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Today in B2B, Bloomberg broadens its credit risk data pool, and two ERP solutions secure B2B payments integrations. Everlink, FINTAINIUM Team Up To Offer Real-Time B2B, B2C Payments. And with APSPays Vault, companies can store information securely and access reporting tools for reconciliation.
With the B2B eCommerce market towering over B2C’s in terms of transaction value — Forrester Research estimates the U.S. But the reconciliation, security, payment terms and buyer-supplier relationship do not mean one size fits all for B2B transactions initiated on an eCommerce platform.
While the business-to-consumer (B2C) eCommerce boom has arguably already occurred, the global pandemic is introducing a second wave of digital commerce adoption. But this isn't a trend reserved for the B2C space anymore. But this isn't a trend reserved for the B2C space anymore. Tailoring For Unique Needs.
Connected to Adflex’s payment platform, suppliers can “send a payment link via email or SMS,” enabling buyers, in turn, “to settle invoices quickly and securely from any geography, encouraging timely reconciliation and reducing cash flow problems caused by late payments,” Bermingham wrote.
And, looking into 2021, the virtual card is positioned to tackle some of the biggest points of friction in B2B payments, including solving working capital needs for both buyers and suppliers, and mitigating fraud and other security risks. For some B2C firms, that meant expanding into the B2B market.
With ongoing shifts in payments, commerce, security and transparency, corporate cash managers have a lot on their plates. especially, bill payments are proving to be valued by consumers and B2C transactions, as the gig economy and insurance disbursements are a strong use case for Citi’s clients. Security is also top of mind.
While the B2B payments landscape is taking a page out of the B2C world's book when it comes to adopting new payment models, other paradigms are emerging that are built to tackle the unique pain points of business-to-business transactions not always seen in the consumer world. New Payment Models Emerging.
In a P2P situation, a Venmo user can send money to a friend’s account, while a B2C transaction might involve a restaurant pushing payments to disburse wages to waitstaff, placing the funds directly onto employees’ prepaid debit cards or into their bank accounts. B2C push payments can deliver quick funds to consumers.
These tools allow systems to better interact with one another, helping two parties to more securely transmit data. . Such solutions can facilitate the transmission of crucial payment data, and several players in the space have recently looked to enable smoother reconciliation processes via such services.
B2B payments has a reputation for being slower than B2C transactions to innovate, but that’s not without reason. What’s great about blockchain is the security layer that allows for financial documents to be easily placed on blockchain and kept safe and private. Purchase orders can be sent digitally,” he said, as an example.
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