Online marketplaces are all about innovation. And in the B2B procurement space, that innovation is increasingly starting and ending with better and more seamless payments.
After all, there’s an old saying about business-to-business payments: as long as it works, people don’t want to see any changes, and as a result, B2B payments have long been plagued by inefficiencies, especially when compared to the growing embrace of digital payments elsewhere.
Traditional B2B methods, such as wire transfers, checks and manual invoicing, dominate the landscape but are cumbersome, slow and prone to human error. But as online B2B platforms grow more sophisticated and globalized, the necessity for modern payment systems that prioritize speed, security, flexibility and even integration with both buyer and supplier back-end infrastructure is clearer than ever.
In an interview posted here Monday (Sept. 23), Donald Polansky, senior manager of corporate systems development at GlassCraft Door Company, told PYMNTS that the company’s own B2B marketplace has plans to utilize custom APIs and integrate with third-party enterprise resource planning (ERP) systems, automating the quote-to-order process.
With B2B platforms continuing to mature and gain share relative to legacy procurement channels, their ability to enable faster, more secure and customizable payment options has become a differentiator.
Read more: Cross-Border eCommerce Is Reshaping B2B Procurement
PYMNTS has previously covered how, when it comes to B2B payments, accepting (and offering) more options can potentially lead to more business.
As B2B marketplaces look to reduce friction across key purchase stages, they are increasingly starting by integrating smarter, more agile payment systems that align with the demands of global trade.
For example, last Monday (Sept. 16) Mondu announced a new Stripe integration that allows B2B merchants and marketplaces to offer Mondu’s buy now, pay later (BNPL) options through their existing Stripe setup.
BNPL for B2B payments provides many of the same benefits as it does for individual consumers, but on a larger scale, according to the PYMNTS Intelligence and Splitit collaboration, “Is BNPL the Next Driver for B2B Growth?”
A week earlier (Sept. 10), small business-focused B2B payments platform Melio integrated with Amazon Business, combining with the Amazon Business Reconciliation API and allowing companies to synchronize Amazon Business invoices in a single payment processing system, helping business owners save time.
Many small businesses wrestle with late payments. According to the PYMNTS Intelligence report “End the Wait: SMBs and the Protracted Challenge of Delayed Payments,” more than a quarter of small and medium-sized businesses (SMBs) in the United Kingdom face up to 20,000 pounds (about $26,000) in overdue invoices, with 36% of payments arriving late each month.
And earlier this year, FashionGo launched a net terms solution for buyers on its online B2B wholesale marketplace for the fashion industry. The new Dynamic Net Terms solution is tailored to meet the needs of wholesale buyers — a segment that is traditionally underserved — and offers dynamic net terms and payment options that adjust to each buyer’s profile and needs.
Read more: Click, Pay, Done: How Embedded Payments Could Transform B2B
The emergence of embedded finance has supercharged the digital transformation of B2B payments and commerce, PYMNTS reported earlier. Embedded finance can speed the processes involved in B2B transactions — including invoicing, purchases orders and reconciliations — by integrating payment solutions directly into B2B platforms.
Solutions like BNPL and embedded finance give businesses greater flexibility in managing cash flow, allowing them to purchase goods or services without immediate upfront payments. This flexibility is especially beneficial for SMBs, which often struggle with tight liquidity constraints.
At the same time, innovative payment solutions that support multi-currency transactions, cross-border payments, and real-time settlements enable businesses to enter new markets with confidence. By reducing the complexity of international payments, B2B marketplaces can attract a broader user base and foster global trade.
Ultimately, by adopting modern, flexible and secure payment solutions, these platforms can offer businesses faster, more efficient, and more transparent ways to transact, helping to unlock growth and drive global trade.
“What I’m most excited about is the future of B2B payments, how quickly it’s moving,” Eric Frankovic, general manager of corporate payments at WEX, told PYMNTS. He believes AI (artificial intelligence) will play a key role in advancing digital payments, helping businesses automate processes, enhance fraud detection and optimize payment strategies, all key capabilities when it comes to the importance of tailoring the payment mix to the specific needs of businesses.
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We get a lot of press releases here at PYMNTS. We consider all of them, and some are more newsworthy than others. But this one really got our attention. This past week, Diebold Nixdorf made headlines with its announcement of successfully installing two new automated teller machines (ATMs) at the U.S. National Science Foundation’s McMurdo Station in Antarctica. This achievement marks a significant milestone in banking accessibility, to be sure. We would like to meet the crew that installed them. We’d also like to know why they needed two. Was there a line at the first one? More to come on that.
According to Diebold, McMurdo Station is Antarctica’s largest research and logistics hub, supporting a fluctuating population that ranges from fewer than 200 residents during the winter months to up to 1,100 individuals during the summer (October through February). The presence of these ATMs is crucial, it says, as the next closest banking facilities are thousands of miles away, making them the only ATMs on the entire continent. How’s that for a value proposition?
The DN Series ATMs are designed for always-on availability. And why do they need two? One ATM is actively in use, while the second serves as a backup for spare parts, ensuring uninterrupted service in this isolated area. These machines are connected to the DN AllConnect Data Engine, which leverages Internet of Things (IoT) connectivity, machine learning, and artificial intelligence (AI) to monitor their performance. A dedicated team continuously aggregates and analyzes technical data to identify potential issues, enabling remote diagnostics and repairs. The ATM can be maintained by trained staff at NSF McMurdo Station, or the Diebold Nixdorf service team can remotely guide them through the repair process.
Anyway, it got us thinking. Are there other surprising ATMs in extreme locations? Well, of course, there are. Here’s a sampling of what we found.
At an altitude of about 5,364 meters (17,600 feet), the Mount Everest Base Camp in Nepal is another unexpected place to find an ATM. Although it’s not a permanent fixture and is often set up seasonally, it caters to climbers and trekkers who need cash for local transactions. This temporary ATM service underscores the adaptability of banking services in extreme environments.
In some parts of the Amazon rainforest, particularly in Brazil and Peru, ATMs can be found in small villages and towns. These machines are vital for local communities, providing access to cash in areas where digital payment options might be limited. The presence of ATMs here demonstrates how banking services can reach even the most remote communities.
Located in the Tibet Autonomous Region, Nagqu is home to one of the highest ATMs in the world. This region is very remote, with limited infrastructure, making the presence of an ATM a notable example of banking accessibility in extreme environments.
In the Thousand Islands (Kepulauan Seribu) off the coast of Jakarta, Indonesia, there’s a floating ATM. This unique ATM serves the local community and tourists on the islands, demonstrating how banking services can adapt to isolated marine environments.
Longyearbyen, the administrative center of the Svalbard archipelago in Norway, boasts the most northerly ATM. This location is one of the most remote inhabited places on Earth, with limited access to mainland Norway, making the ATM a vital service for residents and visitors.
On a more serious note, the installation of ATMs in places like Antarctica and other remote locations highlights the evolving nature of banking technology. With advancements in IoT, AI and remote diagnostics, it’s becoming increasingly feasible to provide banking services in areas previously considered inaccessible. As we look to the future, it will be interesting to see where else ATMs might appear. Whether it’s on a remote island, at the top of a mountain or even in space, the ability to access cash is becoming more universal than ever. And who knows? Maybe one day, we’ll see an ATM on Mars, serving the first interplanetary travelers.
For now, the presence of ATMs in unexpected places reminds us that banking is not just about transactions; it’s about connecting people and communities across the globe, no matter how remote they might be.
