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Now, with electronic processes in place in accountspayable (AP) and accounts receivable (AR) departments, businesses are in a more strategic position than ever before to elevate workflows and strengthen B2B relationships. B2B payments are messier than B2C payments," said Chanda.
Corporate payments innovation has cast a wide net to tackle the many pain points businesses experience today, with accountspayable (AP) one of the most popular targets for disruptors. Many of the emerging payment scenarios are business-to-consumer (B2C), Mason explained, and stretch into many verticals.
“Three quarters of all B2B transactions still happen through paper or PDF,” notes Galarza, and require the need for both an accounts receivable and an accountspayable department. Meanwhile, in a B2C transaction, “the consumer can simply pull up their credit card to pay for goods and services.”. Australia … the U.K.,
However, accountspayable (AP) service providers have more on their plate than simply making it easier for companies to pay their invoices digitally. Scott noted that one of the biggest reasons why is service providers’ failure to adequately address vendors’ needs in the accounts receivable department.
So, when a consumer deposits a physical check via mobile device, the funds arrive in the account, and the transaction is complete. For businesses, however, there need to be additional layers of information with that payment for the accountspayable and accounts receivable teams. B2C To B2B.
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