B2B Payment Landscape Is Transforming
Boost B2B offers a comprehensive suite of payment solutions for businesses.
The landscape of B2B payments is undergoing a transformation. With a focus on cutting costs, streamlining payment processing, and embracing digital solutions, both buyers and suppliers are steering toward change. Among these shifts, virtual cards are emerging as the favored payment mode for corporate buyers due to their enhanced security features and improved procurement and accounts payable (AP) management. Meanwhile, accounts receivable (AR) teams, faced with the task of accommodating various payment methods, including virtual cards, seek processing solutions that trim expenses, alleviate manual burdens, fortify security measures, and ultimately enhance cash flow management.
Projection:
By 2025, virtual cards are projected to constitute 52% of U.S. mid- to large-market commercial card spend.
Benefits of Automation: Businesses automating payment processes witness improved liquidity, reduced Days Sales Outstanding (DSO), and strengthened customer relationships, with 73% experiencing these advantages.
CFO Priorities: A significant 90% of CFOs intend to automate accounts receivable operations to rectify payment errors and delays.
As the B2B payment industry evolves, virtual cards emerge as the preferred choice for enterprise buyers due to heightened security and enhanced control. With an expanding array of payment types, including virtual cards, AR teams seek processing solutions to minimize costs, reduce manual workloads, bolster security, and optimize cash flow.
Noteworthy Achievements:
Cost Optimization: Boost enabled the client to optimize acceptance costs by defaulting to optimal interchange clearing rates, thereby reducing overall expenses.
Financial Impact:
Achieved a 40% reduction in virtual card processing fees, leading to substantial cost savings.
Successfully resolved negotiations with a high-value customer by offering payment through Boost, safeguarding recurring revenue.
Reallocated resources: Three full-time employees previously dedicated to manually processing hundreds of card authorizations daily were redeployed.
