If you run a business, or are simply someone involved in the financial end of a business, you have probably not sent a check in payment for a business service in quite a while. Think about it. When was the last time your company wrote a check for a business product or service? While many of us are aware of just how ubiquitous the use of credit cards and debit cards are to the general buying public, business to business transactions are also becoming less paper driven. This revolution in how businesses interact with each other is why having online payment systems are becoming the heart of many businesses financial transactions. But just how does this new way of doing business affect them?
Checks vs Purchasing Cards
While credit cards may rein supreme in the general public, businesses are beginning to embrace the use of purchasing cards for their financial transactions. These work very similar to a credit card and are slowly replacing checks as a way to make online payments for business purchases. When purchasing cards are used in conjunction with online payment systems, a smoother and more reliable transactions allows businesses to get what they need when they need it.
The Choices Broaden
If you have begun to use the Cloud as a place to store documents or conduct meetings, then you know what a huge impact it can have on how businesses run. As more of the start-up FinTech companies begin to offer Cloud based alternatives to traditional banking, payment options will also begin to grow. With a wider array of payment options, more businesses are taking their money and their payments to the Cloud. More options always mean room for growth, as well as perhaps a few traditional options dropping along the way. This will also affect how many businesses do business with each other.
Millennials in the Workforce
Who is in our office chairs will always affect how we do business and the rise of the Millennial generation to the office is no exception. This is a generation that is used to using the net for everything from ordering office supplies to balancing the budget. They will see online payment systems as simply part of doing business, and with that attitude change how many companies will conduct business.
The Rise of Real Time Business
With the innovative use of real time technology in the business to business world, many of the problems encountered by traditional business payment systems may change. The old system of ordering in advance has changed to ordering “just in time” and keeping inventory to a minimum. This lowers the overhead cost of many businesses and makes paying for overages or reordering too often a thing of the past. Real time business means keeping costs in line and always knowing exactly what your overhead is costing you at all times.
All of these new and innovative ways to conduct business to business transactions would not be possible without the rise of online payment systems within the business community. From ordering and paying online to keeping accounting in the cloud, business has changed and many feel for the better. How will your business adapt to the new reality of financial business transactions?