Slowly but steadily, payment giants like Visa, Mastercard and Discover are shifting their innovation focus to B2B transactions where developers are designing payment tools not only for the payer but for the supplier as well.
Until now, corporate buyers liked to use commercial cards to make payments due to their ability to lengthen payment times and offer incentives and rewards. But vendors struggled with accepting the interchange fees and absorbing the costs that come with accepting these cards.
Solutions with Suppliers Top of Mind
Today, emerging accounts payable (AP) solutions are beginning to be designed with the vendor in mind. And these new innovations can facilitate greater supplier acceptance.
According to PYMNTS.com, one such example can be seen with Vroozi, a spend management solution provider, who recently introduced its own AP solution called Vroozi Pay. This new solution will enable automated invoice payments from the Vroozi platform once invoices have been approved. The solution will create greater visibility, control, and speed for corporate players and will reduce key friction points for suppliers.
“In addition to automatically processing invoices and payments, Vroozi Pay manages the payment process based on the preferred payment method selected by suppliers,” the company said in an announcement, adding that Vroozi Pay has also deployed experts to work with business users as well as their supplier base to support vendors’ migration to accept electronic payments.
Software Company Assists SMB Suppliers
A software company, called Hire Ground, recently developed solutions to help corporations diversify their supply chains. Hire Ground first rolled out its offering with a focus on large corporate buyers but has turned to the supplier side of that program for its second-phase launch.
The firm will work with small and medium-sized (SMB) B2B suppliers directly, enabling these companies to connect to large corporate buyers and expand globally. While collaborating with SMBs can enable a large corporation to mitigate risk across its supply chain, small businesses can struggle with new customer outreach, particularly when they operate globally, and particularly as they lack negotiating power when attempting to work with large companies.
Although Hire Ground’s solution does not include payment functionality, it highlights the shift of traditionally buyer-focused solution providers in the B2B space focusing more on suppliers.
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