A new Harvard Business Review Analytic Services survey shows widespread enthusiasm for B2B digital payments, with a large majority of middle-market companies seeing added efficiencies. Over 159 financial professionals from companies with annual revenues between $25.0 million and just under $2 billion were surveyed in September 2018.
Almost all mid-sized companies surveyed had digitized to some degree, implementing electronic funds transfer, automated payments, online payment portals, and virtual cards, among other tools. Roughly half of total payment value has been digitized by about half of the mid-market companies surveyed—already providing significant benefits. Respondents reported lower costs through staff efficiencies, real-time visibility into invoices and payments, improved spending analysis, increased transaction processing speed, and more convenience for partners, suppliers, and employees.
Cost was cited by nearly quarter of the participants as the biggest obstacle to deploying B2B digital payments systems. However, 20 percent of those who had adopted digital payments reported the project had paid for itself within 12 months.
Outside of this, the biggest obstacles reported were compatibility with existing financial systems and supplier adoption.
Inspyrus provides a unique and comprehensive approach to payment processing that goes well beyond bank and other fintech offerings by providing a simple, single, central point for automating the entire payment process, and ensuring supplier electronic payment adoption continuously runs at peak performance.