B2B Payment trends to watch in 2021
Key Takeaways
⇨ Embracing end-to-end invoice processing within a single environment enhances cash flow visibility and optimizes capital allocation decisions, crucial for staying competitive in e-commerce.
⇨ Implementing virtual cards can significantly reduce payment fraud and improve working capital, with virtual cards making up only 3% of targeted payment fraud compared to 74% for checks.
⇨ Safeguarding against B2B payment fraud requires robust measures such as additional account blocks, more frequent reconciliations, and extra segregation of duties, especially in a remote-working environment.
Online-ready Millennials make up 70% of all B2B decision-makers today,1 so it’s important to have e-commerce capabilities that can provide the seamless online experience they anticipate. In fact, 42% of small to medium B2B companies saw an increase in online transactions in Q2 and Q3 of 2020.
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