Member Exclusive, Payments

Payments Briefing: B2B payments are slowly catching up with B2C

  • This week, we look at how B2B transactions are going digital.
  • Bar Geron, co-founder and CEO of payments firm Balance, says that B2B ecommerce is following the same trends as B2C – just some years later.
close

Email a Friend

Payments Briefing: B2B payments are slowly catching up with B2C

B2B is digitizing fast. A growing number of B2B ecommerce marketplaces have started to emerge recently, speeding up the digitization of business-to-business trade. Insider forecasts that B2B ecommerce sales volume in the US will reach nearly $1.8 trillion in 2022 – a 12% increase from a year prior.

Naturally, this rapid growth of B2B ecommerce sales is leading to increased demand for dedicated payments solutions to help ensure a smooth online checkout experience for business customers.

This is where Balance comes in. The Israeli startup claims it’s the first B2B ecommerce payments platform that offers a consumer-like checkout experience for merchants and marketplaces. Balance offers flexible payment terms and gives buyers various payment options including credit card, ACH, wire transfer, and check. It also enables merchants to receive payments instantly.

Companies using Balance’s platform range from startups to publicly traded firms across industries such as steel, freight, hardware, food delivery, medical supplies, apparel, and more.

Bar Geron, co-founder and CEO of Balance, says that much of B2B is still “living in the stone age”, and the average US firm has to wait 33 days to receive a cross-border payment. But that’s changing fast. Industries that hadn’t seen much change in over a century are now starting to sell online – from metal and steel to oil and pharmaceuticals.

Geron has a number of predictions for what’s ahead in 2022 around the supply chain and B2B payments. He believes the key to solving the current global supply chain crisis is in digitizing transactions to improve supply chain efficiency.

Let’s hear from the man himself about where he sees B2B ecommerce and payments headed in 2022 and beyond.

 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “Payments Briefing: B2B payments are slowly catching up with B2C”

Payments, Power of Payments Podcast

Power of Payments Ep. 14: JPMorgan vs Stripe and Block, CFPB is coming for BNPL, and is LTO a viable BNPL alternative?

  • This week, we talk about JPMorgan’s acquisition of payments firms Renovite, and the CFPB’s recent report on BNPL firms, which suggests that regulation is coming for the sector.
  • We also discuss why lease-to-own, which is another type of installment payment option, has been gaining popularity in recent months.
Ismail Umar | September 23, 2022
Payments

Takeaways from Tearsheet’s Power of Payments conference last week

  • Last week, Tearsheet hosted its inaugural T-POP Conference, focused on payments.
  • Here are the major challenges and opportunities we zeroed in on at the event as we plan for the future of payments.
Zachary Miller | September 21, 2022
Member Exclusive, Payments

‘It’s new branding to what is a very classic industry’: Ramp’s Eric Glyman on B2B BNPL, and how their new offering is different

  • What's the secret sauce behind Ramp's doubling valuation and revenue growth amid a fintech downturn?
  • Eric Glyman, co-founder and CEO of Ramp, spills the beans on his company strategies and what's in the offing.
Sara Khairi | September 13, 2022
Member Exclusive, Payments

Payments Briefing: Does lease-to-own provide a “recession-proof” alternative to BNPL?

  • This week, we explore lease-to-own, an installment payment option that has been gaining popularity in recent months.
  • We also discuss SMBs' increasing reliance on cross-border payments, and the steps that providers can take to serve them better.
Ismail Umar | September 09, 2022
Payments, Power of Payments Podcast

Power of Payments Ep. 13: ‘You need to have a good answer to the question, how do you get to profitability?’ – Rapyd’s Eric Rosenthal

  • Eric Rosenthal, vice president of corporate development, strategy and partnerships at Rapyd, joins host Ismail Umar on this week’s podcast.
  • He talks about how Rapyd caters to businesses of different sizes including major firms like Uber, what American companies can learn from payments firms in Latin America, Asia, and Europe, and how startups in the space should try to deal with the current downturn.
Ismail Umar | September 09, 2022
More Articles