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Data for this episode of Truth In Data is provided by Mercator Advisory Group’s report – B2B Payments: More Options Than Ever Before
- While the shift to digital is obviously underway – paper checks still represent 47% of the value in 2018
- Automated Clearing House (ACH) accounts for 34% of B2B payments value in 2018
- Wires account for 14% of B2B payments value in 2018 and Cards account for 6% of B2B payments value in 2018
- Mercator anticipates a more rapid decline than the 0-4% decline recently predicted in AFP and Fed payment studies
- Small and Medium Businesses (SMBs) are the largest users of checks and fintechs have been targeting the market with new banking solutions
About this report
Fintechs’ digital solutions are changing the business-to-business payments space. As new technology emerges and modern upgrades to legacy systems provide better user experiences, businesses have an expanding array of choices for more effective and efficient business-to-business (B2B) payments. The influence of financial technology companies (fintechs) on the B2B space is growing and filling in the payments gaps as usage of paper payments starts to fade away.