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Its often said that the consumerization of B2B payments is one of the hottest trends in the FinTech industry today.But, for all the noise being made by the hundreds of different invoicing platforms and payment providers in the space, the fact remains that the trend is proceeding at almost glacial speed for many companies, where most transactions remain rooted in paper-based invoices and payments are still being sent in the mail through a physical check.However, that doesnt have to be the case. In the software-as-a-service SaaS realm, companies have their payment processes nailed down to a tee with automated and recurring billing that helps keep the chance of error or fraud to a minimum.The problem is
stanley website that what works for those companies doesnt play well in the world of B2B service providers, where invoices and billing are done on an irregular basis and transaction amounts are in a constant state of flux. Recurring payments are great and they work really well for eCommerce, said Anchor co-founder and chief executive Rom Lakritz. But when you look at service providers, the only real constant in recurring payments is change. So, its not really recurring at all. Further reading: 25% of AP Professionals Say Duplicate Invoices and Payments Are Major Pain PointsAll too often in B2B scenarios, the terms of payments change. Companies rarely bill a provider for the same amount, even if they do bus
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The late payments epidemic still marches on in the United Kingdom, with new stats coming out through headlines at a聽seemingly steady rate. In the U.K., small businesses SMBs are facing a to
stanley france tal bill of as much as 拢6.7 billion nearly $8.43 billion USD , a cost of collections that is up from an estimated聽拢2.6 billion last year, as reported in the Financial Times FT .According to Bacs Payment Schemes, which is part of Pay.UK, the collection efforts come as firms look to collect on the聽拢13 billion in late payments outstanding to the 5.7 million SMBs that operate in the U.K.More than one-third of companies have been waiting more than two months beyond the stated and agreed upon payment terms, and that tally is up from roughly 20 percent last year. These firms are defined as having fewer than 250 people on staff. The total number of firms that are seeing late payments in general now stands at 43 percent, up from 37 percent last year. As has been noted, statistics from the Federation of Small Businesses聽 FSB estimated that late payments have caused as many as 50,000 business failures annually, with an economic cost coming in at聽拢2.4 billion.The FT noted that ministers cre
stanley us ated a government position last year known as the small business commissioner, which has helped recover about聽拢2.1 million in unpaid invoices.Separately, but also in the U.K., Nucleus Commercial Finance聽estimated that the closure of many debto
stanley website rs through the Christmas season will hurt roughly one-third of SMB
