B-to-B payments

As technology advances, new terms are existing with older vocabulary, causing potential confusion that challenges user experience, says NvoicePay's Alyssa Callahan.

It’s not yet time to retire the notion that businesses favor checks for supply chains, but deployments in multiple markets signals a turning point in modernizing B2B payments.

The health care payments market is big – accounting for over one in six dollars of the U.S. GDP – yet it remains perpetually outdated with its heavy reliance on using paper statements for sending out bills.

JPMorgan Chase has become the first card issuer to join the Visa and Billtrust Business Payments Network in an effort to streamline the delivery of electronic B2B payments for its commercial card clients.

Calling it the largest B2B trading platform in the world, Alibaba Group has opened Alibaba.com to small and medium-size U.S. businesses to reach an addressable market of $23.9 trillion.

For business payments, financial institutions have the trust advantage over fintechs but are not offering an easier experience, argues Steve Robert, co-founder and CEO of Autobooks.

Ever since PayPal took control of Venmo as part of its 2013 purchase of Braintree, it has woven Venmo into more and more of its products. Even other acquisitions aren't immune to the spread of Venmo.

Swift is building out its Global Payments Innovation (GPI) service to allow corporations to initiate and track payments across all of their banking partners from a single source.

Corporate payments provider WEX has added Visa commercial virtual cards to its platform for B2B payments.

Ensuring a good experience for buyers not only gives companies an edge over their competition, but it has practically become a requirement for company growth. With the increasing popularity of information-sharing websites and apps like Facebook or Yelp, reputations can expand or shatter within moments, writes Nvoicepay’s Alyssa Callahan.