The revolution in electronic payments has been underway for quite some time but has been much more visible in consumer payments than in the more complicated use cases associated with business-to-business (B2B) payments. Recent advancements include faster speed of payment, increasing options for cross-border solutions, and greater choices for access to such solutions.
In a new research report, Supplier Enablement: Get More Flexible and Technical, Mercator Advisory Group reviews how banks enabling suppliers to accept card payments and other forms of e-payment need to change their thinking and technology and adapt to the suppliers’ point of view. Not doing so will result in missing a large potential opportunity to capture a portion of the trillions of shifting payments volumes moving away from paper.
"The annual growth in
B2B noncash payments globally is estimated at about 6.5%, and Mercator Advisory Group believes that the e-payments portion of that growth is about two percentage points higher due to the decline of checks. This varies by region, in particular North America, where the U.S. has been lagging in the elimination of paper process and payments versus some other areas of the world", commented Steve Murphy, Director of Mercator Advisory Group’s Commercial and Enterprise Payments Advisory Service, author of the report. “ When it comes to the cards business, the enablement challenges have been steeper, both because of the change involved for suppliers and the friction of perceived acceptance costs. The industry has pursued best practice attempts to gain wider acceptance with modest success and now needs to try something new.”
The document is 17 pages long and contains 4 exhibits.
Companies and other organizations mentioned in this report include: American Express, AOC Solutions, Bank of America, Basware, Billtrust, BirchStreet, Boost Payment Solutions, Citi, Coupa, Infor, Ivalua, Jaggaer, J.P. Morgan Chase, Liaison Technologies, Mastercard, NACHA, Microsoft, Priority Payments, Tradeshift, True Commerce, Tungsten Network, U.S. Bank, Visa, Wells Fargo, World Bank