Suppliers Put Payment Acceptance to Work
Watch more: Need to Know With Billtrust’s Kunal Patel There’s a sea change sweeping over B2B payments. But this change isn’t being prompted by a new rail. Instead, firms are wising up to the realization that the final step of a B2B transaction is still part of the sale. “For so long, the act of […] The post Suppliers Put Payment Acceptance to Work appeared first on PYMNTS.com .
Payments technology once promised businesses could ignore the intricacies of accepting money. However, Kunal Patel, SVP of Payments at Billtrust, argues that the final step of a B2B transaction is now a strategic component of the sale. Companies have traditionally focused on pricing, marketing and go-to-market strategy, but neglected the cash generation aspect.
This separation made sense when payment acceptance was viewed as simple plumbing, but in today's complex landscape, it no longer holds true. Suppliers are now reevaluating how to approach payment acceptance, considering factors such as payment method, timing and economics to optimize the customer-level outcome. The shift marks a change from treating every customer identically to tailoring payment experiences based on geographic region, product category, margin profile and payment behavior history.
The complexity of corporate transactions, including balancing transaction cost, credit exposure, customer retention, payment timing and margin, makes the best payment method a contextual decision. Suppliers with strong decision infrastructure – data fluency, modality breadth and universal coverage – are better positioned to navigate this evolving payment landscape.
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