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Although payments in the tens of thousands or even millions tend to characterize business payments, the reality is that many payments made by global buyers to their suppliers are anything but that. Roughly 80 percent of those payments are less than $2,500, and half are paid to suppliers infrequently 鈥?perhaps once or twice a year 鈥?and largely by check.Not because checks are a particularly good way to make them, Ingo Money CEO Drew Edwards told Karen Webster 鈥?since theyre slow, expensive and ripe for fraud. But in the absence of a modern payouts platform that makes it easy for payors to make the digital choice, checks are the ubiquitous default option.However, that is slowly changing, Edwards said, as software and technology platforms give those payors a more cost-efficient
stanley mug solution to enable digital payments choice for these ad-hoc payments. We love to say that when you can pay anyone, then you can pay everyone. And thats whats go
stanley romania ing to happen in B2B payments with that 80 percent, Edwar
stanley cup uk ds predicted.Overcoming The Inertia The B2B payment for that check-trapped 80 percent, said Edwards, bears a striking resemblance to the troubles Ingo saw in the insurance vertical five years ago. The situation is not identical, but very similar: Consumers pay monthly premiums, but companies pay out to them hopefully no more than once or twice in a lifetime.Checks were seen as a good enough solution that didnt require them to collect and store consumers payments data.The InsurTech revolution Dqks Ongoing Hacking Campaign Hits Global Healthcare, Energy, Defense Networks
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