Can B2B Companies Modernise and Digitise Payments?
B2B companies need to compete in an increasingly online business environment. What strategies are available to small business owners today?
As commerce moves online, businesses and other companies are beginning to change their practices to work within the digital commerce landscape.
Visa Executive Stresses Importance of Digital Payments
Darren Parslow, Visa’s Global Head of Business Solutions, suggested in a recent podcast interview that businesses can expand their ability to work with digital payments.
Parslow noted that just 30% of payments are done by cash and check in the United States. He added that cash and checks became less popular in recent years due to COVID-19 restrictions.
With paper transactions on the decline, there is more room for online and digital payments. Parslow suggests that companies can set up e-commerce payments, accept online payments, take credit lines to help with digital payments, or use credit cards as a cash flow tool.
Parslow then recommended that companies make use of virtual cards. With virtual cards, companies can give employees a payment card that can be used for a certain amount of time for a pre-determined purpose—an ideal option for employees that travel or attend events.
Parslow concluded that digitisation is “more than just digitisation [or] ecommerce, [and] it’s more than just payments as a means to get something done.” Rather, it involves taking advantage of all digital services that can help a business accomplish its everyday activities.
For example, he noted that the speed of digital payments can help businesses pay employees in a way that competes with the gig economy. Digital payments can be performed on a daily or weekly basis rather than on a biweekly basis, as is typical of traditional payroll departments.
Digital Payments Are On the Rise
Other data seems to agree with Parslow’s statements. Statistics from the B2B Digital Payments Tracker over the past several months suggest growth in digital commerce.
Reports from that survey group in February indicated that 80% of buyer-to-supplier payments could be carried out digitally by 2025. Additionally, data from that group in June suggested that 28% of company leaders plan to invest in virtual cards in the near future.
In short, digital payments will almost certainly become a vital tool for B2B companies and other businesses, and there are plenty of opportunities to leverage the technology.
At Payset, we offer virtual debit cards and other tools for businesses. Contact us today for more information or to sign up for a plan.
We make cross-border banking easy, affordable, and secure. Choosing Payset for your multi-currency account means choosing personal service, advanced security, and modern convenience.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
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