B2B payments are finally going digital.
In the US, checks and cash have already declined from representing half of all B2B payments in 2019 to a projection of less than a third (32%) in 2024, according to eMarketer. In emerging markets, paper’s share of B2B transactions is likely higher, but coming down thanks to the rise of digital commerce and digital operating systems for merchants.
Companies offering B2B payments solutions are digitizing and automating formerly manual processes like creating invoices, processing payments, and analyzing payments data. Many are building platforms that consolidate the steps in the B2B payments value chain in one place, enabling faster and more transparent payments and financing between businesses.
Because payments touch so much of a business’ financial operations, the technology that supports B2B payments reaches a wide range of functions, from payroll and benefits to fraud prevention.
In the market map below, we identify 98 tech vendors digitizing B2B payments across 12 categories. Our focus is on the technology that directly enables transactions between businesses (payments & financing), as well as the tools companies are using to manage and automate those transactions (payments management).
Please click to enlarge.
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