Until Money Changes Hands, It's Not a Disruption

It’s amusing to read the breathless pronouncements of start-ups claiming to have launched a “disruptive” innovation. I have seen the term applied to all kinds of things: a new way to sync your files on mobile devices, a new web app that tracks your bike rides, even the newest version of a very old operating system. Companies often label an innovation “disruptive” before customers can even get their hands on it.

Very few innovations are truly disruptive. Most are incremental improvements to something that already worked pretty well, or modest changes to existing processes. And in most cases, disruptive innovations are not based on mind-blowing technological advancements. The personal computer, the Web, and the iPhone are marvels of simplification, not jaw-droppingly sophisticated new technology. They all applied existing technologies in creative new ways.

What does it take for an innovation to be disruptive? It has to completely reshape the way we perform a common, routine, yet important function.

No industry is riper for disruptive innovation than banking—especially the B2B side of banking. The processes by which businesses settle their debts with each other have been around—largely unchanged—for centuries. Even today, in this era of e-everything, in this age of 24/7, always-on, anytime/anywhere consumerism, most businesses still pay their suppliers by check. They pay high service fees; they have little visibility into the payment process; they can’t optimize their cash flows or control their working capital.

Yes, disruptive innovation is coming to the B2B payment process. And predictably, several companies are already claiming credit; they’re rolling out new B2B payment systems that they say will bring PayPal simplicity to B2B payments.

Here’s the thing. No company has yet introduced a comprehensive B2B payment platform that actually executes payments. And until money changes hands—until there is end-to-end payment functionality—there’s nothing “disruptive” about them.

Traxpay is the first company that can actually execute payment transactions, anytime, anywhere, using virtually any net-connected device.

While our competitors take the kickoff and return the football back to the five yard line, Traxpay is the first company that can actually carry the ball across the goal line. We can execute on the vision of simplicity, savings, and safety for online B2B payments. We can reshape the landscape of B2B payments.

We can make a dent in the universe.

Keep this in mind as you gauge the claims of competitors and evaluate the new options for B2B payments. Only one company actually executes transactions. Only one company truly offers disruptive innovation.

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