The payment landscape is changing rapidly. With financial institutions opening their API’s for third-party applications and the rise of fin-tech’s willing to develop and engage traditional businesses to enhance their services offerings, the future of fintech is exploding.
Recent reports lend very well to the future of payments. Consider these headlines…
$20 trillion: the expected valuation of B2B payments market.
Interestingly enough, B2B is challenged to keep up the pace like the B2C sector and should consider operating more like B2C payments as that is growing fast and is familiar to most decision makers at any business.
Pungle enables B2B real-time payments. This allows businesses to hold on to funds and maximize cash flow opportunities. Thus enabling companies to invest or more importantly benefit their cash flow management.
$18.5 trillion: the current valuation of US B2B payments market
Chen Amit, co-founder and chief executive officer of Tipalti notes that the definition of B2B payments is in flux. He credits this to the changing, an almost fluid definition of a “supplier”. Leads in this space are looking to reduce friction for businesses, suppliers, and customers.
Pungle recently reported additional details to direct US and Canadian payments landscape data from Payments Canada and the Federal Reserve Payments Study, 2016. See the images below.
$1.1 Trillion: the projected value of B2B eCommerce by next year
In the B2B eCommerce space, there is a great opportunity and growth for businesses of all sizes. AI and machine learning lead the charge to do business better and easier without the human element or error. Retailers are now looking to enhance their B2B capabilities, reduce overhead, increase margin and deliver a better overall experience for businesses, suppliers, and customers.
Pungle enables real-time payments, providing for an enhanced user experience for businesses of all sizes, reducing friction for businesses making the B2B experience more like the ease of use B2C and customer driven experience.
AI and machine learning are at the forefront of media today. These are two key factors in Pungle’s differentiators to provide a best case and best use of payment rails, rates, speed, and simplicity. AI provides the opportunity to help predict habits and plan for better cash flow management, something that plagues all business small and large. Machine learning will enable businesses to make better use of time and provide a real “set it and forget it” solution for repetitive mundane tasks, such as always having to select a preferred payment rails network or asking yourself “Should I send this with electronic funds transfers, Visa Direct or MasterCard Send?”. Resulting in both speed and simplicity for the business. Speed and simplicity lead to increased productivity and greater margins.
92% of bank professionals are interested in biometric technology
AI will play a big role in security, Ajay Bhalla, President of Global Enterprise Risk and Security at Mastercard explained in an Oxford analysis report. Bhalla said, “The investment in technology, like physical biometrics, advanced behavioral analytics, risk-based authentication and artificial intelligence will grow.”
So this is a bit interesting as banks look deeper into biometrics in technology, it lends to the simple fact that an administrator in a company who prefers to access the Pungle Payments Portal using their own mobile device will be able to do so with their current biometrics. Banks may further layer that with additional biometric login credentials to reduce fraud and risk. As companies embrace biometrics, the Pungle API stack will enable companies to take advantage of biometrics with their own admin logins to the Pungle Payments Portal.
60 days of capital float make commercial cards an enticing B2B payments option for 201
This was brought to light by Dean Leavitt, founder and chief executive officer at Boost Payment Solutions. Companies may benefit from the 1.5 percent rebates, however, the ability to use cards to make payments for ease is more attractive now than ever before. Commercial card use is growing “Suppliers benefit from faster invoice payment times, and industry players are making it easier than ever for these vendors to accept card payments via buyer initiated payments and straight-through processing” – Dean Leavitt. Pungle Payments makes business payments easy with real-time transactions and supports this growing future of B2B and card payments.
Pungle provides the fastest way to reach the most companies and customers using various payment rails. None faster than Visa and Mastercard. With our ability to send card to card payments in less than 3 seconds and leveraging the 60 days capital float, businesses can make faster payments, cheaper and enhance their cash flow management.
$10: the estimated cost per issued paper check
In recent insuretech meetings, Pungle received feedback that this was the raw cost of issuing a check and more likely is $17-$22 per issued paper check. Real-time payments are addressing the ongoing use of paper checks, specifically in B2B transactions. Buyer initiated payments make it far easier and more affordable to suppliers to accept digital payments in B2C, but now with the rise of fin-tech’s in B2B transactions. “Push payments cost a mere fraction” of the cost of paper checks.” – Drew Edwards, CEO Ingo Money “They also provide convenience and tracking throughout the transaction that can bring clarity to the entire process”. In fact, with Pungle Payments you can provide detailed enhanced data to suppliers and vendors directly in the payment for added clarity.
Pungle is a friction-free B2B payments solution for your business no matter the size or number of transactions. A true benefit of doing business with Pungle is our ability to help companies reduce and control their financial transactions spend.
For instance, a local sports organization recently shared that they had $42,000 in banking fees. With Pungle these transactions would be set at a fixed fee of $2 per transaction, rather than a variable percentage, resulting in excessive fees eating away at your margin.
The fintech for fintech’s, Pungle, making business payments easy.