B2B eCommerce Payment Trends
With the volume of online transactions increasing every year, the need for smarter and faster methods of payments for B2B transactions is driving innovations in finance. The new features out there aim to make the payment process more intuitive and readily available and will transform ecommerce in many ways.
Tech is embracing finance, and finance has seen the potential in collaborations that bring together the best of both worlds. Through acquisitions and partnerships, major corporations are following where new demands lead. Both are working towards real-time payments that will change the face of global business. The transactions will have to move as fast as instant messages.
Invoicing isn’t everyone’s cup of tea, yet every business needs it. B2B payments providers like Stripe are already integrating accounting and invoicing into their platforms, but it’s still a trend that hasn’t reached its full potential yet. The adoption of cloud computing, payments, and customer relations management is speeding up uptake among businesses who want to spend as much time as possible talking about their products and satisfying the clients. There are more options for bulk payments, as well as new solutions for recurring payments and subscriptions which merchants are adopting.
As the way we use the Internet changes, we’re inevitably seeing new ways of purchasing online. Voice search and virtual assistants are interesting ones to look at. It’s already possible to place orders through Amazon’s Alexa, and although it’s a long way before businesses employ voice, they are an exciting option going forward. It’ll probably take a while before businesses hand over their purse to Alexa. Still, there are smart people already figuring out how to manage bulk orders that are generated by voice.
The emergence of cloud services, CRM, software as a service, and subscription models has seen innovation in mass payments, and these usually come with built-in invoicing. Stripe, Tipalti, and several others are serving businesses that need to pay other companies and freelancers on a periodic schedule. Companies need to fill in their information once, and they can forget about it. In addition to regular pay-outs, merchants can collect and analyze data they generate from these interactions.
Online marketplaces are picking up, and businesses are warming up to the idea of making new encounters and having a reliable arbitrator who can guarantee payments and ensure the exchange of goods. In addition to this, they get to set up free accounts without worrying about website and store setup costs where they get competitive prices and better quality. This is one area that will continue to grow in 2020 as online marketplaces improve their payment systems to the level where they can serve B2B merchants in real-time. Expansion into emerging markets that integrate local payment options will drive growth in global ecommerce trade.
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