The future of B2B payments: why card is leading the way

Business to business (B2B) payments are changing – and fast. More and more buyers are moving away from traditional credit terms and looking for faster, easier ways to pay. In fact, card payments are expected to make up 66% of all payments in the UK by 2033 (UK Finance). So, should you be prioritising card payments? Let’s explore the changing landscape of B2B payments and why card transactions fit so well in that space.

What’s driving the adoption of card payments?

Here’s a look at how increased digitisation and technological advances are making card transactions, and other e-payments the obvious choice.

The digitisation of payments infrastructure

As businesses continue to digitise operations across the board, payments are no exception. Legacy systems like cheque processing and manual invoicing are being replaced with faster, more secure, cloud-based platforms. These systems allow businesses to process card payments in near real-time and they integrate easily with B2B ecommerce and ERP systems so that all your business data – payments included – is more accessible, better connected, and easier to gain insights from.

More embedded finance options for seamless payments and integrations

Another big driver behind the rise of card payments in B2B is the growth of embedded finance. Instead of directing customers to external portals or separate systems to complete payments, it’s now easier than ever to build payment capabilities directly into your own platform. For customers, this creates a more cohesive and trustworthy experience, and for sellers it means better integration with your existing tools like CRMs and invoicing systems.

An increase in mobile and contactless payments

What started as a convenience for consumers is now gaining ground in the B2B space. Mobile and contactless payments are particularly beneficial in industries where field sales teams or on-the-go ordering is a vital part of business. With digital wallets and mobile payment links, buyers have the ability to pay securely on any device, at any time, making it simpler to close deals fast, and give buyers the seamless omnichannel experience that makes sense for them. Whether they’re placing an order from their desk, or reordering on their mobile, this kind of flexibility can make you stand out in a competitive space.

How embedded card payments benefit your business

Now it’s clear why card payments are increasingly becoming the preferred payment method for businesses, let’s see how exactly they could benefit your bottom line.

You get paid faster and cut down on time-consuming processes

More companies are turning to card payments because of speed and efficiency – it’s a convenient way to keep your cash flow healthy and cut down on manual processes associated with on-account payments, such as invoicing, payment reminders, and chasing late payments. With less time spent chasing late payments and working on administrative tasks you have more time to reinvest in other areas of your business.

It keeps customer data safe and your business compliant

Card payments come with robust built-in security – end-to-end encryption, fraud detection, and strict PCI compliance. These safeguards reduce the risk of fraud and data breaches, and in an era where security for your customers and your business is non-negotiable, that can give you a significant competitive edge.

It gives modern buyers the customer experience they expect

Card payments are also gaining traction because millennials and Gen Z-ers are now the majority of B2B buyers – in fact, they make up about 71% (Forrester). A generation raised on digital convenience naturally expects fast, mobile-friendly payments, similar to how they experience transactions in their personal lives. So while their influence in B2B continues to grow, so does the demand for more agile payment options.

The future of B2B payments is…

Embedded card payments – faster, smarter, more secure, and purpose built for the way modern buyers do business. That’s why we created GOb2bPay powered by ClearAccept – the secure payments product for your GOb2b site. Card payments are so easily embedded into your existing platform, adoption really is effortless. There’s no clunky handover, no lost visibility, just smooth, secure transactions that fit naturally into the way modern businesses need to operate.

If you’d like to learn more about embedding card payments into your existing GOb2b site, get in touch with our team to find out more.

ClearAccept Ltd t/a GOb2b2Pay is authorised and regulated by the Financial Conduct Authority under the Payment Service Regulations 2017 (FRN 926372) for the provision of payment services.