Pardon the cliché, but change is in the air. The commercial card business is shifting. Traditional card technology is loosing traction with many significant suppliers.
So, how can payment services providers adapt to this changing environment? The key is leveraging an integrated payables platform, which allows suppliers to be paid in a multitude of ways through a single payment file from the buyer. Integrated payables enable supplier onboarders to probe for the suppliers pain points—such as transaction fee limitations, remittance integration, special requirements, staffing limitations, reporting issues—and offer a payment product that directly soothes those pains.
We shouldn’t view erosion in the traditional commercial card business as problem, but as an opportunity to further refine and perfect the way B2B payments are processed.