As commerce moves online, businesses and other companies are beginning to change their practices to work within the digital commerce landscape.
Visa Executive Stresses Importance of Digital Payments
Darren Parslow, Visa’s Global Head of Business Solutions, suggested in a recent podcast interview that businesses can expand their ability to work with digital payments.
Parslow noted that just 30% of payments are done by cash and check in the United States. He added that cash and checks became less popular in recent years due to COVID-19 restrictions.
With paper transactions on the decline, there is more room for online and digital payments. Parslow suggests that companies can set up e-commerce payments, accept online payments, take credit lines to help with digital payments, or use credit cards as a cash flow tool.
Parslow then recommended that companies make use of virtual cards. With virtual cards, companies can give employees a payment card that can be used for a certain amount of time for a pre-determined purpose—an ideal option for employees that travel or attend events.
Parslow concluded that digitisation is “more than just digitisation [or] ecommerce, [and] it’s more than just payments as a means to get something done.” Rather, it involves taking advantage of all digital services that can help a business accomplish its everyday activities.
For example, he noted that the speed of digital payments can help businesses pay employees in a way that competes with the gig economy. Digital payments can be performed on a daily or weekly basis rather than on a biweekly basis, as is typical of traditional payroll departments.
Digital Payments Are On the Rise
Other data seems to agree with Parslow’s statements. Statistics from the B2B Digital Payments Tracker over the past several months suggest growth in digital commerce.
Reports from that survey group in February indicated that 80% of buyer-to-supplier payments could be carried out digitally by 2025. Additionally, data from that group in June suggested that 28% of company leaders plan to invest in virtual cards in the near future.
In short, digital payments will almost certainly become a vital tool for B2B companies and other businesses, and there are plenty of opportunities to leverage the technology.
At Payset, we offer virtual debit cards and other tools for businesses. Contact us today for more information or to sign up for a plan.
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