Why Embedded B2B Payments Should be a Strategic Priority for Every AP and Procurement Solution in 2023
AP payments have been disconnected from invoicing for decades, with accounting teams relying on checks to pay their suppliers. Today’s managers seek to bridge the expensive connection between purchasing and payments. Ted Lasso wants you to help.
Partnership Managers: Embedded B2B payments should be a top priority for 2023. Why? Your customers are moving towards end-to-end solutions that include supplier payments and AP automation. Purchasing providers without pay capabilities are already at a competitive disadvantage.
B2B companies aren’t satisfied with their current payment methods.
According to the Association for Financial Professionals, nearly 80% of B2B companies are in the process of digitizing their paper B2B payments processes. 35% of businesses report that processing costs are a significant challenge because, on average, it costs $8 to process a single supplier payment. Worse still, 75% of companies report experiencing fraud, escalating risk, and compliance costs.
Deal or No Deal? Satisfying Financial Leaders
Financial leaders are looking for efficiencies wherever possible, especially during economic uncertainty. An embedded payments solution can streamline operations, reduce manual errors, and minimize the need for additional staff. But the benefits continue beyond there. Whether to increase efficiency, reduce cost, or prevent fraud, embedded B2B payment solutions are in high demand and increasingly essential to closing deals in today’s hypercompetitive environment.
What are Embedded Payments?
Embedded payments are built-in electronic payments to suppliers that deliver purchase-to-pay in a seamless product – rather than simply bolting them on via a bank. Embedded payments allow solution providers to offer broader transaction management directly into their software, bypassing competitors and deepening customer value.
Lasso Lesson: End-to-End Solution Eliminate Ties
“Have you ever felt like you're playing a game of football where the goal keeps moving?" That's how Ted Lasso would address go-to-market teams who work tirelessly on targets they can’t close. It's a real pain, like dealing with Jamie Tartt's ego. But fear not, my friends.
“Taking on a challenge is a lot like riding a horse, isn’t it? If you’re comfortable while you’re doing it, you’re probably doing it wrong.” -Ted Lasso
Take a step back and reassess your solution strategy. In a recession, financial leaders will be looking for efficiencies wherever possible, making embedded payments even more valuable. Implementing an embedded payment solution is often faster than a full AP, Procurement or ERP implementation, allowing your customers to see results faster and without significant disruption to their existing operations.
Ted would say, “Give them reasons to believe. Convert ‘curious’ to ‘buyer’ with a full solution.” Adding payments to your solution set creates differentiation in your market, setting you apart from competitors who only offer partial solutions.
Speed of Light
Shine a light! Boost your value proposition and speed to solution and ROI by providing efficiencies across the purchase-to-pay process. An embedded payment solution improves your customer's ROI and increases provider margins and revenue by expanding upsell and cross-sell opportunities from new and existing customers.
Your Solution + Finexio = A Winning Team
Don't get left behind in the rapidly evolving industry – offer your customers the convenience, security, and efficiency of embedded payment solutions. And if you have a partial payments solution but have yet to realize the revenue potential you hoped for, it's time to look closely at embedded payments solutions. You should bring a new key into the game and investigate AP Payments as a Service from Finexio.
Together, you can create a winning team and score some goals that would make even Roy Kent proud. Add supplier payment capabilities to your solution set and reap the benefits of increased revenue, improved security, and differentiation. If you'd like to learn more about Embedded B2B payments, click here to see how you can partner with an Embedded B2B Payments as a Service like Finexio, and offer best in class payments to your customers.