The Inflection Point of B2B Payments: Infographic

B2B payments account for $120 trillion in payment volume, yet only 7% of transactions are conducted digitally. Paper checks and ACH have typically been the hallmark of B2B payments. But the tide is shifting, thanks to the rise of online commerce, the digitalization of payments and Gen Z purchasing preferences. Experts believe that B2B payments are at an important inflection point in system and process modernization, creating a completely untapped market for software vendors, gateways and new payment platforms.

The Rise of Faster Payments

Faster payments are no longer a negotiable but a must-have, thanks in part to the pandemic which created consumer expectations for faster everything, and our digital, on-the-go lives. They are defined as payments where the transaction and fund settlement occur in real-time or near real-time – regardless of using a card, a P2P service or ACH – and can also be referred to as real-time or instant payments.* With the Federal Reserve’s introduction of their FedNowSM Service, it’s time to learn more about faster payments.