The year 2020 witnessed huge growth in online banking. Since the number of people and businesses switching to online banking skyrocketed, tools required for digital payment processing gained more traction than ever before. By 2024, monthly, 4 out of 5 U.S. bank account holders will be relying on online banking tools.
Fintechs, B2B Payments, & Pinwheel Payments
In recent years, financial technology companies have been growing rapidly, and last year, they gained unprecedented importance all over the world. And that’s with good reason: after all, digital transactions became mainstream because of COVID-19.
What benefits do business-to-business (B2B) payments provide? Well, you can enjoy simpler and safer payment processing for routine, periodic transactions. B2B payments come with benefits for end users as well.
For fintechs, making B2B payments speedier and easier is an opportunity. According to some observes in the space, capitalizing on the growth opportunity in B2B doesn’t necessarily mean treasury-management services proving banks must be replaced. Rather, it suggests partnership with them.
What about your eCommerce company? Are you using the right payment processing services and tools? With Pinwheel payments, you can be sure to enjoy unique solutions and tools designed for helping you run your business with greater effectiveness and success. Pinwheel pays special attention to multi-currency processing and online payments.
Growth of Fintechs & B2B Payments
Did you know that the electronic B2B payments market boasts an estimated global payment volume of $120 trillion? The market offers a huge opportunity for digital payment solutions, allowing B2B companies to save time and money.
Recent research in the financial field shows that 97% of FIs intend to redesign their branches so they can better cater to changing customer needs. The research also revealed that the focus was on B2B fintechs, infrastructure, payments, and payroll.
More and more merchants are interested in sophisticated B2B payment solutions. Why? It’s because the need for real-time payment tracking is growing. This enables merchants to reduce payment-linked supplier inquiries and streamline payment reconciliation to corresponding invoices.
Fintechs Taking Aim at B2B Payments
Thanks to the fintech industry, B2B companies get access to advanced tools and solutions. As a result, merchants save time and money when running a business.
Author Bio: Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.