The Pandemic is Driving B2B to Digitize Payments
The closure of office spaces compelled many organizations to seek out web-based solutions
Many businesses were turned upside down during the early months of COVID-19, and merchants had to change the way they interacted with their customers and vendors. The closure of brick-and-mortar offices compelled countless business-to-business (B2B) organizations to seek out web-based treasury solutions and move away from the paper-reliant systems that was the norm.
Change has been traditionally slow to come to the B2B world, with many businesses set in their ways when it comes to how they send out bills, disbursements, and invoices, or how they accept payments from partners or vendors. Paper-based payments — not just paper checks, but also invoices or other documentation involved in B2B transactions — have become so ingrained that it took the pandemic to highlight how reliant many firms are on manual processes.
B2B Moves to Digital Solutions Out of Necessity
Pymnts.com spoke to Katrina King, executive vice president of treasury management at Cadence Bank, and Bridgit Chayt, senior vice president and director of commercial payments and treasury management at Fifth Third Bank, to explore how business needs are changing and what it means for the future of the B2B industry.
Please select this link to read the complete blog post from OSAE Member Infintech.