Today in B2B: Companies Lack in-House Digitization Expertise; BNPL Reduces Supplier-Buyer Friction
Today in B2B payments, a lack of in-house know-how hinders companies’ attempts to digitize, while buy now, pay later (BNPL) connects buyers and suppliers. Plus, Billtrust and Flywire modernize B2B payments; private labels and better packaging can remove the stigma around products made in Africa; and Palette Software rebrands as Rillion ahead of its U.S. debut.
Companies have moved to innovate their accounts payable (AP) and accounts receivable (AR) processes, but many still face challenges in digitizing operations quickly enough to keep up with their competitors. Topping the list of barriers to payments innovation is a lack of in-house expertise to support it. Sixty percent of CFOs cite that as a concern, according to “Next-Gen Commercial Banking,” a PYMNTS and FISPAN collaboration.
Mickey has launched its latest B2B platform: a marketplace that connects lumber producers with manufacturers, builders and other buyers. The platform provides real-time inventories, an automated fulfillment process and an end-to-end purchasing solution. Topping the list of chores a platform can take off suppliers’ hands is collections.
Billtrust’s and Flywire’s results show that companies across all verticals are moving toward platforms to enhance their payments functionalities and embrace card payments. For Billtrust, software and payments segments’ revenue growth, on an adjusted basis, was more than 16% year over year. Total payment volume, the dollar value of customer payment transactions that Billtrust processes on its platform during a particular period, increased by 45% year-over-year to $22 billion. Meanwhile, during a conference call with analysts, Flywire CEO Mike Massaro said the total payment volume for the quarter increased 46% compared to the first quarter of 2021.
Birame Sock, founder and CEO of African B2B marketplace Kwely, told PYMNTS the negative perception of products manufactured in Africa is mainly caused by poor packaging, and over the years, it has hindered exports and negatively impacted the bottom lines of small- to medium-sized businesses (SMBs) in the region. Redefining that image is key to increasing the competitiveness of African suppliers both locally and internationally, and the motivation behind the launch of the Kwely, which is giving local producers the necessary tools and support to succeed in the global marketplace.
Global Software-as-a-Service (SaaS) solutions provider Rillion has rebranded from its original name, Palette Software, amid its United States debut. The platform captures invoice data, processes invoices, matches purchase orders, offers searchable archives and allows approval workflows to boost productivity in finance and accounts payable (AP) departments.