In the Press
Most businesses have a natural aversion to risk, experience resource constraints and often a need to cater to customers who use disparate merchant networks. This poses a tremendous challenge to scalability. As demand shifts towards adopting seamless, frictionless digital payments, the need to differentiate using a consumer-like, ubiquitous customer experience becomes paramount.
In today’s digital economy, most people think that sending money across borders is a seamless process.
While it’s true that most front-end user experiences now offer a more frictionless environment for both consumers and businesses, the behind-the-scenes processes that allow for money to move from payor to payee still rely on an incredibly archaic system.
For businesses looking to expand their ventures in global markets, cross-border payment frictions can vary from delivering international payments on time in the correct amount to delivering them in the recipient’s preferred currency.
Could new B2B payment solutions, such as corporate and virtual payment cards, ease common pain points associated with cross-border commerce?
No B2B transaction occurs in a vacuum. Buyers and suppliers must consider the history of their relationship, negotiated rates and payment terms, and the reputations of the companies working together. Every interaction — from negotiating contracts to making payment to extending credit — is connected, but the complexity of B2B commerce creates many opportunities for disjointed, friction-filled experiences on both sides.
Retailers around the world are losing sales to Amazon.com and other online marketplaces, and some are looking to replace lost business-to-consumer (B2C) revenue by expanding business-to-business (B2B) sales. MSTS, a credit and payment processor in transportation, manufacturing, retail and ecommerce, sees an opportunity in offering a turnkey credit as a service (CaaS) platform to increase B2B sales in 32 countries.
The Business Roundtable’s CEO Economic Outlook is at its highest level in history, and small business owners have reported their highest optimism in 35 years. But that doesn’t mean CEOs aren’t worried about potential concerns that could harm this boom period.
What will kill the good times? Here are 10 top CEOs concerns, loosely ranked from most severe or likely, to least so:
Runaway Rates and Inflation
Black Swan Visitation
Overconcentration of Growth
“Credit as a Service” debuted today from payments company MSTS to let online sellers provide their own branded lines of credit to buyers.
In today’s world of everything-as-a-service, with technology increasingly moving outside IT’s direct control and most organizations striving for digital transformation, aligning IT strategy with business strategy looks very different than it did a few years ago. And success in this essential area is governed by a whole new rulebook.
There are three rules to make IT-business alignment work in today’s world.
Rule No. 1: Balancing maintenance and innovation is crucial — and more difficult than ever
The consumer may be what makes for sizzle and sparks in the payments realm, grabbing headlines and headspace. But within B2B eCommerce, there are pockets ready for ignition.