Business-to-business (B2B) payments are complicated for small and medium-sized businesses (SMBs), which causes the AP and AR processes to move much more slowly. Plastiq, AP/AR Quick-Start Guide, August 2022. “How All-In-One Payment Platforms Can Transform B2B Transactions.” An updated look at how SMBs may reduce friction with integrated payment solutions An all-in-one payment platform can help with a lot of these issues. When using an all-in-one solution, SMBs reported saving time on both sending and receiving payments in 90% of cases and 80% of cases, respectively.
Why Many SMBs think it would be too expensive or difficult to implement a comprehensive platform.
Plastiq, AP/AR Quick-Start Guide, August 2022. “How All-In-One Payment Platforms Can Transform B2B Transactions.” An updated look at how SMBs may reduce friction with integrated payment solutions According to 57% of SMBs who showed no or little interest in the poll, and 56% of SMBs who indicated no or little interest in AP procedures, an all-in-one platform would be too complex to incorporate into AR operations. Furthermore, more than half of the respondents believed the cost would be prohibitive.
An all-in-one platform, according to executives from payment providers, would be advantageous to their SMB clients.
• The two advantages that SMBs interested in all-in-one solutions most typically cite are time savings and enhanced cash flow management.
According to 66% of the SMBs we surveyed who expressed a strong interest in using one, and 59% of those who did the same for accounts receivable, an all-in-one payment platform would save time on accounts payable. Other important benefits include easier cash flow management and AP and AR monitoring.
The AP/AR environment for SMBs is reviewed in “The AP/AR Quick-Start Guide: How All-In-One Payment Platforms May Transform B2B Transactions,” along with how an all-in-one payment platform might make B2B transactions less difficult for both sides.
