The 2018 Payments Technology Checklist – Five to Follow (sponsored)

With a new year comes new resolutions, disruptors and trends. This will especially ring true in the payments space, which boasts one of the biggest growth markets in the world - fintech. Research estimates that global fintech solution usage is currently at 33 percent and is expected to increase to 52 percent in 2018. As the business world hangs up their calendars for 2018, Dave Yohe, VP of Marketing at BillingTree looks at five key technology developments shaking up some key markets in 2018

1. B2B Payments finally going digital
Perhaps further behind in the fintech curve than they should be are B2B payments. This is often attributed to the complex nature of B2B payments - most transactions involve multiple stakeholders, are usually attributed to POs and budgets, and are managed manually. The check still holds as the most common method of payment acceptance in US B2B payments, but only just. The Association for Financial Professionals has found that in 2004 81 percent of B2B organizations paid by check, but by 2016 this number had shrunk to 51 percent.

The US Government has already mandated that in 2018, all invoicing for business-to-government payments will be electronic-only. This is bound to have a roll-on effect into the B2B market as a whole. In 2018, expect more CFOs to begin to realize the efficiency benefits of digitizing B2B payments.

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