B2B & Business Trends to Expect in 2019

The business world is always changing and we're here for it. 2018 saw more freelancers and small businesses, consumers and employees speaking out and a more discerning audience for marketing and partnerships. January is the perfect time to determine how your business is going to change and be better in the new year. 

To help small and growing businesses prepare for what's to come, we have done some research on a few business to business trends to expect in 2019.

Understanding B2B Payment Options

If a client has ever asked about your payment options, you have some idea of the multitude and complexity of B2B payments. It's important to be flexible in your payment options, allowing your clients to pay in any way that's easier for them and quicker for  you. Slow-paying clients can kill your business, affecting cash flow, working capital and all that you need to keep producing your goods and services. 

While B2B payment options can be overwhelming, growing businesses must understand the reasons for flexibility and choosing the options that work best for clients.

B2B and Corporate Payment Trends

One of the best ways to get your invoices paid on time is to offer many ways for your clients to pay.  Innovative payment technology is available and can help reduce staff, time or other resources needed to track down payments.  Inspired by the B2C market, corporate payment technologies are leaning toward self-service, but also looking for ways to reduce the chances of payment fraud. Your accounts receivable department will thank you for making their jobs easier, including reducing the time spent waiting for checks to arrive.  

Here are current B2B payment trends and what to expect in the future.

Do Electronic Payments Cause Payment Delays to Accounts Receivable?

Delayed payments are frustrating to accounting and business owners. Following up with a client, your accounts receivable department may be told that payment has already been sent. Was it sent via snail mail? Has the check been received and but not entered into the books? Or has payment been made electronically and not been matched to the correct invoice? 

If accounts receivable is taking electronic payments, are those payments delaying the process?

Why Slow-Paying Clients are Killing your Business

Nearly every business will struggle with cash flow problems at some point or another. The challenge is when your client's cash flow struggles affect your business' cash flow. You do have options to deal with slow-paying clients including collections, writing off their accounts, or even firing them as a client. If you're stuck trying to decide what to do next, have you considered how late paying clients put your business at risk?

Adopting B2B Payment Technology

Payment technology helps create a seamless and innovative experience for corporate payments and supply chains. In the digital marketplace, vendors and suppliers can contract and expedite payments in a timely manner. Businesses who work with global partners can also feel more confident with transparent payment solutions.

Although B2B payment technology is fast and secure, organizations are slow to adopt the infrastructure and processes needed to implement it.