As a B2B supplier, it pays to know how your customers want to do business. According to a recent report from virtual business payments firm Conferma, more and more of them may soon prefer making payments via mobile and electronic solutions.
The report focuses on expense management, finding outdated travel and expense systems cost companies as much as $33 billion every year.
"What we are seeing here is billions of dollars being lost thanks to a confused landscape of multiple employees using multiple ways in business to claim expenses," said Conferma CEO Simon Barker in a statement. "It is costing U.S. businesses time and money to navigate this landscape and should be subject to much more rigorous control and oversight."
The study found that in seeking ways to remedy these complexities, businesses are turning toward mobile and electronic payment methods that can be managed by automated solutions. According to the survey, 90 percent of respondents believed mobile payments could make their accounts payable processes easier.
This data shows yet another major factor now driving businesses' push toward making payments electronically. As the B2B payments landscape continues to change, staying ahead of trends like these can give your company an edge. To make sure you are properly equipped to offer this new wave of customers the checkout environment they are looking for, integrate an electronic payment API into your merchant payment gateway. With a familiar payment option available at checkout, businesses used to making their payments electronically will be far more likely to convert.
At Vantage, we're committed to helping your company find the ideal payment solution. For information on how to integrate more B2B payment options into your sales invoice and ecommerce checkout workflows, contact Vantage today.