According to PYMNTS, 25% of B2B payments are still made by cheque, and smaller and midsize companies carry outstanding receivables of more than a trillion dollars for their larger suppliers – largely due to the inefficiencies in outdated manual AR/AP processes that continue to cause major cash flow problems.
The December 2002 edition of PYMNTS’ The One-Stop Bill Pay Playbook found that nearly 68% of executives surveyed expect to integrate B2B payment innovations into their operations in 2023 to help address these problems.
The initial push to digitize B2B payments was provided by the pandemic. The threat of a recession is now a key factor in businesses wanting to modernize their AP/AR systems.
Read more – https://www.pymnts.com/news/b2b-payments/2023/businesses-can-survive-looming-recession-by-modernizing-b2b-payments-process/