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B2B elevates transparency benefits with virtual cards

At present, in B2B payments, 9/10 of financial organizations provide account validation to the clients. Wilo and Spryker team up to streamline B2B purchasing. APIs and technology bridge the communication gap between engineering teams and CFOs with virtual cards.

Businesses face a lot of challenges while making supplier payments. Underwriting, inability to give supplier portal, and reconciling invoices are some challenges.

Some other challenges are insufficient payment choice and management of real-time cash flow. Also, spending management and unprovided data across all organizational areas are problematic.

57% of the businesses that utilize virtual cards say that a good advantage is a more transactional detail. This report was as per the “Accelerating the Time to Realized Revenue”, a Mastercard and PYMNTS collaboration based on the survey that has 400 corporate executives in Canada and the USA.

On 6th July, Spryker was operating with the manufacturer of pump systems, Wilo, to develop a B2B purchasing platform for the customers. The partner of Spryker, diva-e, will be offering consulting services. It will support the making of a business model with the implementation of an end-to-end platform, with virtual cards playing a major role.

CloudTrucks, a trucking business management solution, has introduced CT Credit. It is a Visa business card crafted for helping small fleets. Also, it the owner-operators to pay and track expenses.

CT Credit is for customers who are unqualified for traditional credit cards. It allows them to get the needful funds for moving goods and cash flow management.

The CT Credit facilitates funds and gives the owner-operators and the small fleets. Moreover, it offers better control over cash flow and expenses operation like virtual cards.

The co-founder and CEO of Modern Treasury, Dimitri Dadiomov, were with the CEO of PYMNTS in an interview. The banks’ patchwork nature and payment operations of the enterprises was the main topic. It is affecting the potential for tracking payment flows. Therefore, the companies are missing out on opportunities for expanding core operations.

The financial and CFOs require to track and understand the regular progress of the business. Besides, efforts are needed to keep visibility efficient while having virtual cards by the side.

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