Moving analogue and manual processes to automated, digital ones represents the future of B2B payments.
That’s because, against a backdrop marked by rapid technological advancement, B2B payment systems are undergoing their own significant transformations — not the least of which are being built atop the future potential of commercial card usage and other innovative accounts receivable (AR) solutions.
“AR teams are often feeling the pinch of being understaffed and overlooked … but if these AR teams can get the tools they need, they can do some amazing things to help their companies,” David Bork, head of AR Solutions at Boost Payment Solutions, told PYMNTS.
Bork emphasized how these issues are being exacerbated by recent economic conditions. According to a June 2023 survey, 81% of businesses reported an increase in delayed payments, with 50% experiencing late payments from customers and 77% of AR teams falling behind on their metrics.