B2B Vault Episode 17: B2B Vault News Round Up Part III

Hey, this is Allen with another episode of The B2B Vault Podcast and we're here today. We're going to do the news round up for the week. So let's see what we're going to talk about. Okay. So consumerization of B2B payments, and has been going on since the start of the pandemic businesses need to look at upgrading their systems so that they offer payment methods that consumers are looking for and now businesses want from their B2B payments. They want to be able to pay anytime they want. They're wanting to pay with a payment portal or get invoiced, and then click on a link and make a payment, um, get a text message, click on a link, get a payment, um, accepting ACH and different things like that. And there's a lot of articles going around. And, uh, in the news about this, you know, they're calling it the consumerization of B2B payments and businesses, you know, we can help businesses that need to do that. So we have the tools, we do a consulting call, and then we help them with, uh, you know, explain what does all of that mean, but this is big in the news. And I think we're going to see, you know, a lot more businesses that are going to make it easier for the other businesses who have to pay the invoices and things like that. Instead of the checks in the mail, you know, a more consumer style way to get paid. And also, you know, alternative payments are going to come into that too. So, um, financing, of business payments, where lawyers or accountants can finance customers and get paid upfront or accepting cryptocurrency and different things like that for their business. And the last couple of news updates I'm talking about Buy Now Pay Later. And all of a sudden yesterday popping up in the news is buy. Buy Now Pay Later. 

Congress is looking at the Buy Now Pay Later market because this thing is just blowing up everywhere. Um, tons of companies are getting involved. PayPal's offering it a farm. We offer it here at our company, nationwide payment systems buy now pay later. And this is a big thing going on. And Congress says, oh, we need to look at this, buy now, pay later market and see how that's going to work out. Even a MasterCard is looking out. They can integrate that into their systems, but that probably would take quite a while, but buy now pay later is a hot thing. And one of the things that merchants asked me about with buy now pay later is I said, why do people want to do that? If they have the available money on their credit card? And it's simple, they're only going to pay about 5% for a buy now pay later transaction versus on their credit card. If they're going to float a balance, the balance could be anywhere from 10% up to 26%. So they don't want to float that. They don't want to carry that on their credit card. They'd rather have the buy now pay later company and only pay 5% for those transactions. And then they also get another 30 days on top of that because it's getting charged on their credit card and they're paying less money, for that whole setup.

So these are things just to keep an eye on and thanks for listening to the B2B Vault, you know, file click the follow button on your favorite podcast, apple, Google SoundCloud. Spotify can also catch my videos on YouTube under B2B Vault and thank you for listening.