The emergence of options such as buy now, pay later (BNPL) services was first introduced to business to consumer (B2C) transactions, giving customers the ability to access products and services they need today while paying at a later date or over a series of instalments.

As a supplier, wholesaler or distributor in the Fast Moving Consumer Goods (FMCG) sector, your business likely deals with a high volume of B2B payments.

eInvoicing has transformed how businesses send and receive invoices. It automates the exchange of invoice information directly between a supplier’s and a customer’s accounting software.

For businesses built in the cloud, pivoting, scaling and expanding to new countries can be achieved at a very low cost. These companies also implement some of the latest systems and processes in payments technology — think instant payments, secure payment networks and the ability for customers to choose from a range of options in how and when they pay.

Wholesale and supply businesses rely on great relationships with their business customers. Not only is this the lifeblood of their business, but providing a great experience for current customers ensures suppliers are referred to other great businesses in their customer’s networks as well.

Late payments aren’t new to Australian businesses. For many businesses, having almost $40,000 in outstanding invoices is the reality of operating, but it doesn’t have to be the case.

Business automation has been a growing trend in recent years as companies seek to realise efficiencies and make improvements across a range of systems and processes.

One of the main changes businesses have adopted since the start of the COVID-19 pandemic is a faster move to contactless and cashless payments.

Late payments are an ongoing problem for Australian businesses. If you’re a business owner, you’ve probably seen the statistics and felt the effects of these in your own business.

Chasing up late payments is something business owners and their finance and accounting teams spend a lot of time doing.

Chasing late payments can cost your business a lot of money, and today, Australian small businesses spend an average of 12 days per year chasing late payments – many of which are still likely relying on out-dated and inefficient manual processes.

Late payments amongst Australia’s SMEs have been an ongoing issue for many years. To address the issue, various policy measures have been introduced, especially when it comes to larger businesses paying SMEs.