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Technological advancements made in the B2B payments space have given organizations the opportunity to adopt new, innovative methods and better service their customers, but some companies simply aren't staying up with changes in their industry. In fact, according to payment technology specialist Tom Blomfield, the B2B sales industry is still well behind the times.
Blomfield spoke recently at the WIRED Money conference, indicating that electronic payment and credit card adoption is still too slow in the B2B space. He cited that 80 percent of B2B payments are still made by checks in the United States.
This prompted an article from WIRED, indicating that change must be made in order for B2B providers to succeed in an increasingly competitive market. In a piece released earlier this month, Kadhin Shubber, the article's author, stressed the fact that vendors selling to other companies are still utilizing ancient payment solutions, which is only hurting themselves.
"Business-to-business (B2B) payments are stuck in the stone age," Shubber wrote. "Anyone who's had any experience in processing invoices, checks, and payment orders—the seemingly infinite amount of accounting paperwork—knows that it is slow, labor-intensive, and open to human error."
If it's true that B2B vendors are still behind the times and are struggling to keep up with payment innovation, significant efforts must be made to reverse that outcome. This can be attained in numerous ways. For example, adopting a B2B eCommerce solution will go a long way toward helping customers buy and pay the way they want.
However, regardless of the changes made to a vendor's payment operations, it's imperative to ensure that merchants are receiving the highest possible value from each transaction. Obtaining a solution that allows for Level 3 processing and uses tokenization to protect customer data and help attain PCI compliance will help cater to customers' buying preferences without compromising the merchant's needs.
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