4 Trends That Are Shaping The Future of B2B Payments
Rob Unger, AAP, Senior Director at NACHA & Elaine Nowak, Product Management and Marketing Director at HighRadius
About this talk
1. Rise of digital payments: Accelerated shift from checks to ACH, online payment portals and other contactless real-time payment options
2. Going beyond portals: Unportal-ing electronic payment and invoice presentment
3. Enablement of cross-country payments for a seamless payment experience across multiple geographies, currencies, and languages
4. Sneak-peek into the HighRadius RadiusOne Network: One platform for buyers-sellers networking and digital collaboration across the globe
Since the onset of the COVID crisis, payment trends have been widely fluctuating. A recent study by Nacha has shown that after a payment slack in the initial part of the year, same-day ACH has increased by 33% from Q1 to Q2, and is expected to increase even further. With the prolonged remote work situation, many B2C payment trends have carried over to B2B with ‘ease of use’ becoming the new goal. Businesses are inclined more than ever towards cashless and digital payments to manage their invoice-to-cash process more efficiently, resulting in quicker invoice payments, and allowing suppliers & merchants to receive their money faster. The current needs involve a platform with multiple payment formats and cross-border payment options and facilities, and having a simple localized portal does not cut it.
In this session, we would talk about some highly disruptive payment trends of 2020 and how those trends would shape the payment landscape for 2021. We would also talk about some payment technologies and automation solution features that would help you to ride the wave of payment disruption in the coming months.
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