The move to eliminate paper from the payments process is being driven, in part, by the quest to reduce this cost of doing business. "As corporations search for new ways to reduce costs, there is a fair amount of re-examination in how buyers handle their largely manual, paper- intensive business-to-business transactions processes," argues Clent, the financial services advisory firm, in its new report, "After the Purchase Order: Easing Pain Points in B2B Transactions." Clent writes...
best practices Payment Breaking Down the Payment Silos As a B2B payments ecosystem takes shape, buying organizations are looking for a “one-stop shop” for all their payments to suppliers By Andrew K. Reese n an increasingly electronically enabled world, paper checks MasterCard launched its Payment Gateway in October 2007 I might seem like a quaint vestige of an earlier, slower age. And yet paper checks still account for nearly three-quarters of the $36 trillion in B2B payments. Now, however, new B2B e-payment with the objective of capturing and processing virtually all of an enterprise’s electronic payments, whether through payment cards or electronic funds transfer (EFT). ecosystems are taking shape that may finally tip the balance of Shari Krikorian, vice president for advanced payments at payments toward the electronic side and give buying organizations MasterCard Worldwide, notes that traditionally companies have a “one-stop shop” for managing all their payments to suppliers. been sold different payment products in silos by their banks. The move to eliminate paper from the payments process is “As a result, a single company might be supporting multiple being driven, in part, by the quest to reduce this cost of doing interfaces, multiple workstations, multiple connections and business. “As corporations search for new ways to reduce costs, disparate workflows for different payment types,” Krikorian says. there is a fair amount of re-examination in how buyers handle their “So there has been a desire to have all this brought together into largely manual, paper-intensive business-to-business transactions a single interface that could handle all payments.” processes,” argues Celent, the financial services advisory firm, in its Wells Fargo was the first bank to offer the MasterCard Payment new report, “After the Purchase Order: Easing Pain Points in B2B Gateway to its commercial customers. For the bank, the benefit Transactions.” Celent writes that buying organization are looking is increased “stickiness” with its cust
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