Trust is a dirty word in the arena of global B2B commerce. Trading partners want to expand their customer base and accelerate the pace of business, but they need to protect their interests at all times.
Buyers want assurance that they’ll get what they paid for, on time, with no risk of a breach of privacy or confidentiality. Suppliers want to make sure they’ll get paid what they expect, when they expect it, with no issues or delays. Both want a simple and secure way to exchange information, modify orders, and collaborate without worrying about fraud, hassles, or “misunderstandings.”
But traditional B2B payment systems aren’t delivering any of those capabilities. What they deliver is a disconnected, incomplete process that leaves trading partners wondering where their cash is, when goods or payments will arrive, and how much working capital they have.
The sad fact is, 78% of companies cannot forecast short-term cash flow with high accuracy—and today’s inefficient payment systems are a key culprit. It adds up to a lack of trust between trading partners.
The solution is transaction transparency—but to deliver that B2B payment systems need a few new capabilities. They need to give the entire purchasing process more visibility, flexibility, control, and security. For example, they need to offer:
- End-to-end execution and settlement of 100% secure electronic transactions – 24/7/365
- The ability to facilitate secure collaboration among buyers and suppliers, on-demand, so that they can offer and take advantage of the best terms and conditions
- A single source of the truth, connecting and synchronizing banking, payments, data, and supplier interactions
- Full transparency into payments, data, and buyer interactions
- Access to creative financing options such as escrow, supply-chain financing, factoring, dynamic discounting, and more
- A complete set of flexible payment capabilities to accelerate cash flow
- Easy integration with existing ERP systems and corporate processes, with no need to change banking relationships or invoicing flows; and supplier transaction management capabilities that integrate with existing corporate systems, workflows, and rules
- Secure single sign-on for the entire purchasing process
- An integrated central data repository for all transaction data with full track/trace capabilities
A lack of trust should not constrain B2B commerce—not with the sophisticated networking, transaction, and security technologies that are available today. Make sure your transaction systems can deliver all of the capabilities above, and move forward in the modern era of B2B commerce with full confidence.