An Inside Look At The B2B Payments Satisfaction And Usage Disconnect

Paper checks have long been used in the B2B industry, serving as one of the few ubiquitous payment methods in an otherwise highly fragmented market. Now, many businesses are looking to change that.
Checks are still common, but given the choice, many companies would prefer to pay in a different way. As much as 35.4 percent of businesses said they plan to decrease their use of paper checks in the future, with more than 40 percent saying they are too slow and require too much manual paperwork. But what do they plan to use instead? Perhaps unsurprisingly, a large portion of companies expect their B2B payments to go digital. For instance, 37 percent said they will use more ePayables in the future, while 21 percent said they will make more use of digital wallets. What’s more, this growing interest in the use of digital payments presents an opportunity for ambitious payment providers and small- to medium-sized.