Strategic B2B Payments in the Digital Age

This report examines the current state of business-to-business (B2B) payment processes, highlighting key findings from a survey conducted by the Financial Education & Research Foundation (FERF) and Boost Payment Solutions. The research reveals that 44% of companies believe their B2B payment processes require significant improvements, while over 70% of respondents indicate that their accounts payable processes are at least half manually operated. The report outlines the unique complexities of B2B payments compared to business-to-consumer (B2C) transactions, emphasizing that many B2B systems have evolved from adapted B2C architectures, which do not adequately address B2B needs. It also discusses the critical factors influencing B2B payment processes, including company culture, industry dynamics, and technology. The report concludes by presenting a structured framework aimed at helping finance professionals benchmark and improve their B2B payment processes, thus creating competitive advantages in the digital age.