Although historically relying on paper-based, manual processes, the B2B payments ecosystem has recently shifted toward cloud-based, automated payment systems. This significantly simplifies the B2B transaction process and makes buying and selling both faster and more efficient for businesses and customers.
Amid the changing landscape, B2B businesses have seen a decline in paper checks and a rise in smart payment options such as contactless and remote payments. And through collaborative commerce, payment providers and fintech companies have worked together to build more automation and reduce friction in the B2B payment process.
Among other methods, B2B businesses can make transactions through flexible payment options like buy now, pay later and virtual cards, much like in the B2C space, and the industry has even seen a trend toward AI, blockchain and cryptocurrency.