Tag: Payments

How Technology Is Transforming Business Payments

Greta

Rohit Gupta is the CEO and co-founder of Auditoria.AI, a pioneer in AI-driven automation solutions for corporate finance teams. 

The pandemic has been the single most significant business disruptor in decades. 

Enterprises scrambled as long-established business processes were rendered obsolete seemingly overnight. Social distancing rules were enacted, and offices closed, forcing employees into remote work. To adapt, organizations deployed digital technologies in unprecedented numbers and at historic speeds. Companies accelerated the digitization of their customer exchanges, supply-chain interactions and internal operations by three to four years. As a result, their deployments of digital products accelerated by an incredible seven years. 

The ripple effects from this dramatic transformation continue to reverberate within organizations. As a result, the payments landscape is finally experiencing some long-overdue changes. Business-to-business (B2B) payment processes were in dire need of an upgrade, and the pandemic only served as a magnifier. 

B2B Payments Need A Facelift 

Traditionally, corporations have been cautious about changing their payment systems, citing both privacy and security concerns along with a general lack of demand. Many organizations still rely on physical payment methods in the form of paper checks. There are alternatives to paper payments that coexist with checks, including Automated Clearing House (ACH), wires and cards, but these options have their own issues, as you’ll see below. 

With the advent of this virtual world, B2B organizations are being forced to address outdated payment systems that no longer work in this digital age. Enterprises now demand more payment options and faster processing from their payment systems. Convenience has become essential. Modern B2B payments need to function similarly to consumer transactions: instantaneous, easy and frictionless. Significant advancements in online security and privacy, as they relate to e-commerce and e-payments, are helping to alleviate many of the concerns that businesses felt in the

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How Technological innovation Is Reworking Enterprise Payments

Greta

Rohit Gupta is the CEO and co-founder of Auditoria.AI, a pioneer in AI-pushed automation answers for corporate finance groups. 

The pandemic has been the one most considerable enterprise disruptor in many years. 

Enterprises scrambled as lengthy-recognized enterprise processes have been rendered obsolete seemingly overnight. Social distancing policies were being enacted, and places of work shut, forcing staff members into remote operate. To adapt, companies deployed digital technologies in unparalleled quantities and at historic speeds. Organizations accelerated the digitization of their shopper exchanges, supply-chain interactions and internal operations by three to four decades. As a consequence, their deployments of electronic items accelerated by an incredible 7 a long time. 

The ripple outcomes from this spectacular transformation go on to reverberate within just businesses. As a outcome, the payments landscape is lastly enduring some lengthy-overdue changes. Business enterprise-to-company (B2B) payment processes were in dire require of an improve, and the pandemic only served as a magnifier. 

B2B Payments Require A Facelift 

Typically, organizations have been cautious about altering their payment techniques, citing both equally privacy and stability worries along with a typical absence of desire. A lot of businesses still count on actual physical payment methods in the form of paper checks. There are alternatives to paper payments that coexist with checks, which includes Automated Clearing Property (ACH), wires and playing cards, but these solutions have their possess concerns, as you’ll see under. 

With the arrival of this virtual entire world, B2B businesses are becoming forced to address out-of-date payment systems that no extended work in this electronic age. Enterprises now demand from customers much more payment choices and speedier processing from their payment techniques. Comfort has develop into crucial. Modern-day B2B payments have to have to function in the same way to purchaser transactions: instantaneous, easy and frictionless.

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