B2B Payment Trends Driven by Need for Speed

It’s been an eventful period in the B2B payments space. Here’s a recap of recent developments along with an analysis of the trends they illustrate.

Integration Takes Top Billing

Two developments illustrate the trend toward integration of B2B payment automation functionality into accounting and operating systems.

Payments software provider linked2pay will deploy workflow automation platform Workato to expedite the integration of its payment solutions with several popular accounting and operating systems. “We completed the heavy lifting in our initial project with Workato so that our clients can set up their real-time data exchange with supported accounting and operating systems in just a few clicks,” said linked2pay Chief Operating Officer Kyle Taylor.

The linked2pay solution orchestrates card, automated clearing house (ACH) and check processing, and helps users manage their payments processing and risk management.

Read More:    Linked2pay Deploys Workato to Integrate Payments, Accounting Software

Meanwhile, noting that labor accounts for 90% of manual invoice processing costs, ConnectWise has acquired Wise-Sync to enable users of ConnectWise products to automate the collection of payments. The acquisition brings together Wise-Sync’s integrated payment automation platform and ConnectWise’s IT solution provider software and service platform, making fully automated payment collection available for both ConnectWise Manage and ConnectWise Sell.

Read more:    ConnectWise Acquires Wise-Sync to Add Payments Processing Capabilities

Customized Solutions for Niche Markets

One-size-fits-all solutions are giving way to customized offerings as providers leverage flexible technology to serve niche markets. And perhaps no vertical is as niche as the expanding — and still cash-based — business of running cannabis dispensaries.

FinTech Bespoke Financial plans to expand its B2B buy now, pay later (BNPL) offering for dispensaries in California and Massachusetts, according to a report from Reuters. A pilot of the BNPL product was launched in July, with Bespoke offering access to financing and Blaze Solutions providing the point-of-sale (POS) software. The product enables cannabis retailers to view financing terms and then finance purchase orders to vendors.

For the BNPL offering, Bespoke Financial has partnered with cannabis-focused technology company Blaze Solutions, with Bespoke offering access to financing and Blaze providing the point-of-sale (POS) software.

Read more:    Report: Bespoke Plans to Expand B2B BNPL for Cannabis Industry

Fostering Security and Trust

Innovations won’t do businesses any good if they don’t foster trust between buyers and suppliers — and protect their data against hacking and breaches associated with B2B payment automation.

Decentralized messaging app Beepo, which is currently in beta testing, has added a new feature that it said secures all chats with blockchain encryption. With this feature, users can make B2B transactions with no third-party involvement, safely share funds with family members and clientele, access decentralized blockchain applications and browse online catalogs.

According to the company, with the growing breach of privacy on social media platforms, new secure methods are of the utmost importance. Blockchain technology has stepped up to fulfill this need in the form of a set of upcoming social networking sites that will pioneer future secure online communications.

The Beepo App is to be publicly available for download when the beta testing is complete, according to the company’s website.

With the new feature, Beepo aims to prioritize the anonymity of users, give users complete control over their information, and prevent data breaches, censorship, and the sale of users’ information to marketers.

Read more:    Beepo App Enables Secure, Decentralized B2B Payments, Messaging

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