Flexible and secure payments are obviously crucial to a successful B2B, but they really are just the beginning. The B2B payment challenges outlined here illustrate how vital it is that B2B companies also look for payment solutions that help increase access to cash, reduce processing times, automate workflows, and more.
But with too many platforms already being a top concern for B2Bs, who wants to add yet another system to the already long list?
That’s where embedded payments come in.
What are embedded payments?
In its simplest form, embedded payments are the integration of payment acceptance from within non-finance-related software or applications. When a company embeds the payment process, they control the full customer experience. Gone are the days of being directed to another site to make your payment. Successful companies understand the value of a fully branded, uninterrupted payment experience for their customers, who in turn, appreciate the ability to pay quickly and easily without bouncing around to multiple sites.
According to McKinsey, the embedded finance market is poised to reach $3.6 trillion by 2030, illustrating the immense potential and adoption opportunities. Indeed, embedded payments are found everywhere–from rideshare apps, to booking apps, to shopping carts, and more.
But those are all focused primarily on a B2C user experience. What about B2B companies that have those unique challenges we’ve already covered?
Enter embedded ERP payments.