Future Commerce STEP BY STEP: B2B Payments: The Final Frontier, with Paul do Forno, Deloitte
There are a million reasons why B2B payments are behind the times. In an era where margins are razor thin, businesses make irrational decisions that cause frustration and headaches for employees and for finance. The modernization of payments in business is the final frontier of digital transformation, employee experience, cash flow management, and profitability. When every point of margin matters, investing in your payments infrastructure is critical to your success. Listen in as Paul do Forno, Managing Director at Deloitte shares why he believes B2B payments is the next great untapped industry. Listen now!
An $8 Trillion Industry
- Digital Commerce 360 estimates that businesses pay other businesses approximately $17 Trillion
- Of that $17 Trillion, about half of those payments are done manually and due for optimization.
- There is a lot to think about in B2B payments, including setting up terms, how you sell, who you’re selling to, setting up new clients, and more.
- If Paul were trying to sell the benefit of B2B payment tools, he would really focus on the reduction of average payment time.
- For Paul, he experiences their B2B business growing faster than their B2C business, which he isn’t surprised by, looking at the state of the current economy.
- The role of trust is vital in B2B payments. If one doesn’t have insight into what they’re buying, their order, etc, they won’t trust the supplier to fulfill their promise.
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