Individuals and businesses throughout history have relied on various payment systems to purchase products and services. Today, payments have advanced from the bartering system through a myriad of technological innovations, leading to convenience.
Companies have never had a wide range of options for paying and receiving funds. The payment industry experiences consistent transformation and growth. According to Alan Safahi of Orinda, Contra Costa, a startup founder and experienced entrepreneur in San Francisco, technological and operational innovation have propelled this tremendous growth.
Today’s article will inform the continued growth of B2B payments in 2022 and highlight how B2B companies can better capitalize on the following trends. Read on!
Customer Loyalty and Relationship Building
The current nature of the payments landscape is competitive for B2B companies. Consumers dictate demand, meaning automating existing processes is not enough in 2022. Increased iteration will result in increased competition.
According to Alan Safahi of Orinda Contra Costa, Fintech companies create advanced, faster, and accessible means to financing. As a result, the nature of demands from customers is also shifting rapidly.
Research shows that consumers will expect products or services that address the increasing needs and issues of the digitized world. In response, B2B companies make efforts to empower customers and serve themselves when and how they desire.
It means B2B companies should focus on business relationships to stay relevant and make efforts to respond to rapid changes in the payment landscape with new strategies, engagement capabilities, loyalty programs, and operated models dictated or informed by the consumers.
Real-Time Payments (RTP)
B2B companies will experience payment modernization efforts, leading to real-time and faster payments in 2022. According to Safahi, small and large payment providers in the U.S are likely to amplify the need to balance speed, convenience, and security.
Therefore, B2B companies must restructure their offerings, cultivate partnerships with Fintech companies for security and build their own services to integrate payment models into their business system.
Advancements in cloud technologies will enable B2B companies to innovate, stay agile, and experiment with payment offerings. B2B companies are more likely to integrate financing into their payment systems.
However, it is crucial to work with companies that offer cloud-based financial integration technologies. B2B sellers and buyers will experience an increase in eCommerce rates in 2022. For example, e-marketplaces, such as Amazon Business and Alibaba, appeal to manufacturers, wholesalers, and distributors due to new markets and growth potential.
Data Value Assessment and Prioritizing Integrations
Evaluating the value of data is an important trend for B2B companies in 2022. Modernization and digitization will give B2B companies a competitive edge, allowing them to streamline their payment operations.
It will result in faster payments, streamlined scheduling, accurate invoicing, and financing with immediate results and visibility. That way, B2B companies will attain control and manage their business relationships, operations, and payments. Moreover, integration is an essential aspect of B2B payments in the digital age. It is one of the best ways for companies to survive in challenging times. Because consumers need mobility, ease, fast processing, and time-saving, the integration trend will continue to increase with technological advancements and consumer adoption.
Safahi says integrative technologies in B2B payments systems will allow companies to make informed decisions.