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”

Member Exclusive, Payments

Payments Briefing: PayZen wants to combat rising medical debt with ‘Care Now, Pay Later’ solution

  • This week, we explore how PayZen uses a variant of BNPL to tackle healthcare affordability in the US.
  • We also hear from Stax CEO Suneera Madhani on the gender gap in fintech.
Ismail Umar | May 26, 2022
Payments, Podcasts, What's Happening in Payments Podcast

What’s Happening in Payments Ep. 7: Adyen’s Brian Dammeir on how to keep up with the shifting payments landscape

  • Brian Dammeir, president of North America at Adyen, joins host Ismail Umar on this week’s podcast.
  • He talks about his experiences at Adyen, the shift in consumer expectations across generations, and the role Adyen wants to play in the future of payments.
Ismail Umar | May 20, 2022
Finance Everywhere, Payments

Google launches digital wallet: 5 questions with Payments GM Arnold Goldberg

  • Google launched its digital wallet and virtual cards at its latest I/O developer conference, marking its first move in the payments space since the Plex project was scraped late last year.
  • Tearsheet spoke with Google's head of payments, Arnold Goldberg, about what this means for the Big Tech's journey in financial services.
Iulia Ciutina | May 13, 2022
Member Exclusive, Payments

Payments Briefing: ‘We penetrated the blue ocean opportunity of the Spanish-speaking market’ – NovoPayment’s Anabel Perez

  • This week, we take a look at Miami-based BaaS provider, NovoPayment.
  • We also discuss Bumped, a firm that rewards customers with equity in the brands they shop from.
Ismail Umar | May 12, 2022
Payments, Podcasts, What's Happening in Payments Podcast

What’s Happening in Payments Ep. 6: Quontic’s payment ring, Visa’s move into NFTs, and the new Square Stand POS system

  • This week, we discuss why Quontic Bank decided to launch a contactless payment ring.
  • We also talk about Visa's recent crypto and NFT-related activities, as well as Block's upgraded Square Stand POS system.
Ismail Umar | May 05, 2022
More Articles