I had the opportunity to participate in a Q&A with paymenteye.com recently discussing Traxpay, our business model and B2B payments. One of the questions was about inefficiencies in the current B2B payment process—a great question. My answer focused on the visibility into and time to complete a payment.
But, the more I thought about it, I realized I should have re-stated the question to, “What are the inefficiencies across the entire B2B financial transaction process?” For corporate treasurers and CFOs, time equals risk. Whether it is the time between when a payment posts or the time it takes for foreign currency to convert or even the time it takes to fund a loan, that time represents a huge financial risk. The risk is because the terms can change, interest rates fluctuate, currency changes minute by minute and there is no control or visibility over this risk until any financial transaction is fully completed.
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Jerry Maguire in “Show Me the Money”
The solution: reduce the risk by reducing the time to complete a transaction, OR, quite simply, real-time transactions.
That reduces the risk, eliminates the inefficiency and, bottom line, fundamentally changes the way businesses manage their financial transactions. That’s our focus at Traxpay, and why I’m happy to lead the charge. I guess you could say they had me at “real time.”