Key insights from EDC’s white paper on B2B payments presented to corporates at AFP 2023
With the team at Edgar, Dunn & Company, I thoroughly enjoyed the AFP 2023, the major Association for Financial Professionals event that took place on October 22-25 in San Diego.
With John E Paris, Treasury and Accounts Receivable at Gilbane Building Company, we presented Edgar, Dunn & Company’s recently published white paper on B2B payments. Our presentation highlighted:
- Key trends with the evolution of actors across the B2B payment value chain and the high number of new entrants targeting specific niches
- 6 major pain points faced by corporates (this is based on 100+ interviews with corporates and 50+ interviews with stakeholders in the B2B and payment value chain):
- Manual processes & payments
- Cashflow management and payment delays
- Complexity of ecosystem in B2B processes and payments
- Lack of integration capability with existing systems
- No clear visibility on direct and indirect costs
- Difficulty to change current internal processes
- To address these pain points, we have identified 7 best practices that corporates and payment providers should leverage:
- Address pain points through the smart use of technology
- Develop a balanced value proposition for buyers and sellers
- Create partnerships for a stronger value proposition
- Propose a modular ‘all-in-one’ / ‘end to end’ and flexible value proposition
- Leverage indirect sales channels to increase reach and exposure
- Facilitate the integration of payment solutions with existing B2B platforms
- Quantify benefits of investment in B2B payments
The 200+ person audience answered poll questions that confirmed the findings of our white paper, and it is always good to have confirmation from corporates!
Edgar, Dunn & Company's white paper on B2B payments is available on our website: https://shorturl.at/xKPYZ and we would love to discuss further with you about how we could assist automate and optimise your AP and AR payments. Don’t hesitate to contact us!