The advantages of digitizing payment relationships between buyers and suppliers seem obvious. Lower paper and postage costs, faster speed, and increased security are just a few of the clear benefits. Yet, research – and experience – show a different reality from what we’d expect with respect to how buyers interact and transact with their suppliers in 2019.
AFP’s 2019 Electronic Payments study found that while over 60% of organizations believe faster payments will have a positive impact on their organizations, 97% of financial professionals continue to use checks to pay their business suppliers.
Meanwhile, data from NACHA indicates that 32% of B2B payments today are ACH and are set to increase to 45% by 2020. While this shows progress, with practically every facet of business today fully digitized, one has to wonder why it’s taking so long for B2B payments to follow suit.
Read more here: https://www.paymentssource.com/opinion/b2bs-focus-is-on-the-buyers-and-thats-causing-a-digital-imbalance