- B2B payments: Targeting cross-sector inefficiencies
B2B payments: Targeting cross-sector inefficiencies
21st July 2017
Business-to-business (B2B) payments is an area where inefficiencies are still considerable. This creates many opportunities for payments providers to create solutions and grow their businesses.
There are huge potential cost savings across many markets: huge payments move between businesses, such as when companies pay their suppliers, or when sending payment to a foreign part of the business. B2C payments are small and infrequent but more tangible as everyone experiences them. B2B payments and the costs/processes involved are more regular but less tangible as the processes involved are often seen to be part of ‘business-as-usual’ with inefficiencies lying as part of a person’s job. The hidden nature of these costs and the perception that huge expenditure will be needed to remedy any issues means there are potential cost savings in most businesses.
While there are solutions on the market, there has not been a huge amount of uptake. White Space believes this is due to three reasons: lack of awareness of cost savings, a limited number of solutions and a narrow understanding of the solutions and benefits.
We have therefore considered the different costs that organisations currently incur when making and receiving business payments: observable costs, control costs and convenience costs. This paper considers the key types of pain points businesses experience in these areas, in what markets this is experienced in, and the potential solutions that are present to alleviate the costs. These findings outline the key areas and markets B2B payment solutions providers should be targeting.
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