Systems Integrations Move B2B Payments from Stuck to Streamlined

As businesses grow, so do the volume and complexity of their B2B payments.

This comes amid news Wednesday (Oct. 9) that FreedomPay has launched a partnership with financial infrastructure platform Stripe designed to aggregate and integrate various software and payment solutions, pushing digital system integrations into the spotlight.

Manual processes that worked for a small company may become unsustainable as transaction volumes increase, where the growing complexity of payment flows, regulatory compliance and the need for real-time financial insights are driving finance teams to seek more automated and integrated solutions.

Payment systems integration helps automate tasks that were previously time-consuming and error-prone, such as invoice processing, reconciliation and payment approvals. It also frees up valuable time for teams to focus on strategic decision-making, such as optimizing cash flow and managing working capital.

By integrating systems, teams can better monitor when payments are due, how long it takes to receive payments and where delays or discrepancies occur. This enhanced visibility improves cash forecasting and liquidity management, two critical areas for maintaining financial health and supporting business growth.

At the same time, B2B payment systems integration is essential for scaling operations without sacrificing efficiency or accuracy. Integrated systems can handle higher transaction volumes, adapt to new payment methods and meet the evolving needs of a growing business.

Read more: B2B Payments Aren’t Boring Anymore: Here Are 8 Reasons Why

Streamlining the Future of B2B Payments

PYMNTS Intelligence in the SMB Growth Report finds that over half of small- to medium-sized businesses (SMBs) would be interested in adopting an integrated payment system to reduce friction around acceptance and other workflows. Even those satisfied with their current solutions report ongoing integration issues and payment difficulties, highlighting the need for better B2B systems.

Reconciliation — matching payments to invoices — is often one of the most labor-intensive and error-prone tasks for finance teams. B2B payment systems integration can automate the reconciliation process by matching payments with corresponding invoices in real time, reducing the need for manual intervention.

This increased accuracy minimizes discrepancies, such as duplicate payments or missing invoices, allowing finance teams to close the books more quickly and with greater confidence.

Still, many businesses today use a variety of payment methods, from traditional bank transfers to newer digital payment options like virtual cards or blockchain-based transactions. Integrating B2B payment systems allows finance teams to manage multiple payment methods in one platform, ensuring that vendors are paid in their preferred format.

This flexibility not only improves vendor relationships but also enhances cash management by offering various options for optimizing payment terms, such as early payment discounts or dynamic discounting.

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The Draw of Integrated B2B Payment Systems

As Dean M. Leavitt, founder and CEO at Boost Payment Solutions, told PYMNTS, new intermediaries, such as FinTechs and accounts payable (AP) and accounts receivable (AR) platforms, are reshaping competition and creating new opportunities for innovation and efficiency in commercial payments.

“Across all different payment types, the rails have largely remained the same,” Leavitt said. “What has changed dramatically is the work being done around those rails.”

Much of that work is being down around providing finance teams with real-time access to data for decision-making. By consolidating payment data across platforms, finance teams can generate detailed reports on transaction volumes, payment performance and cash flow trends.

Access to these insights allows finance teams to make data-driven decisions that improve financial performance, identify cost-saving opportunities and better manage vendor relationships. Additionally, real-time analytics enable proactive management of payment issues before they escalate, further enhancing operational efficiency.

“This all creates an opportunity,” Aaron Le Hew, director of invoice-to-cash at Esker, told PYMNTS, “to say, ‘Why don’t we take a look at our internal processes and see where we can take advantage of technology to help … modernize our historical situations, and modernize how our new customers and our buyers are looking to do business with us?’”

Ultimately, for businesses seeking to optimize cash flow, reduce risk and improve financial accuracy, the benefits of integrating payment systems are clear. As the complexity of B2B payments continues to increase, finance teams that embrace integration will be better positioned to drive strategic growth and success.

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