Today in B2B: Stilt and notch Debut New Products; Big Companies Are Best at Digitizing Business Payments

Today in B2B payments, restaurant supply chain marketplace notch introduces a B2B payment platform, and Stilt launches a credit platform after a $14 million fundraising round. Plus, almost three-fourths of chief financial officers (CFOs) at large corporations say digitizing their business payments is a priority.

Restaurant Marketplace Launches B2B Payment Platform notchPay

Restaurant supply chain marketplace notch has launched notchPay, the first payment platform for its customers. The platform is powered by B2B payments company Balance, which is described as offering the first online checkout designed for businesses. notchPay addresses the shortcomings of B2B payments in the food and beverage sector. The platform lets restaurants pay with a variety of methods, including credit card, ACH, wire transfers or checks, while letting distributors receive payments in a matter of days.

Stilt Raises $14M, Launches Credit Platform

Immigrant-focused financial services company Stilt has raised $14 million in a Series A funding round and launched Onbo, a Credit as-a-Service offering that lets businesses offer a credit product without a bank sponsor. Onbo uses Stilt’s state lending licenses and compliance framework so businesses can focus on developing their own product, with Onbo managing origination, payments and credit reporting for customers.

Large Companies Lead the Way in Digitizing Business Payments

Digitizing accounts receivable (AR) and accounts payable (AP) functions is integral to modernizing a business’ payments operations and improving balance sheet management. Almost three out of every four firms with $1.5 billion to $2 billion in annual revenues (74%) said they believe digitization is important to improving balance sheets, according to “Business Payments Digitization,” a PYMNTS and Corcentric collaboration based on a survey of 400 CFOs. The same was said by 59% of medium-sized firms ($1 billion to $1.5 billion), 54% of small firms ($750 million to $1 billion) and 50% of the smallest firms ($400 million to $750 million).