Today in B2B payments, advertising companies could benefit from digitizing B2B payments, and firms expect better customer satisfaction with increased digitization. Plus, CFOs understand data is playing a critical role in business today as finance solutions spread cross-functionality, and Expensify debuts its Free Plan for SMBs.
Today’s CFO ‘All About Data’ as Finance Solutions Spread Cross-Functionally
One of the advantages of eCommerce technology firm Rokt being a “data-first, digital-centric company” is that its entire product — including customer billing functions — is a single proprietary platform, making invoicing part of how users interact with the company, Chief Financial Officer Laura Mineo recently told PYMNTS.
“The digital world, as it relates to the CFO function, in my mind is all about data,” Mineo said.
PYMNTS data shows that 75% of companies who invested in automated accounts receivable (AR) technologies reported a better customer experience.
Deep Dive: How Digitizing B2B Payments Could Pay off for Advertising Companies
Nearly one-third of organizations were using digital B2B payments as of 2020, according to one survey, and nearly two-thirds of businesses reported being “very likely” or making it a “priority” to switch most of their B2B supplier payments from checks to electronic payments.
PYMNTS research shows that those in the energy and advertising sectors are doing the best when it comes to automating their B2B payments processes. An American Express survey revealed that U.S. spending is on the upswing in all core B2B categories, including advertising, and automation is expected to be the fastest-growing segment in technology spending.
Expensify Rolls Out Cards, Free Services for SMBs
Expense management software company Expensify debuted its Free Plan for small and medium-sized businesses (SMBs) on Monday (Oct. 18).
The Portland, Ore.-based company says the plan gives users free, unlimited access to physical and digital Expensify Cards, which offer up to 2% cash back on purchases for the rest of 2021 and 1% thereafter.
40% of Large Firms Expect Digitization of AR/AP Processes to Improve Customer Satisfaction
About 40% of large firms expect digitization of accounts receivable (AR) and accounts payable (AP) processes to improve customer satisfaction, according to “The Strategic Role of the CFO,” a PYMNTS and Versapay collaboration. Almost one-third (32%) of firms with revenues between $25 million and $100 million and two out of five (38%) of firms with revenues between $100 million and $1 billion were in the same boat.
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