3 Ways Mobile Technology Enhances the B2B Payments Experience

There’s no way around it: mobile devices are changing peoples’ buying behaviors. As both consumers and employees, business users of smartphones and tablets are exploring new ways to boost their mobile shopping productivity. The B2C marketplace is the midst of a payments transformation, with apps like Google Wallet, Apple Pay, and Current C seeing increased adoption among shoppers and retailers alike.

Can the mobile devices in our hands be leveraged to facilitate B2B payments and transactions? An affirmative answer is clear, as a number of accounting organizations at companies around the globe can attest. Mobile technology’s potential to change the way payments are processed is significant, but it will be a long time before (if ever) the popularity of mobile-based payment technology surpasses that of paper checks, ACH, and credit card transactions.

Until this time comes, let’s explore the ways mobile technology can supplement the traditional methods of payment processing and enhance the AP and AR teams’ current processes.

1. Works the Way Users Work

Over half (51%) of B2B executives surveyed in the Forbes Insights Report, The Connected Executive: Mobilizing the Path to Purchase, say mobile will be their primary business platform within three years. When it comes to their role as buyers, more executives are using mobile devices to conduct research and make purchases—and they expect the same convenience (e.g. flexible payment options) as consumers.

In fact, a potential vendor’s website functionality and availability of mobile tools are likely to factor more strongly into a partnership decision as B2B tech evolves. Sixty-six percent of executives in the Forbes study say a mobile-friendly site makes them more likely to buy or engage with a vendor; 41% say mobile apps make them more likely to buy or engage. Payments professionals who currently use mobile devices to stay productive are looking for new, time- and money- saving applications—and they will appreciate the ability to incorporate mobile payments into their business relationships when they become available.

2. Expedites Paper-Based Transactions

Check payments remain the common B2B payment method, and they’re not going away any time soon. But mobile technology can speed up their processing. Technology such as optical character recognition (OCR) and magnetic ink character recognition (MICR) make it possible for a paper check to enter an electronic process. A mobile device enabled with mRemote Deposit Capture, for example, can take a picture of check and securely send its information to the bank.

3. Streamlines the Receivables Process

When combined with e-invoicing, mobile-powered paper check processing becomes even faster. Aside from check image-capture and transmission, mobile devices can be used to send and receive invoices and remittance advices. This means a member of the accounting team can manage payables easily on their device while they’re out of the office and away from their computer. Naturally, mobile payment systems must provide some level of interoperability between existing in-house accounting systems and integrations are required to connect with bank and other third-party systems, but solution providers behind today’s mobile app platforms are on-hand to help companies put the right pieces in place.

Learn more about mobile tech’s impact on the B2B payment market:

• What Does the Mobile Payments Market Look Like in 2019?
• Exploring the Consumer-Led Transformation of Corporate Mobile Payment Technology