As an international B2B business, your ability to accept and make commercial payments can be a growth-limiting factor.
The B2B payments industry is fragmented, making it hard for businesses to access the payment capabilities they need with seamless, cohesive user experiences across multiple geographies. But Fintech-as-a-Service represents a game-changer, giving B2B businesses the freedom to accept and make payments using local payment methods anywhere they do business, without investing in the back-office expertise and technical integrations that once limited growth.
Why Global B2B Payments Are Complex
Many modern B2B payment providers focus on a specific specialty solution, forcing B2B companies to stitch together disparate systems to do everything they need.
B2B companies must typically manage a messy mix of:
- Accounts payable and receivables systems
- Payment acquirers and processors
- Foreign exchange providers
- Cross-border payment services and others
In the past, the only option was to undergo expensive and time-consuming integrations to multiple payment vendors and technologies. Now, Fintech-as-a Service is simplifying this process and making it easy for B2B organizations to accept and disburse payments anywhere using local methods.
How Fintech-as-a-Service Simplifies B2B Payments
As a global leader in Fintech-as-a-Service, Rapyd provides an all-in-one payment solution for B2B. One integration lets you access over 900 local payment methods across 100+ counties, with foreign exchange, single settlement, managed compliance and fraud monitoring. With solutions for accepting and disbursing funds in local payment methods, Rapyd is ideal for B2B applications.
Components of a Fintech-as-a-Service Solution:
One API integration provides everything you need in a unified tech stack:
- Accept payments globally and make payouts using bank transfers, locally issued cards, ewallets and cash
- Managed risk and compliance including licensing, identity verification (KYC) and anti-money laundering screening
- Foreign exchange management and single settlement
By providing a single simplified link between today’s fast-paced, digitized B2B economy and legacy financial systems, Fintech-as-a-Service helps B2B businesses adapt to emerging trends like remote workforces, supply chain diversification and the growing digitization of purchases.
Create Frictionless Experiences for Customers, Sellers and Partners
As commerce becomes more digital, many B2B companies are looking to transition their businesses to an online commerce model or to add ecommerce as a sales channel. B2B ecommerce can not only help you sell more, if implemented correctly with the right payment methods, it can also improve the customer experience. According to Gartner, “creating a better customer experience is the number one reason B2B businesses launch a digital commerce site.1”
Fintech-as-a-Service is about providing the technologies B2B businesses need to develop grow digital commerce and improve customer experiences without having to build out payment infrastructure. This frees B2B businesses to focus on their core competencies and other essential elements of localization, such as providing local-language apps, websites and customer support.
Want to Learn More About Expanding Your Business Online?
Read The State of Cross-Border eCommerce
1. Jason Daigler, Christina Klock, Survey Analysis: How B2B Sellers Are Leveraging Digital Commerce, Gartner, Nov 2018.