Complex payment processes: The B2B payment process is complex. It involves multiple stakeholders across multiple departments, it can take an average of 28 to 45 days to finish, and it usually requires approvals from one or more people (with an approval process that is already a lengthy and complex process itself). These delays greatly impact a B2B’s ability to accurately forecast and meet financial obligations, while also limiting its access to cash. And any delays to payment processing can disrupt operations, strain relationships, and greatly hinder the overall efficiency of the business.
Too many platforms with limited integrations: All too often, B2B companies have a number of systems they use. In a survey conducted by Blissfully, a SaaS management platform, they found that small to medium-sized businesses use an average of 20-30 different solutions ranging from CRMs, ERPs, accounting and finance software, project management, tools, marketing automation software, collaboration tools, and more. And more often than not, these solutions are not connected to the B2B’s payment solution.
Reconciliation errors: When your main business systems aren’t connected to your payment acceptance solution, this means that reconciling payments with invoices, orders, accounts receivable, etc. becomes not only a time-consuming process, but one that is prone to human error, as the business must rely on data downloads, uploads, and manual entries. The risk of errors has an even greater impact to B2B companies that are often held to specific compliance and auditing requirements.