Today in B2B payments, new partnerships are bringing new solutions to customers. Orbit and Axletree have teamed up to offer a comprehensive treasury solution, while TSYS and Extend are working together to enable banks to offer virtual cards with spend management solutions to their business customers.
Treasury management system (TMS) supplier Orbit has partnered with bank connectivity and financial integration solution provider Axletree to deliver an end-to-end treasury automation solution. Orbit Managing Director Chris Matthews said in a press release, “We are excited to leverage these synergies and to provide a comprehensive treasury technology solution that is intuitive, cost-effective and accessible.”
Saying some businesses want to modernize payments but don’t want to leave their trusted bank, TSYS has partnered with Extend to enable banks to offer virtual cards with spend management solutions to their business customers. TSYS Head of B2B Solutions Brian Greehan said in a post on the company’s website, “With Extend as a [FinTech] partner, TSYS is prioritizing payment modernization and fostering a more connected financial services ecosystem for our bank customers.”
Aiming to make it easier for merchants to tap into what it said is one of the fastest growing sectors in retail, LePrix has expanded its B2B marketplace for pre-owned luxury goods into Europe and has converted its consumer-facing website to a wholesale platform. LePrix Europe President Camille de Vregille said in a press release, “For brands and retailers, it’s clear that the circular economy is a huge business opportunity and sustainability is a necessary initiative.”
Small- to medium-sized businesses (SMBs) looking for access to trade finance often find themselves frustrated at every turn. But a growing number of FinTechs are entering the trade finance space by either cooperating with banks or operating on a stand-alone basis in the supply chain finance sector, including through the provision of accounting software or invoice management tools and access to finance.
The B2B payments market is expected to reach $1.9 trillion by 2028, and for such a massive facet of the modern economy, this everyday payment process is rife with obstacles and challenges. Enterprise resource planning (ERP) systems are valuable tools for surmounting obstacles, but they can be difficult to implement into legacy accounting systems. This month, PYMNTS Intelligence examines the benefits ERPs can provide and the obstacles impeding their ubiquity.
When chief financial officers (CFOs) are evaluating B2B eCommerce platforms, they have a dual mandate, Spryker CEO Boris Lokschin told PYMNTS. One benefit of the project will be digitizing transactions on both sides of B2B eCommerce, which leads to efficiency, effectiveness and savings. Another benefit is the potential value add on the revenue side of the income statement, which results from unlocking new opportunities, new markets and new audiences.
Pacific Northwest credit union iQ has launched a microlending program that lets qualified SMBs in Southwest Washington and the Portland area apply for loans online. With the credit union’s application portal, businesses can apply for loans of less than $50,000 without having to come to a branch or meet with a loan officer, which iQ Vice President of Business Services Jeremy Wiersma said “helps makes applying for a business loan just as easy as applying for a consumer loan.”
Saying it’s democratizing access to business intelligence for both buyers and sellers, Flippa has added a new business intelligence tool to its global online marketplace for buying and selling online businesses and digital assets. The new tool, Flippa Market Insights, provides a decade’s worth of sale information and other business performance data to help potential buyers better understand the business.
The contractors who joined the Lowe’s Pro program and started earning MVP Rewards last month proved to be the most valuable players in a second-quarter narrative dominated by declining revenue and continuing supply problems. In fact, according to its second-quarter earnings call, the company’s B2B arm, which sells wholesale to contractors, racked up double-digit growth in the period and now accounts for 25% of overall sales.
B2B payments has some catching up to do in order to help SMBs alleviate pain points. “The AP/AR Quick-Start Guide,” a PYMNTS and Plastiq collaboration, revealed that paper-based and manual tasks still dominate, and automated clearing house (ACH) transfers are relatively slow, in a world where always-on commerce dominates, and where supply chain snarls can bedevil cash flows.
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