The Future of B2B Payments
For years, businesses have spent an enormous amount of time and money on reconciling payments with invoices and purchase orders. But in 2019, the introduction of new technologies and value-added services in the B2B industry offer the potential to put an end to the reconciliation headaches that have persisted for decades.
Enhanced Data Streamlines Accounting
The introduction of new technologies that allow for a variety of enriched data to accompany payments are on the horizon according to PaymentsJournal. This could mean that key invoice or purchase order information will accompany payments in the future and help put an end to some of today’s time-consuming and labor-intensive AR practices. This enhanced data will become increasingly prevalent in the future, giving greater assurance that payments will be routed as intended and making it easier for businesses to pay and get paid.
AI and Machine Learning Enhance Payment Landscape
The arrival of more sophisticated artificial intelligence and machine learning techniques will increasingly help businesses get more from their payment data and processing patterns, resulting in an enriched experience, greater transparency and improved visibility. Artificial intelligence and machine learning will also enable companies to compare and benchmark their financial services in real time, as well as, look to more competitive resources to help with their payment solutions.
Merchants Benefit from Competitive Players
As traditional banks see an increase in demand for innovative solutions and an increase in their customers embracing products and services from challengers and competitors, a more aggressive focus on client retention is likely. 2019 might see banks dedicating increased resources to API development and fintech collaborations to protect their market share. Many of these institutions have enjoyed a large and loyal client base for decades. But this challenge is becoming business critical and these traditional players have vast resources to deploy when they need to.
These innovations, which will be key to the digital transformation of business payments, will emerge as a result of collaboration between the banks, the fintechs, and the rise of payment processing by Google, Apple, Facebook and Amazon. These digital giants have exceptionally advanced artificial intelligence and analytics to personalize the payments experience and are poised to influence the B2B and B2C payment space.
Businesses of all sizes are set to benefit from a multitude of new technologies that could be changing the face of B2B payments.
Learn More About i3 Merchant Solutions’s Solutions.
Contact us online or call 1-877-875-6114 x3.
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