B2B Payments Streamlined by ePayables
In the B2B industry, managing payments and cash flow has long been mired in “the way things have always been done” mentality. But ePayables is set to change that old attitude and is gaining traction in the financial industry.
PYMNTS and Mastercard teamed up to survey financial professionals in leadership roles in accounts payable (AP) and accounts receivable (AR), payroll and treasury to see how ePayables is shaping their business and how they plan to use it in the future. They surveyed more than 400 financial decision makers across 12 different industries to formulate their study.
They learned that more than one-third of businesses they surveyed are excited about adopting innovation that will improve day-to-day operations. This latest statistic showcases the increasing awareness of both large and small businesses using ePayables as a viable option for replacing the dependence on paper checks.
Time and Safety Drive Adoption
ePayables gives businesses the option to be much more efficient by helping them get rid of paper and manual processes such as trying to reconcile and match invoices with payments. Time is a primary reason for financial leaders to utilize ePayables as it accelerates the speed of the payment cycle. 70 percent of those surveyed noted that such offerings offer better optimization in the drive to eliminate paper.
Among the most important benefits for companies are increased safety and security of their vital data. ePayables allow organizations to put controls on payments, customize the merchant segments where ePayables can be used and even set transaction and date limits. A key feature of ePayables is that account numbers can be used only one time, and this greatly limits the impact of any compromises if a data breach occurs.
ePayables are poised to take root with the adoption rate slated to grow by as much as 37 percent over the next three years. And this will prompt B2B companies to start examining other avenues of innovation to make payment improvements.
Learn More About i3 Merchant Solutions’ ePayable Solutions:
Contact us online or call 1-800-621-8931.
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