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Resources   /   Glossary

B2B Payments Fintech

Recent history has shown that automation can create powerful opportunities for increases in efficiency. As technology has advanced over the years, businesses and consumers have seen the wisdom in using these advancements to improve and automate financial services and transactions. The widespread use of technology for financial purposes has given rise to the abbreviation “fintech”. The benefits of fintech have already been recognized by many and include simplicity, speed, and savings.

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Financial technology can be generally divided into two categories: business to business (B2B) fintech and business to consumer (B2C) fintech. The main focus of this article will be on B2B fintech. At this point, you may be asking the question, “What is B2B fintech?” The B2B fintech meaning is straightforward: B2B fintech is the technology that focuses on automating the specific financial transactions that occur between businesses. B2B fintech can unleash efficiencies, create visibility, and increase savings for transactions between businesses.

The problem is that the B2C world can at times seem to outpace the B2B space when it comes to innovating and adopting the kinds of financial technology that can provide so many benefits. While consumers have already gotten used to using all kinds of electronic payment systems, many businesses still rely on physical processing systems that can be vulnerable to information security breaches.

B2B fintech examples could include software that can automate bill payments between you and your company’s vendors, such as the AvidPay B2B payments fintech system within our AvidXchange software solution. AvidPay provides technology that can allow your organization to make all of its bill payments electronically. This means that your accounts payable (AP) team could move from the traditional paper-based methods that can harbor additional costs and inefficiencies to a faster and more secure method of making B2B bill payments to suppliers.

B2B Payments Fintech Companies

There are a variety of options to choose from when looking for B2B payments fintech companies to provide automated solutions for your accounts payable team. One important factor to consider is the experience level of the particular B2B payments startups or B2B payments companies you are deciding on. Financial services are too important to turn over to a B2B payments startup that potentially lacks the practical knowledge, technical expertise, and real solutions to help your company.

AvidXchange has worked with thousands of clients in a variety of industries and possesses the experience and expertise that other companies may not have. There have been over 700,000 suppliers paid through the AvidPay network over the last five years. Moreover, over $145 billion is processed through our software solution annually. This experience means that we are in a position to provide trustworthy and reliable solutions to you and your team. AvidXchange’s goal is to transform the way companies pay their bills and free AP teams from heavy paperwork loads. AvidXchange is one of the fastest-growing technology companies in the United States. This growth comes as a direct result of the company’s determination to provide truly effective service.

Top B2B Payments Companies

The top B2B payments companies have traditionally relied heavily on manual processes, but things are beginning to change. Many organizations are seeing the value that can come from automating their accounts payable processes. At present, a variety of different companies have been started to focus on addressing this preference. This has led to the expectation that the B2B digital payments market size will rapidly grow in the future. The value of these public B2B payments companies has the potential to rapidly grow as well.

One of the B2B companies at the center of all this growth—and a potential driver of it as well—is AvidXchange. AvidXchange’s solutions can provide you with automation that could play a significant role in improving your AP department’s performance. The bill payment software within AvidXchange possesses the capabilities that allow you to reduce bill payment processing costs by eliminating expenses such as those that arise from check printing, envelopes, postage, and time spent following up on uncashed checks. Automating accounts payable using a system like this can also increase the security of the financial transactions being managed. Finally, our accounts payable platform is cloud-based, meaning that it can provide you with flexibility and visibility whenever and wherever you need it.

Top B2B Fintech Companies

As one of the top B2B fintech companies and one of the top fintech SaaS companies, AvidXchange offers a solution that can automate your accounts payable processes and can thereby provide a series of benefits from scalability for growth to more visibility into invoices. Automating AP means that you can have 24/7 access to invoice and payment data, eliminating the need for you to be in the office.

Most companies aim to have strong growth but can be held back or even overwhelmed by increasing work volumes. AvidXchange’s solutions contain the potential to reduce the number of resources required to process this increasing volume of work and thereby could free up resources to focus on more strategic objectives.

Many B2B fintech companies and B2B fintech startups that provide solutions similar to AvidXchange do not offer multiple electronic payment methods that can generate rebates for you. However, AvidXchange offers two such methods: AvidPay Direct and virtual Mastercard payments. Furthermore, AvidXchange does not replace your existing accounting system but rather augments it with automation. We have built more than 210 integrations between our AP automation solutions and widely used accounting software systems for the middle market, ensuring compatibility with whatever accounting system you prefer.

B2B Payments Market

According to a recent B2B payments market report, the B2B payments market, which was valued at over $800 billion in 2020, is projected to reach over $1.9 trillion by 2028. This shows that there is truly massive growth in the B2B payments market size. This expansion in the B2B payments landscape is one reason why it makes sense to rely on automation to facilitate handling this growth and potentially ensure that your organization is ahead of its competitors.

One company that is contributing to this reshaping of the B2B payments market map is AvidXchange. With our solution, you can experience the power of accelerated transfer of funds and an easier payment process overall. Rather than the days it can take to process paper checks, the virtual payment methods in our system can be processed instantaneously, resulting in a net savings of time and money. Also, the AP automation provided by AvidXchange means an end to the opening and sorting of paper invoices and the long waits for mail or overnight couriers. All of this is replaced by a leaner and more efficient payment processing system based on software as opposed to traditional methods.

B2B Payments Trends

As an organization that is determined on ever-greater growth and that is always looking out for the next great opportunity, it is vital that you are paying attention to the latest trends in markets that matter to you. Initially, the movement was towards greater digitization of the payment processing systems between businesses and consumers, but now digitization, automation, and cloud-based solutions are among the latest factors in B2B payments trends. This has been driven by the obvious benefits that consumers have been experiencing thanks to these innovations. The B2B fintech landscape is headed in this direction.

What organizations are looking for are specific insights that can come from B2B payments analytics and B2B payments statistics, which are typically only possible with a cloud-based, automated accounts payable solution like AvidXchange. Additionally, a recent B2B payments industry report may show that B2B payment has been increasing in traction over the past several years due to advancements in technology that are more capable of offering secure business transactions. This growth is driving B2B fintech trends that have been on businesses’ and customers’ radars in recent years. In terms of B2B payments examples, AvidPay from AvidXchange allows you to take advantage of these latest trends by providing you access to a digital system from anywhere in the world that is designed to scale and grow with you, as well as reduce fraud by leveraging e-payment adoption.

What is B2B Financial Services

If you are still curious and are asking the question, “But what is B2B financial services?” the answer is that it covers all of the financial processes and transactions that go on between businesses, such as bill payments to suppliers and vendors as well as invoicing. As we have seen, the global B2B market size is only expanding, and there are a variety of B2B financial services companies that are all striving to access this vitally important area of business. B2B financial services marketing for other companies and startups can sometimes make greater commitments than their experience and strength can support.

By contrast, AvidXchange can provide you with B2B intermediary services to make faster and more secure B2B bill payments to suppliers by utilizing our AvidPay system that is backed by a supplier network of over 700,000 businesses. Thus, AvidXchange could be a truly trustworthy source for those seeking practical fintech options.

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