Today in B2B payments, CFOs are increasingly focused on recruiting and retaining talent. Plus, Pivotree and Spryker team up on Commerce-as-a-Service offering and TreviPay launches networks for small, medium and large businesses.
Why CFOs Demand Transparency for Themselves, Customers, Vendors
Companies that have gotten ahead of the curve in digitizing payments operations have gained a decisive competitive advantage against rivals that have been slower to innovate. One of the benefits these forward-looking companies expect is greater transparency for themselves, their customers and their vendors.
In fact, half of the companies that plan to digitize their payments operations over the next year said making payment processes more transparent is an important outcome, according to “Business Payments Digitization,” a PYMNTS and Corcentric collaboration based on a survey of 400 chief financial officers (CFOs) from companies with $400 million to $2 billion in annual revenues.
The survey found that 56% of CFO said improved transparency is an important outcome of the digitization projects they plan to implement this year, with 13% of them saying it’s the most important outcome and another 43% saying it’s important, but not the most important.
Ranpak Debuts Automatic Packaging Solution
Paper-based eco-friendly packaging and automated paper packing solutions company Ranpak has launched Flap’it!, a machine that automates the packing of a suite of small products, according to a Thursday (July 21) press release.
The machine automatically adapts to the height of the item and secures the product in place with inner flaps and integrated cushioning bumpers at the corners, ensuring products are protected during shipment to reduce costs, damage and product returns, the press release says.
The system is run by a single operator and can be moved around the facility. It includes a number of safety features and has a small physical footprint. The product can pack up to 540 packages per hour, nine packages per minute — five times faster than manual packing, according to the release.
Pivotree, Spryker Partner on Commerce-as-a-Service
Frictionless commerce company Pivotree has formed a partnership with digital commerce platform Spryker, according to a Thursday (July 21) news release.
The companies say the traditional software implementation business model needs an update, and that Commerce-as-a-Service provides that overhaul by letting enterprise customers to continue to invest even in the face of a recession.
Joseph Lee, Pivotree’s general manager for commerce, notes that his company and Spryker are bringing this offering to North America for the first time. Based in Toronto, Pivotree offers digital products and managed/professional services to help digital businesses manage their commerce platforms.
Freight Bottlenecks Spotlight Need for Faster Payments at US-Mexican Border
The United States-Mexico cross-border trade route is one of the largest in the world, but importers and exporters still face a challenge in moving cargo between the two countries. Like all international trade, it’s complex, involving anywhere from eight to 12 different stakeholders.
Nuvocargo aims to simplify this process with an all-in-one digital platform focused on U.S.-Mexico cross-border freight trade. The company last month announced a new platform that helps streamline invoicing and payments for motor carriers.
The volume of traffic through this trade lane has increased since the start of the pandemic as companies that used to source goods in Asia via West Coast ports are now looking to Mexico for suppliers. As they undertake this “nearshoring,” importers and exporters must learn to work within a different regulatory framework — and transition from maritime to over-the-road freight.
TreviPay Launches Networks for Large, Small and Mid-Sized Businesses
B2B payments and invoicing firm TreviPay has launched specialized networks geared toward businesses of every size. The launch includes three networks, among them the Private Network, which allows large enterprise sellers to build “closed, branded trade credit networks with invoice-based purchasing across all channels for all their customers.”
Meanwhile, the TreviPay Network is similar to the Private Network but is designed for midmarket companies that want to “offer instant trade credit and invoicing for business buyers but don’t need a branded solution,” the Kansas company said.
Finally, the soon-to-be-launched Small Business Supplier Network lets banks offer small businesses flexible payment terms for their customers while doing away with bad debt risk and freeing up capital.
Voices of the CFO: Competing for and Retaining Talent
When it comes to recruiting and keeping talent in an organization, chief financial officers (CFOs) do more than provide data about the salaries the market offers or handle payroll. Several CFOs have told PYMNTS that they also play a key role in facilitating engagement and communication, not only within the finance team, but across the organization.
Interviewed for the PYMNTS series “A Day in the Life of a Digital-First CFO,” finance leaders shared the ways in which they contribute to their organization’s goal of competing for and retaining talent.
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