efficiency and flexibility.<\/p>\n\n\n\n<p>RTPs can open the door for new business models, services and applications, which could further shift the B2B payments industry from paper to digital.<\/p>\n\n\n\n<p>The RTP trend is getting a boost in the United States with the Federal Reserve\u2019s&nbsp;<a href=\"\/blog\/compliance\/fednow\">FedNow\u2120 Service<\/a>, which has the potential to usher in a new U.S. payments era.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Onboarding is crucial for secure B2B payments&nbsp;<\/h2>\n\n\n\n<p>While there are many innovations and opportunities in B2B payments, fraud is still a top concern. A&nbsp;<a href=\"https:\/\/www.bottomline.com\/us\/resources\/b2b-payments-survey-report\" target=\"_blank\" rel=\"noreferrer noopener\">2022 business survey<\/a>&nbsp;found 64% of respondents reported at least one serious B2B fraud attempt in the previous year.<\/p>\n\n\n\n<p>Security concerns underscore the importance of effective onboarding. Strong onboarding processes ensure proper <a href=\"https:\/\/www.trulioo.com\/industries\/payments-identity-verification\/compliance\">compliance and fraud prevention<\/a> steps are in place. By&nbsp;<a href=\"\/solutions\/business-verification\">verifying a business<\/a>&nbsp;and adding security measures at onboarding, an organization gains greater visibility and control over its entire payment system. Those preventative measures can lead to fewer challenges down the road.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">B2B payments will evolve as digitization becomes the industry standard<\/h2>\n\n\n\n<p>From industry giants to new startups, digital B2B payments are ripe for innovation. For suppliers, they promise quicker payments and less hassle. For buyers, they provide simplified transactions.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-nbsp\">&nbsp;<\/h2>\n","protected":false},"excerpt":{"rendered":"Digitized and automated business-to-business (B2B) payments are forecast to reach&nbsp;$1.61 trillion in global market value&nbsp;by&#8230;","protected":false},"author":8,"featured_media":13780,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[318],"post-types":[133,172],"post-topics":[111,99,135,73],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.1 (Yoast SEO v22.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>B2B payments \u2014 speeding up the speed of business<\/title>\n<meta name=\"description\" content=\"B2B payments is an industry that is ripe for innovation. It promises quicker payments, lower friction and the simplification of complex transaction chains\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.trulioo.com\/blog\/payments\/b2b-payments\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"B2B payments \u2014 speeding up the speed of business\" \/>\n<meta property=\"og:description\" content=\"B2B payments is an industry that is ripe for innovation. It promises quicker payments, lower friction and the simplification of complex transaction chains\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.trulioo.com\/blog\/payments\/b2b-payments\" \/>\n<meta property=\"og:site_name\" content=\"Trulioo\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/trulioo\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-12T14:00:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-01T16:31:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2019\/11\/B2B-payments.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Valkama\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@trulioo\" \/>\n<meta name=\"twitter:site\" content=\"@trulioo\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Paul Valkama\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.trulioo.com\/blog\/payments\/b2b-payments#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.trulioo.com\/blog\/payments\/b2b-payments\"},\"author\":{\"name\":\"Paul Valkama\",\"@id\":\"https:\/\/www.trulioo.com\/#\/schema\/person\/4dedbd41574b6b5754919a490ed4d5ae\"},\"headline\":\"How digital B2B payments are accelerating the speed of business\",\"datePublished\":\"2019-11-12T14:00:46+00:00\",\"dateModified\":\"2023-08-01T16:31:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.trulioo.com\/blog\/payments\/b2b-payments\"},\"wordCount\":526,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.trulioo.com\/#organization\"},\"articleSection\":[\"Payments\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.trulioo.com\/blog\/payments\/b2b-payments#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.trulioo.com\/blog\/payments\/b2b-payments\",\"url\":\"https:\/\/www.trulioo.com\/blog\/payments\/b2b-payments\",\"name\":\"B2B payments \u2014 speeding up the speed of business\",\"isPartOf\":{\"@id\":\"https:\/\/www.trulioo.com\/#website\"},\"datePublished\":\"2019-11-12T14:00:46+00:00\",\"dateModified\":\"2023-08-01T16:31:58+00:00\",\"description\":\"B2B payments is an industry that is ripe for innovation. 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