Half of US Businesses Under-Invest in Consumerized B2B Payments Tech
The Payment Cross-Border Enterprise Payments Innovation Playbook, a PYMNTS and Payoneer collaboration, overviews how payments orchestration can help international enterprises streamline their cross-border payments operations to maximize their cross-border growth potential.
Global consumer demand for convenient, hassle-free online checkout experience is spilling over into the parallel world of B2B payments. And while B2B buyers demand the same high standards for speed and variety, they aren’t as widely available.
Pomelo Pay CEO Vincent Choi told PYMNTS in an interview that advances in digital payments at the consumer level have led to B2B businesses “now demanding B2C-type FinTech in B2B,” adding that those businesses “are replicating what they will do in their personal capacity and how their consumers are interacting with them, and now they want to replicate that in the business world.”
Read more: Pomelo Pay CEO Says B2C Payments Have Raised the Bar for B2B
Key findings in PYMNTS’ playbook back him up:
- Almost all U.S. consumers are shopping on Amazon or other eCommerce platforms.
- Many, but not most, U.S.-based international businesses are responding to the crossover effect to B2B by investing to deepen their accounts payable (AP)/accounts receivable (AR) integration.
- Businesses are offering a plethora of payment options, recognizing that offering purchasers an extensive method of payment menu has a salutary effect on sales.
Get the report: The Payment Cross-Border Enterprise Payments Innovation Playbook
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