B-to-B payments

With midsize businesses still handling the majority of their accounts payable via checks, large corporations are reaping the benefits of digital or card payments. A lot of this has to do with a misunderstanding of the options available to them.

In its continuing expansion of the Visa Ready faster certification program, the card brand is targeting technology companies that develop software for Visa's business-to-business payments services.

There is an expanding array of choices to reduce paper checking, add speed and reduce cost from billing.

Many companies in the payments industry see B-to-B transactions as ripe for modernization, and Mastercard is no exception. Its recent participation in a $300 million funding round in AvidXchange enables a new approach to this market.

Merchants increasingly sing the praises of analyzing customer payment data to learn more about spending habits and deliver customized offers through mobile devices. American Express is kicking off a project to do the same with corporate travel data.

As the gig economy expands, at least some consolidation is inevitable. As a result, companies that already have complex webs of payments, billing cycles and workflows will need a way to merge their systems with those of their acquisition targets.

Business are still reluctant to automate payments and billing, though that can hurt companies financially, writes Daniel Andrew, a vice president at Corecentric.

Boston-based Flywire has made another move to diversify beyond its original cross-border tuition payments niche by acquiring Pace Invoice, a multi-currency invoicing platform enabling clients to more easily link outgoing cross-border invoices with incoming receivables.

FastPay says it will provide digital businesses with a new platform for receiving payments from advertisers and agencies, and also for paying vendors in a timely manner.

American Express has made several attempts to escape its image as a card for the elite, with efforts such as the Bluebird prepaid card and the OptBlue pricing program for small merchants. Its latest move is focused on rewards for small-business owners.