The business environment as a whole has changed dramatically in the 21st century, so it's only natural that the way companies interact with each other—most notably the way B2B payments are facilitated—would change as well.
That's the sentiment of a recent Business 2 Community article that suggests advancements in technology have changed customer expectations, particularly among innovative organizations. Businesses with a keen sense of technological trends are utilizing the resources at their disposal to develop more efficient operations, and this includes procurement and accounts payable. As such, they expect their providers to keep up.
"And the day is not far off when they will be able to leverage cloud-based services that combine the applications and insights embedded in these networks to digitize the billing and settlement process to facilitate electronic payments and better reporting between buyers and sellers in a predominantly paper-based landscape," wrote Bill Dulin, the article's author. "Buyers will be able to create purchase orders, receive invoices and send payments. They'll see less paper, and fewer payments lost to escheatment."
To keep up, merchants will have to follow accounts receivable best practices. Consider an organization evaluating potential providers of a particular product or service. This company has adopted all of the latest technology and is always up on any innovative measures that relate to communication, either internally or externally. If a decision comes down between two merchants with similar product offerings and pricing, and one is more technologically advanced than the other, that provider will likely be chosen over the other.
Businesses can keep up with changing times by implementing new technologies to assist with invoice processing. Mailing paper copies or sending a fax won't cut it with most of your customers these days. While that's not the case with everyone—there are still businesses out there that prefer traditional methods and even want to pay with checks—that's becoming less and less common. As we move into the future, these business practices will essentially become obsolete.
Organizations can help themselves by working with a B2B payments provider that can offer the latest innovations in processing technology. Not only can an organization like Vantage B2B provide the tools needed for efficient invoice and payment processing, it can also offer the solutions needed to maximize the potential of each transaction by allowing merchants to process Level 3 data and qualify for the lowest possible interchange rate.