Today in B2B payments, finances take on a more prominent role in trying times, with an increasing number of firms using blockchain and cryptocurrencies for cross-border payments. Plus, Conektr and Triterras bring increased access to working capital to UAE small businesses, and collaboration is the key for CFOs today.
37% of Firms Use Blockchain, Crypto for Cross-Border Payments
With rare exceptions, even slow cryptocurrency transactions are faster than many other payment methods. Most blockchain transactions are completed in minutes, rather than hours or even days, and are able to provide assurances against error or fraud through the transparency of distributed ledger technology.
This added speed becomes particularly important for cross-border transactions. In fact, more than 37% of businesses said they are currently using blockchain and cryptocurrencies for cross-border transactions, according to the “Blockchain Payments Tracker,” a PYMNTS and Algorand collaboration.
In addition, another 13% of the businesses surveyed said they would like to use crypto for that purpose. In total, 50% of firms currently use or would like to use blockchain and cryptocurrency for cross-border payments.
Fashion eCommerce Firm Vinted Launches B2B Shipping Service
Secondhand clothing eCommerce platform Vinted is introducing a B2B digital shipping platform, part of Vinted Go, the shipping service the Lithuanian company rolled out in June.
The service is available for domestic and cross-border deliveries across Europe, with an emphasis on PUDO (pick-up, drop-off) deliveries, which have lower carbon emissions than a doorstep delivery. The platform also gives customers access to Vinted’s network of national and international shipping carriers, which serve 14 countries.
The report said Vinted’s shipping service will support a standard delivery time of 2 to 3 working days for local delivery and 3 to 5 working days for international deliveries. It’s geared toward companies shipping small to medium items and consumer products. It’s also not just in the fashion sector; they will also ship household products, equipment for sports or hobbies and home office supplies.
Conektr, Triterras Team to Bring UAE SMBs More Working Capital
Global FinTech firm Triterras is partnering with digital lower trade, groceries and HoReCa marketplace platform Conektr to give micro- and small retailers in the UAE increased access to working capital through the inventory management tool on the Conektr app.
Through the Triterras’ Invoice Bazaar platform, small businesses in the fast-moving consumer goods space get more access to working capital for procurement through an all-digital process with know your customer requirements. The first phase of the initiative will target more than 7,000 retailers across the region.
There are about 25,000 small retailers in residential and commercial areas of the UAE, but many have struggled to secure bank credit and are forced to rely on the owners’ equity or supplier credit, the companies noted.
Sunoco to Accept Car IQ Fleet Payment Solution
Sunoco on Wednesday (July 13) announced a partnership with fleet payment solutions platform Car IQ that will allow secure fuel payments without a physical credit card. The initiative will be rolled out at nearly 5,000 Sunoco locations across the U.S. by the end of the summer.
Drivers using Car IQ Pay at Sunoco stations only need to enter the pump number and top up their fuel before taking off. Proprietary technology allows any vehicle to communicate directly with the Sunoco pump via Carat by Fiserv. The driver will not need to swipe a card, enter a PIN or note the odometer reading.
Voices of the CFO: 5 Tips for Encouraging Collaboration
In order to keep up to date on what’s happening throughout the organization, chief financial officers (CFOs) must stay in touch with their own team, people from other departments and the company’s stakeholders.
Collaboration with others is also an important part of identifying processes that can be improved and then implementing the solutions. Finance leaders talked with PYMNTS about how they promote collaboration.
When Rescale CFO Frank Colich spoke with PYMNTS in December, he said the company’s finance and human resources teams were preparing to have a virtual get-together. Colich told PYMNTS he misses the in-person interactions people have in kitchens and hallways while at the office but realizes that it’s necessary for many to work from home. He said he makes a concerted effort to have regular check-ins with members of the team over Zoom or Slack.
Voice of the CFO: Trying Times Put Finances Front and Center
Not so long ago, investors would tell companies to go full-bore in pursuit of customers and growth. That was especially true if the companies were tech disruptors — investors would tell them to take risks and hire quickly. Over the last six months, however, that has changed. Investors are now asking not only what returns companies are going to give, but also how soon they’ll start reaping them.
“I think that really makes the job of the CFO sort of front and center in partnering with product teams, the CEO and the vision of where a particular company is going to go,” Adriel Lares, CFO at Stash, told PYMNTS.
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