In a memorable scene from the 2008 movie The Dark Knight, unhinged criminal mastermind “The Joker” (played by the late, great Heath Ledger) sets fire to a pile of cash roughly the size of Mount Kilimanjaro—proclaiming with an unavoidable grin that his antics are about “sending a message”.
Of course, if you’re prone to applying patchy clown make-up before breakfast and holding entire cities to ransom while on leave from the asylum, watching your money burn probably is a legitimate form of expression. If, however, you’re a new or established business looking to keep a careful watch over your financial transactions, it’s a course of action you’d almost certainly avoid. Or is it?
A recent study by Ardent Partners revealed that traditional B2B transaction methods mean the average cost of processing an invoice today is approximately $14.21. Moreover, of the companies participating in the survey, 63% said that reducing processing costs was their number one goal when it came to payments—making it the top priority overall by a significant margin. And when you consider that many companies process in excess of 400,000 invoices each year, it’s easy to understand why.
If cutting down on the cost of processing invoices is becoming the Holy Grail of B2B transactions, it’s unfortunate that businesses remain bound by a financial supply chain that has undergone minimal transformation on this front since King Arthur’s knights set out to find the original chalice in medieval days. Cost cutting is obviously a priority, but the fact that innovation in the B2B transactions area has not kept pace with what is now clearly a digital world, means the financial transaction part of B2B commerce is now a liability—slowing down the business, and creating barriers to predictability and employing strategic financial management within the supply chain.
In an attempt to resolve the broader challenges posed by increasingly complex B2B transactions, multiple commerce network providers have emerged in recent years to help bring transparency and automation to the process—offering functions that can facilitate the exchange of electronic documents and assist in dynamic discounting, factoring, and e-payables. Such services have been embraced by the majority of traditional companies, with 75% of businesses surveyed by Ardent Partners agreeing that B2B commerce networks are beneficial to buyers and suppliers.
But there’s still a problem. Because for all the advancements and benefits of B2B commerce networks, the final stage of the transaction—the execution, clearing, and settlement of the payment itself—are intrinsically linked to legacy payments providers that don’t operate in real-time, don’t allow for the inclusion of complex information and, as noted above, are costly.
As a leader in real-time B2B dynamic transactions and payments, Traxpay not only reduces unwanted (and unnecessary) processing costs, it also empowers companies to save time, reduce risk, and claim more control over your working capital and cash flow.
So unless your weekend plans involve a complex scheme to draw Batman out of hiding and send the citizens of Gotham into blind panic, take a closer look at how Traxpay can help your business to avoid burning money and keep you laughing all the way to the bank.