Technology
How Merchants Can Embrace B2B Digital Transformation in Payments Strategies
Published by Jessica Weisman-Pitts
Posted on December 12, 2022
5 min readLast updated: February 2, 2026
Global Banking & Finance Review®
Company
Published by Jessica Weisman-Pitts
Posted on December 12, 2022
5 min readLast updated: February 2, 2026
By Brandon Spear, CEO, TreviPay
As we approach 2023, it is exciting to see the amount of energy going into solving the challenges in B2B payments. While digital transformation has been accelerated by the pandemic, most company resources and attention initially went to improving the online customer buying journey for the B2C buyer. But attention is now rightly focusing on how money flows in the B2B ecosystem.
B2B expectations and demand for seamless online experiences have become critical. Although B2B innovation typically follows years after B2C processes are established, merchants are finally evaluating business models to determine how to best digitize processes for the business buyer. Why? Because B2B buyers have a different set of expectations and involve more complex processes than B2C payments. For instance, B2C payments tend to be performed by a single stakeholder (a consumer) using a single payment method (a credit card), but any given B2B transaction may involve multiple stakeholders (the purchaser, the budget owner, the procurement group and the A/P team) and numerous payment options (trade credit, purchasing cards and credit cards).
The accelerated digital transformation is also changing merchant requirements to keep pace. Inefficient administrative processes consume valuable department time and resources, but with the right fintech ecosystem support and back-office innovation, teams can be fully equipped for the future of payments.
As B2B businesses consider how to continue digital transformation in 2023 and beyond, here are four ways to future-proof your payments strategy:
As we enter 2023, B2B merchants will continue to face immense competition to win increasingly digital buyers, amplifying the need to offer payment solutions that will drive revenue and support customer loyalty. To improve the B2B buyer journey and embrace digital transformation, retailers must leverage a customer-centric payments strategy and embrace ecosystem partnerships, recognizing that companies do not have to solve all problems themselves.
Gleaning insights from B2C customer interactions and preferences, buyers want to transact on their terms seamlessly and safely, using their preferred payment methods. So much so that retailers should consider payments as the fifth P of marketing, alongside price, product, promotion and place that was coined in the 1960s. Now is the time for B2B businesses to modernize their payments strategies and put fraud mitigation measures in place. After all, B2B buyers and sellers are traditional consumers at their core and have increased expectations when it comes to transacting with the brands they prefer and trust.
Digital transformation refers to the integration of digital technology into all areas of a business, fundamentally changing how it operates and delivers value to customers.
Fraud mitigation involves strategies and measures taken to reduce the risk of fraudulent activities, particularly in financial transactions.
Automation in finance refers to the use of technology to perform tasks and processes without human intervention, improving efficiency and accuracy.
A fintech ecosystem comprises various financial technology companies and services that collaborate to enhance financial services and improve customer experiences.
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