B2B Payments

Beanstream Enters US B2B Payments Market

Paperless B2B
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In Canada, Beanstream has reportedly captured 30 percent of the nation’s eCommerce market in helping businesses receive and make payments. The company revealed this week that it is now entering the U.S. market to provide businesses — retail and otherwise — the same capabilities.

Beanstream USA launched on Thursday (May 19), offering businesses a payment processing solution to make and receive payments. The company said it services small businesses, as well as large conglomerates.

“SaaS and cloud-based companies continue to disrupt industries and are transforming the digital evolution of B2B payments,” the company said in its announcement, adding that recent analysis from Transparency Market Research calculated the value of SaaS at $23.88 billion in 2014.

In a statement, Beanstream President Craig Thomson called the launch in the U.S. a “significant milestone” for the company.

“Today, we are pleased to expand our portfolio of innovative solutions to our partners in the U.S., enabling their customers to achieve faster settlements, 24/7 payments, flexible accounts and no fixed contracts,” he said.

Beanstream provides businesses with an API, along with payment processing services, so clients can integrate payments into their own services.

“Our customers, especially those with a solution or software that they want to round out by also facilitating payments, have expressed the importance of ease of use and seamless integration,” explained Head of Product Ryan Stewart in a separate statement. “They want to focus on their business specialties and let us focus on payments.”

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LATEST PYMNTS REPORT: MARCH 2020 B2B API TRACKER  

B2B APIs aren’t just for large enterprises anymore — middle-market firms and SMBs now realize their potential for enabling low-cost access to real-time payments and account data. But those capabilities are only the tip of the API iceberg, says HSBC global head of liquidity and cash management Diane Reyes. In this month’s B2B API Tracker, Reyes explains how the next wave of banking APIs could fight payments fraud and proactively alert middle-market treasurers to investment opportunities.

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