Businesses understand all too well the importance of delivering and receiving payments fast as a means to grow and stay competitive. That’s why so many companies, from financial firms to payment solution providers to even theater ticket sellers, are turning to API solutions to make the payment process both faster and more efficient.
The September B2B API Tracker™ explores the latest API-based innovations that companies around the globe are embracing to take the friction out of B2B payments, improve cash flows and maintain relationships with suppliers, customers and clients.
In an effort to boost the speed and efficiency of B2B payments and improve payment deliverables, several companies are turning to electronic invoicing solutions.
Electronic invoicing provider Basware, for one, recently integrated B2B solution NetworkPay in a move designed to help businesses pay suppliers automatically and ease companies away from paper checks, as well as expand the reach of electronic payments into the B2B space. The NetworkPay integration is intended to streamline the accounts payable process by enabling businesses to automatically pay suppliers via ACH virtual cards or wire payments as soon as invoices are approved.
Meanwhile, merchant services provider Century Business Solutions recently released an upgrade to its payment processing solution EBizCharge, which can be used in the NetSuite ERP platform. The new solution, known as EBizCharge for NetSuite, is aimed at helping companies by automatically and securely sharing from NetSuite to the EBizCharge payment gateway. This step spares businesses from having to manually input the data.
APIs are also being put to use to improve the pace of payments in international markets.
In Europe, for example, ING Group recently invested €21 million ($24.3 million USD) in global payment solutions provider TransferMate. Under the terms of a new partnership between the pair, ING will now be able to use TransferMate’s cross-border API and global payments license, a move that has the potential to lower the costs associated with international payments.
London theater venues are using APIs to pull back the curtain on ticket inventory, helping customers connect to the right seats without having to search multiple sites.
Ticket seller London Theatre Direct is using a wide range of ticket sellers’ APIs to offer customers real-time insight into available tickets across multiple venues. In the September feature story, Mark Prethero, the company’s director of partnerships, gave PYMNTS insight into how APIs are helping to improve the theater-going experience and the culture among London’s West End theater businesses, and opening new opportunities to integrate ticket purchases into the rest of the travel experience.
“If you’re traveling to London, most people will go see a West End show,” Prethero said. “So why not offer them a fun entertainment product to book rather than just a rental car?”
Find that story, the latest news and a directory of B2B API players in the new Tracker.
About The Tracker
The B2B API Tracker™ serves as a monthly framework for the space, providing coverage of the most recent news and trends, along with a provider directory highlighting the key players that contribute across the segments and comprise the B2B API ecosystem.