Business-to-business (B2B) payment helps safer transactions for merchants who require recurring, regular transactions and provides end users with a variety of operations such as accounts receivable, accounts payable, payroll, and acquisition departments. Depending on the contractual arrangement between the buyer and seller, it could be a one-time or recurring transaction. B2B payments are more sophisticated than B2C payments since they take longer to authorize and settle.
North America B2B Payments Market Driving Factors and Challenges
Several main factors have contributed to the tremendous expansion of the North American B2B payment market. To begin with, the growing use of digitization and technology-driven solutions has altered traditional payment systems. This shift to digital payments has increased corporate productivity and decreased operating expenses, encouraging more firms to accept electronic B2B payments.
Furthermore, the COVID-19 pandemic increased the demand for contactless and remote payment solutions, boosting the B2B payment business even further. With organizations embracing remote work and looking for ways to reduce physical interactions, digital payment platforms have become critical for performing transactions securely and conveniently.
However, there are substantial challenges in the B2B Payments sector in North America. The complexity of existing payment systems, as well as resistance to change inside long-established businesses, provide substantial hurdles. Many firms continue to use old manual methods and legacy systems, making the transition to modern B2B payment solutions time-consuming and complicated. Furthermore, concerns about regulatory compliance and data security must be addressed, particularly in light of increased cyber threats.
Impact of COVID-19 on North America B2B Payments Market
The COVID-19 outbreak has had a significant impact on the North American B2B payment business, changing corporate transactions and hastening the implementation of digital payment systems. In the face of lockdowns, remote work, and disruptions to traditional supply networks, businesses have increasingly turned to digital channels to maintain firm continuity. As a result, demand for contactless and online payment methods has increased, with a greater emphasis on security and efficiency in B2B transactions.
North America B2B Payments Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; American Express, Bank of America Corporation, Capital One, Mastercard, Payoneer Inc, Paypal Holdings Inc, Square Inc, Stripe, TransferWise Ltd, Visa Inc, Others.
North America B2B Payments Market Segmentation:
By Payment Type: Based on the Payment Type, North America B2B Payments Market is segmented as; Domestic Payments, Cross-border Payments.
By Enterprise Size: Based on the Enterprise Size, North America B2B Payments Market is segmented as; Large Enterprises, Small-Sized Enterprises.
By Payment Method: Based on the Payment Method, North America B2B Payments Market is segmented as; Bank Transfer, Cards, Others.
By Industry Vertical: Based on the Industry Vertical, North America B2B Payments Market is segmented as; BFSI, Energy and Utilities, Government Sector, IT and Telecom, Manufacturing, Metals and Mining, Others
By Region: This research also includes data for Canada, Mexico, United States, Rest of North America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.