In today’s highly interconnected ecosystem, businesses rely on many other companies to keep their operations running smoothly. The timeliness of B2B payments raises the stakes for all parties involved, as a missed or delayed payment can ripple across the network. These delays can result in late fees or fines, delayed delivery of supplies and can even interrupt firms’ expansion goals.
A series of payment innovations are promising to put an end to some common B2B payment frictions, including online portals, same-day ACH and automated accounts receivables (AR). The all-new Securing B2B Payments Report, a PYMNTS and American Express collaboration, highlights how these solutions are helping B2B partners to quickly and securely make payments and keep their relationships strong.
Many B2B payments rely on invoices to communicate the payment amount expected and to reconcile the transaction. A recent partnership between consulting firm CGI and invoice payment solution provider Ordo aims to make invoice processing safer and more secure. Under the partnership, the companies have produced a tool that integrates end-to-end encryption to protect sensitive information, prevent push payment fraud and enable billers to accept partial payments to avoid late fees or penalties.
With total losses from fraud reaching $4.2 trillion last year, businesses will face an increasingly delicate balance of keeping payments secure while still delivering a seamless payment experience. Identity verification solutions provider GIACT Systems recently announced plans to work with data analytics firm Equifax to launch its new EPIC Platform from GIACT. The new platform will use technology from Equifax to analyze customer identity and behavioral data to assess fraud risks better.
Another new solution could help smaller businesses to transition away from using paper checks for B2B payments. Expense management solution provider Bento for Business recently released a new service known as Bento Pay. The service enables businesses to make and receive payments using personal identifiers such as email addresses and will allow them to accept payments using ACH, delivered directly to their checking accounts or via virtual cards.
Deep Dive: Tapping AI To Tackle A $4.2T Fraud Epidemic
As payments become increasingly digital, fraudsters are becoming more creative in their efforts to steal money, data or both from businesses. The global economy suffered $4.2 trillion in losses related to fraud activities last year alone. Given the high risks and high costs that fraud can bring, artificial intelligence (AI) solutions are likely to play an increasingly significant role in keeping businesses secure and fraudsters at bay. Find the Deep Dive outlining AI’s increasingly prominent role in the fight against fraud in the Report.
Keeping Construction Payments Fraud-Free
Late payments in the $1.8 trillion construction market can have long-ranging effects. Cash flow problems can result in construction firms delaying payments to vendors, suppliers or subcontractors, which in turn can result in late delivery of supplies, therefore delaying projects from the beginning. In the inaugural Tracker feature story, Karin Rush, leader of shared services for DPR Construction and Linnet Phoenix, DPR’s head of corporate accounts payable, explain how the firm’s use of virtual and purchasing cards enable it to make secure and efficient payments across a network of thousands of subcontractors and suppliers.
About the Securing B2B Payments Report
The Securing B2B Payments Report, a collaboration between PYMNTS and American Express, highlights the latest innovations and solutions that are designed to make B2B payments smarter, safer and more secure enabling partners to seamlessly and efficiently process payments.