The digital payments revolution is well underway, with new providers and innovations in business-to-consumer (B2C) and peer-to-peer (P2P) payments emerging constantly. However, there is one key area in which the level of change has not yet matched the other sectors: business-to-business (B2B) payments.
According to CB Insights, B2B payments poised to be a $20 trillion market by 2020. Several payment processors, including Square and PayPal, as well as numerous fintech have set out to diminish the stress and manual processes involved in B2B payments. But why has it taken so long to bring B2B payments into the digital age?