Technology creates a lot of “do you remember when?” moments. Remember when meetings were held in meeting rooms? When backing up your files meant emailing stuff to yourself? When paying invoices meant writing a check?
What’s that? You’re still paying by check?
In the U.S., two-thirds of B2B payments are still made by check. Almost 80 percent of cross-border B2B payments are still made by check. More than 80 percent of U.S. firms have no plans to increase their use of wire transfers. How could this be?
Fundamental change has come to every other aspect of our culture in the past 10 years. We rely on a lifestyle where everything is always on, instantly accessible, always connected. Yet this critical aspect of business culture—the ability to pay who we want, when we want, how we want—has not changed at all.
That’s a problem that needs to be addressed. That’s a $250 billion market that is not being properly served. That’s an enormous opportunity for an enterprising young company.
Traxpay is filling the void with the first end-to-end electronic payment platform that truly executes payment transactions. Our solution sends and receives payments in real time, 24/7, across a supplier or vendor network.
Let’s say you receive an invoice and you have questions about it or want more detail. With Traxpay, you don’t need to pick up the phone or send a letter to the vendor. You simply attach the invoice with your comments and contact information. You send it when it is convenient for you, it arrives instantly, you clarify any issues or disputes, and you can return your focus to your business. It also integrates into back-office systems like SAP or Oracle Operations, so you can do it all using your existing processes.
Traxpay is succeeding where others failed because we solved the key issue that constrained progress: Disintermediating the bank without competing with the bank. We partner with banks and add value to their offerings and capabilities. This is how we’re simplifying payments, streamlining the process, and saving money for our customers—and how we intend to carve out a big enough piece of that $250 billion market to build a massive company.
I encourage you to get the details about Traxpay and the Traxpay payment platform. Read the recent press about us. Check our references. Scrutinize the backgrounds of our management team and advisory board members. Then ask us for a custom demo.
One day you’ll soon you’ll look back on today’s archaic B2B payment process and shake your head. Remember when?
- Traxpay View: A Rapid-fire Take on the Past, Present and Future of FinTech ( December 23, 2016 )
- Deutsche Bank Confirms B2B Innovation Will Come From FinTechs First ( October 24, 2016 )
- Security Matters: Should Banks Be Afraid of Working with FinTechs? ( October 10, 2016 )
- Why is Asia Such Fertile Ground for FinTech? ( August 22, 2016 )
- New Report Questions Whether Banks Are All Talk on Innovation ( August 5, 2016 )
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