When it comes to B2B payments, no one knows which of the many B2B innovations will ultimately replace the paper check, but it’s safe to say that ePayables will be one of them.
ePayables currently show a great deal of promise, with many businesses looking to incorporate the virtual cards into their B2B operations. As much as 37 percent of companies plan to adopt the solution in the next three years, and 33 percent expect their usage of ePayables to increase during that same time.
Even so, many businesses worry about supplier acceptance, even though the technology can benefit them and their suppliers alike. They can also benefit by reducing costs and boosting payment speed and security.
In the Optimization And ePayables Playbook, in collaboration with Mastercard, PYMNTS surveyed financial decision-makers from businesses, ranging in size from $1 million to more than $1 billion in annual revenue. The research found how ePayables technology is used in the modern B2B ecosystem, how that usage is set to change going forward and how companies looking to leverage this technology can formulate a strategic approach to streamline the transition away from paper-based B2B payments.
In our research, we found that the transition away from paper checks may be an easier undertaking than most businesses realize. This is because ePayable solutions come equipped with a host of functions, including speed, efficiency, convenience and reduced costs, to name just a few.
More importantly, as our survey demonstrated, many companies would be willing to use ePayables — if they knew what they could do. In fact, 59 percent of businesses said they would use ePayables more if they could ensure the technology would improve payments speed, while 56 percent said they would use them more often if they knew ePayables would eliminate their need for paper, thereby reducing costs.
Other key findings in the report include:
- 29 percent: portion of businesses that worry suppliers will not accept ePayables
- 65 percent: share of businesses that still have room to optimize B2B operations
- 48 percent: portion of businesses that see reduced costs as a key benefit of ePayables
The benefits are there, but making the most of them may just be a matter of getting the word out. To learn more about how ePayables can be used to optimize B2B payments, download the report.
About The Report
The Optimization And ePayables Playbook, a PYMNTS and Mastercard collaboration, explores how financial decision-makers are leveraging ePayables technology to optimize their companies’ B2B operations. To this end, we surveyed executives in leadership roles in accounts payable (AP), accounts receivable (AR), payroll and treasury to get the inside scoop on how they believe ePayables can benefit their businesses, and how they plan to increase their usage going forward.