Global transactions and diverse market opportunities are standard in B2C. But in B2B, a persistent challenge has hindered progress for too long: the slow and cumbersome nature of payment processes. Historically, these transactions have been bogged down by paperwork, inefficiencies and delays, impeding the growth of businesses and the expansion of online trade. However, the landscape is transforming. Businesses engaged in digitization efforts seek sustainable avenues for growth amidst economic uncertainties and rising expectations from discerning B2B customers who demand speed, simplicity and transparency in their payment experiences, regardless of their geographical location. The B2B Payment Challenge The B2B payment process has long been a significant pain point. Recent studies indicate that a staggering 87% of businesses encounter substantial payment delays, leading to inefficiencies and frustrations in B2B transactions. The repercussions of these delays are profound, affecting not only the businesses themselves but also the global supply chains they are integral to. In an era where online growth is often taken for granted in the B2C sector, the B2B landscape presents a different narrative. Online B2B growth is less common due to the intricate nature of online transactions, especially in areas like cross-border payments. The effort required to enable […]
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