How Businesses are Redesigning Their Payment Structure in the Age of Disruption
Over the course of the past few years, the B2B payments space has experienced unprecedented expansion. According to the leading business consultants, the global B2B payment will be grossing about $23.1 trillion by 2020 (Source: https://bit.ly/2Xuc5lV ). From legacy technologies and process that have already passed their prime, critical A/R transaction across the B2B environment have now become digital. With customers payment preference changing rapidly over the time, business across the world are now embracing digital systems to synchronize with the consumer behaviour. Providing more flexibility over time and outlays, adoption of digital payment methods is quite the need of hour. What Drives the Shift? Various studies on account payable lifecycle of the B2B premises reveal that the traditional transaction is challenged by an array of unmet needs. The rapid shift towards the integration of digital payment is highly triggered by the following factors. Delayed p...