As workforces shrink, B2B payment automation could grow
Business payments have traditionally relied on checks more than other transaction types, but a changing workforce and pressure to cut costs could lead to a wave of digitization in the coming months.
"There will be a tailwind to get out of pen and paper to reduce the number of people who are managing payments," said Sunil Rajasekar, who in December was named CEO of Billtrust. "Companies will be thinking about how to get more efficient."
BillTrust, which has reorganized its leadership since EQT X Fund took BillTrust private in December, plans to accelerate its move into emerging payment options such as real-time processing in the year ahead. BillTrust is not alone, as other firms that sell business software, such as Oracle NetSuite, have also upgraded accounts payable features. These firms are looking for businesses that want to streamline cash flow to blunt economic softness.
The next year poses the possibility of stagflation, with many businesses bracing for impact, said Asaf Darash, CEO of Regpak, an online corporate records software company.
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