Since 2017, Bottomline and Strategic Treasurer have run the B2B Payments Survey, and the results have never failed to be informative and thought-provoking. This year’s data continued in this vein, with the responses of 300 respondents compiled and analyzed for current insights.
The survey gauged plans and thoughts around several key areas, including payment security, fintech and bank use by corporate respondents, spending plans, key drivers, and the challenges various departments are encountering in the payments landscape.
Half of corporate respondents favored increasing their fintech use, compared to only 8% planning to increase use to bank developed solutions.
2. Fintechs: Winning on safety and value
The top reasons for the corporate preference for fintechs were security and solutions robustness first, relative cost second and overall scope and breadth of functionality third.
AP losses, elevated risks and a high view of payment process security
Concerns about payment security are escalating, but companies still perceive their own processes are secure. Meanwhile, most fraud losses are blamed on AP.
Companies see several challenges to payment digitization, including industry fit and number of payment systems. Complexity drives many of the challenges.
2. B2B leaders make >90% of their payments electronically
The top quartile of firms makes over 90% of their payments electronically, while the bottom 22% of firms use electronic methods for less than half their payments.
Increase your knowledge of the current B2B payments environment and uncover opportunities for success
Major disruptions have a positive impact of focusing our attention by highlighting problems and opportunities. They elevate issues and act as a catalyzing agent of change. Beyond the pandemic’s impacts, there are other material drivers changing behaviors and priorities.
Read the full report to get all of our key insights and learn more about what they mean for the B2B payment landscape.
76% of banks believe their payable services are above average, while only 41% of customers indicated their needs are addressed well or extremely well.
Source: Cornerstone Advisors
Industry new and trends
Learn more with these helpful resources:
B2B Payments 2020 Survey Results Webinar
Watch as Brian Greehan of Bottomline, and Craig Jeffery of Strategic Treasurer discuss the key takeaways from the 2020 survey results.
2020 B2B Payment Survey Infographic
Download the infographic and get these key stats from the B2B Payments webinar survey today!
2019 marks the third consecutive year of Strategic Treasurers and Bottomline's B2B Payments Survey. Download your copy to compare the 2020 B2B Payments survey with last year's results.
