This guide discusses the benefits of business-to-business payments automation and presents five strategies to make the most out of automating payments processing. You should walk away with insights on implementing payment automation for your business. With the right fit, your business can reduce AP processing costs, eliminate late payments, boost payment accuracy, and take control of your cash flow.
What are the Most Popular Types of B2B Payments?
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Why It’s Important to Optimize B2B Payments (and How to Do So)
- Automating electronic payments integrates these methods into a seamless system, enhancing efficiency and accuracy.
- It also means vendors are paid on time, and the relationship remains solid.
- Download our ebook “The future of B2B payments” and see why modern financial leaders are ditching checks, wires, and ACH transfers to pay vendors and suppliers for corporate cards.
- Streamline your financial operations with ease and speed and delight your customers.
- When evaluating Two.inc alternatives, businesses should consider several key factors to ensure successful implementation and maximum ROI.
- These platforms offer comprehensive solutions for managing invoices, billing, and payments, enriched with security features to safeguard transactions.
You’ll then verify the invoice details (such as the items received, the amount due, the payment methods and the due date), and then initiate the payment using the method you’ve agreed on. Once you’ve made the payment, the funds will be transferred from your merchant account to the supplier’s account. More and more businesses are shifting their business-to-business (B2B) payments to digital payment platforms, as they focus on improving payment speed, cost-efficiency, and security. They’re a strategic enabler—powering faster onboarding, seamless transactions, better compliance, and smarter financial decisions.
Lower Risk of Errors and Fraud
If your business deals with international vendors, you’ll need a B2B payments automation solution that supports global payment processing. This means, the software should support multiple currencies and comply with international regulations. Overall, automating routine payment processes will free up valuable time and resources in your business.
However, without submitting additional data (like Level 2 or Level 3 data), they might miss out on discounts they could otherwise receive. Their outdated payment solution was no longer able to keep up with the volume of documents they handled, so they came to MHC seeking an automated upgrade. An automated B2B payment system provides at-a-glance visibility into every step of your process, making it much easier to track documents and identify bottlenecks and inefficiencies.
The future of paying for digital entertainment
Embracing it will lead to benefits like accelerated cash flow, greater efficiencies, and reduced payment fraud risks. The demand for more accuracy, efficiency, security, and flexibility in a changing market is directly driving the emergence of automation in business-to-business payments. Accounting software, banking systems, ERPs, and other tools may all be integrated with automation solutions. Finally, the system reconciles payments and invoices to guarantee accuracy. In the automation process, robotic process automation is commonly utilized to automate repetitive operations. The system provides real-time visibility into the company’s financial situation, automatically updates financial records, QuickBooks Accountant and reconciles accounts as payments come in.
Electronic B2B payment processing
Supplier satisfaction improvements and internal user productivity gains represent additional benefits that may be harder to quantify but equally valuable. Establish baseline metrics before implementation to demonstrate improvement clearly.
Solutions
This includes offers from the four major party card networks (mostly Visa and Mastercard) with an active debit card that can be used at any ATM. The rise of the gig economy is forcing the payments industry to rethink B2B payment systems. It’s a complex technological leap that must satisfy gig workers and the clients they serve. Despite large overhauls in advertising technology, the way advertisers pay publishers is still rather traditional. You may still get a check in the mail or a wire transfer — the industry really has struggled to keep up with the times.
Improved Analytics and Reporting
- Implementing B2B payment automation is a multistep process that requires careful planning and strategy.
- Nuvei offers flexible, compliant, and efficient tools built to support growth and streamline financial operations.
- The launch reflects Nuvei’s embrace of “agentic commerce”, where autonomous AI agents are beginning to transform how complex payment workflows are connected and optimized.
- MONTREAL, August 19, 2025 – Nuvei today announced a strategic integration with Zuora, a leading monetization platform for modern business.
- Wire fees can range from $15 to $50 or more per transaction, with both sender and recipient often incurring charges.
- It is also worth noting that transactions via wire transfers do not have currency limits.
Additionally, some vendors may not accept credit cards or may pass along fees to the buyer. For enterprise merchants, even small improvements in payment performance can unlock millions in incremental revenue. “Agentic Commerce represents a fundamental shift in how digital payments will evolve,” said Phil Fayer, Chair and CEO of Nuvei.
That means that a large percentage of businesses are leaving money and automate b2b payments time on the table, bogging down their processing with time-wasting manual tasks and inefficiencies. Without an automated system, the workflows for making B2B payments are often fragmented and spread across multiple departments. An automated solution easily facilitates Premium ACH and virtual card payments.
