Until now, businesses have been suffering without tailored B2B payment methods.
With more and more transactions taking place online, the B2B payments landscape is changing, catering to the needs of businesses and their business buyers. However, this change is late to the party compared to the current payment options available to B2C players.
B2B payments story
With that said, you may be wondering why:
…payments are still mailed by paper checks in the US?
…why almost no European businesses issue their employees with credit cards?
…why business buyers waste so much time finding the tiny subset of suppliers that accept purchases on invoice?
…why retailers have to finance their customers' purchases with cash from their own balance sheet?
…why does a retailer need to hire credit analysts?
The answer to all of these questions is this: the payments sector is not tailored to B2B transactions. The past years show us a revolution within B2C payments, but b-commerce transactions cannot be managed the way B2C transactions are.
Why are B2B payments important?
The European Commission believes that solving B2B payments will create about 6.5 million jobs in the EU zone alone. To put it another way - jobs, livelihoods, and legacies are being destroyed right now and nobody is working to fix this.
B-commerce is a completely new business category, and we’re witnessing the beginning of solving it through made-to-measure payment methods.
So how do we solve B2B payments?
By making it easy for businesses to transact with other businesses, cashflow issues, income loss and inability to hire new employees will become a thing of the past.
Business invoice is an age-old B2B payment method, however too many businesses are managing their business invoices in-house which requires credit-risk knowledge and time-consuming processes.
Want to see how Two can help you increase your e-commerce sales with BNPL, the rising star of B2B payments? Book a 30 minute demo with us today!✌️