Today in B2B payments, shipping is in the spotlight as service providers discuss their solutions to different aspects of this supply chain challenge. X Delivery CEO Mark Lavelle suggested businesses should think of shipping as a “deal closer,” while TradeLens reported it has brought together more than 1,000 major players involved in the global supply chain.
Businesses, especially small ones, have come to expect the free shipping that has become commonplace in consumer markets, particularly when it comes to low-ticket, lightweight, off-the-shelf products such as office supplies. And B2B sellers have started taking cues from the consumer market. X Delivery CEO Mark Lavelle told PYMNTS’ Karen Webster, “What the product is and how much it costs is important, but just as important is when I get it and how I get it.”
In the time since IBM Blockchain and Maersk created the TradeLens in 2018, aiming to help players in every segment of the shipping industry work together, the pandemic has pushed digital transformation down the priority list for shipping lines, port operators, customs agencies, railroads and trucking firms. That isn’t to say the project hasn’t been a success by many measures, though — it has brought together more than 1,000 major entities involved in the global supply chain.
Small to mid-sized businesses (SMBs) encounter numerous pain points when making and receiving B2B payments. According to the “AP/AR Quick-Start Guide: Reducing B2B Payments Friction for SMBs,” a PYMNTS and Plastiq collaboration, SMB buyers and suppliers are fed up with inefficient and outdated accounts payable (AP) and accounts receivable (AR) platforms. Many are interested in using — and even paying for—an all-in-one solution.
Fraud remains first and foremost among the barriers to adoption of real-time payments (RTP) in the B2B space, according to “Accelerating the Time to Realized Revenue Playbook,” a Mastercard and PYMNTS collaboration. Yet the certitude of receiving funds on a date- or even an hour-specific basis may outweigh that and other obstacles to accelerating B2B payments through RTP.
Like many FinTech companies, Indian eCommerce platform ShopX was once a high flyer. But it hasn’t been able to raise equity funding since April 2020, and now it has shut down and filed for bankruptcy, according to Indian officials. And it offers a cautionary tale for other B2B marketplaces.
Pemo has added physical and virtual Visa payment cards to its all-in-one spend management solution for small to medium-sized businesses (SMBs) in the United Arab Emirates (UAE). Pemo Co-Founder and CEO Ayham Gorani said in a press release, “With the launch of Pemo cards, businesses now have a frictionless end-to-end solution that automatically categorizes employee expenses, captures receipts for every transaction and offers management teams complete visibility on corporate spending.”
Small business financing FinTech Kapitus has increased its funding capacity by $95 million, bringing its total debt facilities to $360 million. Kapitus CEO Andrew Reiser said in a press release, “Today, we are poised and ready to help businesses through their next chapter, whatever stage of growth they might be in.”
Hazeltree has secured a $14 million strategic investment to grow its treasury and liquidity management technology for the alternative asset and investment management industries. Hazeltree CEO Tushar Amin said in a press release, “This investment will fuel Hazeltree’s growth through expanding customer success and support, scaling our commercial model and innovating across our product suite.”
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