A study by American Express has found that while most business-to-business (B2B) companies value the technology that enables fast and accurate payments, many companies still lag behind in payments automation. The study found that 91% of business leaders believe that an optimized payments system drives overall business growth. However, while around a quarter of respondents said payment issues were a frequent reason for ending a relationship with a supplier, even fewer (17%) reported having fully automated their own payments processes. The top three reasons for not fully automating payments were cost concerns, doubts about the benefits of automation, and security. The main benefits of payments automation include increased efficiency and security, as well as providing more insight into business operations.
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