How the right payment solution can drive growth and transform your supply chain

Despite the disruptions of recent years pushing businesses to move as much of their operations online as possible, friction still exists in business-to-business (B2B) payments. This friction causes late payments, has flow-on effects across the supply chain, and increases credit risk, particularly when companies rely heavily on trade credit to make sales.

Alarmingly, almost half of all business invoices are paid late, and 40 per cent of accounting professionals still spend half their time on manual tasks. Taken holistically, late payments hinder the cash flow cycle and can result in significant operational disruptions, even business failure.

The gravity of the problems that late payments cause highlights the opportunities available to businesses through the transformation of financial systems and processes. This transformation can have wide-reaching benefits, from empowering finance and credit management teams to be more strategic and making work more efficient for warehousing and supply chain management professionals – but only if the right solution is implemented.