Despite convenience, speed and a better general experience, alternative payment methods (APMs) are relatively uncommon in the world of business-to-business (B2B) transactions due to B2B transactions having more complex workflows that often involve multiple parties. But the reality is that APMs can offer businesses savings in time, money and effort by helping them move away from manual payments processes and tap into a plethora of new features, including simplified cross-border payments. Perhaps most importantly, APMs help increase financial visibility for both buyers and suppliers and also facilitate the rapid on-boarding of new suppliers. In the end, this can help open the market up for everyone by giving each party access to a broader range of potential partner firms.
Following the great growth seen in consumer payment solutions, B2B supply chain payments will soon catch up, and the payment platform providers that have the vision to provide early stage APM support without the need for invasive system updates will be in the best position for long-term success.