SMBs See Measurable All-in-One Payments Benefits

Measurable improvements to B2B transaction efficiency help explain why some small- to medium-sized businesses (SMBs) have decided to integrate all-in-one solutions into their accounts payable (AP) and accounts receivable (AR) management systems.

The “AP/AR Quick-Start Guide: How All-In-One Payment Platforms Can Transform B2B Transactions,” a PYMNTS and Plastiq collaboration, discovered that 4 out of 10 SMBs have used an all-in-one solution, and two-thirds of this cohort used an all-in-one option both to make and receive payments. While SMBs overwhelmingly recognize the benefits of adopting an all-in-one payments solution, they see different benefits when making versus receiving payments.

SMBs identified convenience and saving time as top reasons for implementing an all-in-one solution, both for those making payments (90%) and those receiving payments (81%).

Other reasons SMBs cited for using an all-in-one solution included improvements in enterprise resource planning (ERP) system integration (58%), improvements in supplier relationships (50%) and improvements in working capital (48%).

Reasons SMBs gave for implementing all-in-one solutions for AR included better data collection (61%), easier cash flow management (56%) and choice in how to be paid (51%).

This guide is based on a survey of 500 SMBs in the consumer goods manufacturing, eCommerce and eRetail, transportation, logistics or shipping and wholesale trade industries with annual revenues between $500,000 and $50 million.

Fraught With Friction

The current AP/AR landscape between SMB suppliers and buyers is characterized more by friction-filled transactions — from asymmetries in preferred payment methods to uncertainty in resource planning — than by the seamless flow of payments. Bottlenecks increase operating expenses, complicate customer relationships and cloud cash flow management.

All-in-one technology is a forward-looking solution that effectively addresses these and other challenges. Few SMBs have implemented an all-in-one AP/AR solution, however. The misalignment of SMBs’ and payment platform executives’ perceptions about the advantages of all-in-one solutions suggests SMBs are insufficiently informed about the benefits these solutions offer for improving and future-proofing B2B payments experiences.

Get your copy: AP/AR Quick-Start Guide: How All-In-One Payment Platforms Can Transform B2B Transactions