There is certainly no shortage of opportunities when it comes to transforming B2B payments. The future of payments can seem unpredictable these days and as technologies adapt to unforeseen challenges, new and innovative ways of thinking are the key to resilience.
Experts can predict what the future of payments will look like, but the outbreak of the COVID-19 pandemic has shown that there is no time like the present to prepare for future challenges. Adopting a digital strategy can go a long way to ensure the survival of your business.
Heading into 2020, Strategic Treasurer noted that 47% of organizations cited AP fraud as their primary concern. However, one in five businesses surveyed said they had not factored security into their business continuity plans.
Manual processes can seem a feasible option in the traditional, in-office work environment, but they can be prone to fraud, inherently inefficient, and actually costlier in the long run than the alternative of a digital-first approach. With the switch to an online and remote working model, end-to-end digitalization is more important than ever to help streamline functions across the entire organization.
“The future of B2B payments will continue to be about automating processes across the organization; enabling remote work and business continuity; enhancing security and decreasing the global reliance on paper in accounts payable,” explains Bill Wardell, VP of Strategy and Business Development at Bottomline Technologies.
Optimizing automated your AP and AR processes not only helps maintain positive business relationships; it also offers a number of other benefits including:
- Quick, secure, and cost-effective payments
- The ability to pay and get paid from any location
- Full visibility throughout the entire payment process
Traditional paper-based AP processes are a way of the past. The way to accelerate your digital transformation is to fully embrace the latest technology to equip your organization against change in the B2B payments arena. The right set of payment capabilities and digital technologies can prepare your organization for disruption and protect it long-term.
For more on the latest tips to transform and improve B2B payments read the full article “Remote work or not, current B2B payments aren't up to snuff".
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