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Future of Payments & B2B Payment Systems

scaling the summit webinar

In the webinar, “Scaling the Summit: The Future of B2B Payments,” guest speaker and Forrester Principal Analyst, Jacob Morgan analyzed the themes distilled from recent research, “The Future of Payments” and “Forrester Tech Tide TM: B2B Payment Augmentation , Q1, 2022.” He astutely examined the importance of the present as it is the anchor for the future. He connected the migration of consumer innovation to B2B payments innovation.  

The technology and models that are driving the future of B2B payments are already in play. Here are the key takeaways from the webinar.  

A High Bar for B2B Interactions

The elegant customer payment experience we’ve come to expect with B2C transactions sets a high bar for the more complex B2B interactions. The example Morgan mentioned in the webinar is how PayPal forecasts for the future through the “operating system of commerce.” PayPay continually builds an ecosystem that embeds payments across multiple channels. They take an interoperative approach with the goal of being device and currency agnostic for borderless money movement. It is the backdrop for the future of payments – for both B2C and B2B transactions.

Digital Transformation Driving eCommerce Innovation

Empowering buyers with choice in both how they buy, and where they buy from is front and center. Although the growth of marketplaces started before the pandemic, they have become the engines of commerce. The pandemic accelerated digital transformation where digital technology is driving efficiency and new experiences, many originating in B2C but migrating to B2B, including the modernization of infrastructure for faster payments.

The Democratization of Digital Payments

The ease of integration for payments, enabling embedded commerce builds future-proofing into the equation. A simple payment link can be embedded into an invoice, or a QR code behind a payment button democratizes access.

Focus on Simplification

Large enterprises, as well as SMBs are ready to pay to remove friction from arcane processes and legacy payment systems for multi-party B2B transactions. All with the goal of simplifying invoice reconciliation to benefit both the organization and its buyers. Companies that are the ones most likely to succeed are those that offer payments aggregation and simplification, and ease integration, reducing time to value with modular solutions that insulate business from the speed of change.

Continued Discussion: Adding More Voices to the Conversation  

At the conclusion of the presentation, TreviPay CEO Brandon Spear and Digital River former CEO Adam Coyle joined Jacob Morgan to dive deeper into the impact on B2B.  

Future Proof Payment Strategy

Aligning payment options with the way customers buy, meeting their procurement practices and providing the data they need on invoices by being flexible and expanding and adjusting with customer needs is a key theme for the B2B payments evolution. Being able to pivot and adapt is the way to be prepared today and in the future.

“There’s a long history of great technological solutions and great ideas running smack head first into legacy processes and things then dying from the collision. I think some of the emerging technologies are going to run square into what is historically a legacy solution in terms of B2B payment types, and the successful ones are the ones that are going to be able to navigate that and work within the processes,” Coyle said.  

Layers of Complexity

Adding solutions to existing business process is the way to success across the board but in particular B2B payments.  “I often read articles that say the invoice is dead. That is a complete and utter misnomer and in the context of B2B, it’s extremely unlikely,” Spear said.  “The question becomes, how do you graft these new solutions on to the way these existing business’s processes work?” 

The Role of Traditional Financial Institutions

Banks play an important role in the B2B transaction matrix. There will always be a role and a need for credit providers to keep business flowing. Paying on credit, with net terms, is a long-standing B2B process. The role a traditional bank plays is a crucial function – banks provide the liquidity. Fintechs will work with banks to aggregate data and volume so it’s easy for banks to consume and avoid compliance issues. The evolution of payments systems is one to watch.

For More Information About the Future of B2B Payments 

The webinar scratched the surface of what is to come in the immediate and longer-term future. The webinar in its entirety is available on demand and well worth your time. 

For a limited time, TreviPay is providing access to the latest research from Forrester’s Jacob Morgan referenced in the webinar. These reports are valuable to everyone in the payments industry.   

Scaling the Summit: The Future of B2B Payments  

Useful information for companies preparing for the future of B2B payments and the massive opportunities facing B2B buyers.   

The Future of Payments

The world of payments is increasingly complex. Payments are becoming less visible and, for merchants and businesses, more valuable. In the next decade, the focus will shift from consumers toward businesses. In this report, you will learn how encapsulation, orchestration, and aggregation grow in importance as programmable payments mature.  

Forrester Tech Tide: B2B Payment Augmentation, Q1 2022  

This Forrester Tech Tide™ report presents an analysis of the maturity and business value of the 14 technology categories that support B2B payment augmentation. Finance, treasury, and B2B payment procurement pros should read this report to shape their firm’s investment approach to these technologies.  

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