Transforming B2B payments isn’t about digitizing a single process but giving a crucial edge to organizational agility.
The fast pace of digital transformation has afforded flexibility and convenience for every industry. And it’s what most decision-makers are seeking.
B2B payments have always remained challenging due to legacy systems, numerous approval hierarchies, and manual operations. And there have been three persistent pain points: data security, control, and speed.
Businesses have been on the active lookout for solutions – real-time and seamless. They don’t merely wish for a smooth payment experience for their clients but also require a means to streamline their spending.
To turn this into a reality, businesses are merging virtual cards with mobile wallets.
Generally, mobile wallets are used by individuals and B2C and D2C vendors selling goods such as CPGs or luxury items, among other utilities.
On the other hand, the B2B industry still relies on traditional transaction methods because of the large amounts and people involved in the supply chain. This is something the industry has been attempting to forego through this integration.
Not only will it improve cash flow between the parties, but it will also limit transaction amounts and add additional layers of authentication. This will result in more transparency and improved client experience—the actual purpose behind driving this change in B2B.
In an age where every operation has become frictionless, why must B2B decision-makers sit on their hands?
Amidst the rapidity of digital transformation, they must take significant measures and rid themselves of any complexities. So, integrating virtual cards with mobile wallets is not merely a strategic move but an imperative one.
