4 Reasons Why Integrated Payables Are a Must for B2B Payments

Lenore Staats

For years, business owners heard so much talk about the digital age to come. The “digital first” world has officially arrived, ushered by the pandemic that transformed the way consumers think about digital payments once and for all. While B2B payments have lagged behind consumer payments in digital adoption, that […]

4 Reasons Why Integrated Payables Are a Must for B2B Payments

For years, business owners heard so much talk about the digital age to come. The “digital first” world has officially arrived, ushered by the pandemic that transformed the way consumers think about digital payments once and for all. While B2B payments have lagged behind consumer payments in digital adoption, that continues to change rapidly.

So much so that Goldman Sachs Research has predicted that B2B payments are on the verge of a technological breakthrough. This will ultimately lead to a $1.5 trillion revenue-saving opportunity in 2028. Integrated payments is now one of the fastest growing solutions companies are turning to to take their company to the next level.

What are Integrated Payables?

Integrated payables is a method that streamlines the payment process by allowing businesses to send all vendor payments as a single, secure, online payment file to their bank. The bank then processes and distributes the payment based on the instructions provided by your business. In the long run, this provides benefits and cost savings to both the payer and payee.

One of the top reasons why companies are choosing this method is because it lowers and controls operating costs, in addition to freeing up internal resources. A few other key ways integrated payables help include:

  1. Simplified electronic migration. Integrated payable solutions can increase digital efficiencies without your company having to invest in new IT infrastructure or adopting new technologies.
  2. Greater overall integration. This method also allows you to seamlessly integrate with your company’s other accounting systems. Easily import invoices and payments without the need for manual entry.
  3. Single, seamless process. Integrated payables also save you valuable time and resources through automation. Free up your team’s valuable time and minimize/eliminate costly mistakes.
  4. Gain valuable insights. The very best integrated payables provide an interactive portal. This allows you to have full visibility into payment status and other comprehensive reports you need to efficiently manage transactions.

Finding the Best Integrated Payables Provider

If your business is in need of an integrated payables provider, check out the information and resources Best Payment Providers has to offer. The key is to choose an industry-leading payment processor that also understands your business type and industry. As more and more companies look to expand their electronic B2B payment options, having a one end-to-end solution will become increasingly important to satisfy customers and remain competitive.

Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of Best Payment Providers. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.