{"id":13248,"date":"2022-11-30T07:22:49","date_gmt":"2022-11-30T07:22:49","guid":{"rendered":"https:\/\/www.kredx.com\/blog\/?p=13248"},"modified":"2023-10-26T04:36:31","modified_gmt":"2023-10-26T04:36:31","slug":"how-is-fintech-reshaping-the-b2b-payments-landscape","status":"publish","type":"post","link":"https:\/\/www.kredx.com\/blog\/how-is-fintech-reshaping-the-b2b-payments-landscape\/","title":{"rendered":"How Is Fintech Reshaping the B2B Payments Landscape?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"13248\" class=\"elementor elementor-13248\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5bc53e6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5bc53e6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-579e941\" data-id=\"579e941\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-654cfad elementor-widget elementor-widget-text-editor\" data-id=\"654cfad\" data-element_type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The efficient movement of money between businesses turns the wheel of the economy. However, raising funds for growth and development has always remained a challenge for small and medium businesses in India. The massive growth of the fintech sector is not only reshaping <\/span><b>B2B payments<\/b><span style=\"font-weight: 400;\"> in the country but has also acted as a catalyst for the growth of <a href=\"https:\/\/www.kredx.com\/blog\/how-is-bnpl-revolutionising-b2b-e-commerce-payments\/\" target=\"_blank\" rel=\"noopener\">e-commerce<\/a>.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">KredX is a leading supply chain financing solution provider and has leveraged the potential of technology and data to accelerate the growth of businesses.<\/span><\/p><h2><b>How Is Fintech Modernising the B2B Payments Landscape?\u00a0<\/b><\/h2><p><span style=\"font-weight: 400;\">Gone are the days when people had to approach formal institutions to solve their financial problems. Today, new ventures are opting for fintech players as their preferred partners. Here are their reasons:<\/span><\/p><ul><li aria-level=\"1\"><h3><b>Assistance to New Businesses\u00a0<\/b><\/h3><\/li><\/ul><p><span style=\"font-weight: 400;\">Fintech lenders have facilitated financial inclusion by lending a hand to businesses with minimal or low credit scores. They use data collected from the history of bill payments and social media usage and study the behaviour pattern to provide a tailor-made solution for each business.<\/span><\/p><ul><li aria-level=\"1\"><h3><b>Instant Payments\u00a0<\/b><\/h3><\/li><\/ul><p><span style=\"font-weight: 400;\">Previously cheques and bank drafts were the modes for <\/span><b><a href=\"https:\/\/www.kredx.com\/channel-finance\/pay-later-for-business-transactions\" target=\"_blank\" rel=\"noopener\">B2B transactions<\/a>. <\/b><span style=\"font-weight: 400;\">But the rise of technology has enabled businesses to pay their merchants and vendors instantly. As a result, it saves crucial time and effort and improves business relationships.<\/span><\/p><ul><li aria-level=\"1\"><h3><b>Better Software Interface<\/b><\/h3><\/li><\/ul><p><span style=\"font-weight: 400;\">Fintech service providers are also known to provide innovative software platforms which are easy and hassle-free to use. These platforms offer features like regular reminders and different modes of payment and financing options. It facilitates faster <\/span><a href=\"https:\/\/www.kredx.com\/channel-finance\/buy-now-pay-later-for-b2b-payments\" target=\"_blank\" rel=\"noopener\"><b>B2B payments<\/b><\/a><span style=\"font-weight: 400;\"> and brings in much-needed flexibility.<\/span><\/p><ul><li aria-level=\"1\"><h3><b>Customised Digital Infrastructure<\/b><\/h3><\/li><\/ul><p><span style=\"font-weight: 400;\">The cutting-edge technology of fintech service providers like KredX has enabled them to introduce an entirely new digital infrastructure. Moreover, it serves as an effective alternative to traditional banking.<\/span><\/p><ul><li aria-level=\"1\"><h3><b>Hassle-free Documentation Process<\/b><\/h3><\/li><\/ul><p><span style=\"font-weight: 400;\">Contactless and paperless documentation is a vital way fintech companies are reshaping <\/span><b>B2B payments<\/b><span style=\"font-weight: 400;\"> in India. Instead of extensive paperwork, they use digital-based identification systems such as Aadhaar, UPI, and GSTN for e-KYC or video-based KYC.<\/span><\/p><h2><b>Critical Benefits of B2B BNPL\u00a0<\/b><\/h2><p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.kredx.com\/buy-now-pay-later\" target=\"_blank\" rel=\"noopener\">BNPL (Buy Now, Pay Later)<\/a> is a financing product that helps businesses purchase from B2B marketplaces, <a href=\"https:\/\/www.kredx.com\/channel-finance\/buy-now-pay-later-for-distributors\" target=\"_blank\" rel=\"noopener\">distributors<\/a>, and suppliers. The underlying concept of BNPL is that businesses can purchase products and services whenever they require them and pay later or in instalments.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Here are its key benefits:\u00a0<\/span><\/p><ul><li aria-level=\"1\"><h3><b>Cost-effective Model<\/b><\/h3><\/li><\/ul><p><b>The B2B BNPL<\/b><span style=\"font-weight: 400;\"> option offers businesses the advantage of minimal interest EMIs. In addition, delayed payments are associated with nominal penalties. This is in stark contrast to the high-interest rates and fees offered by traditional banks.<\/span><\/p><ul><li aria-level=\"1\"><h3><b>Improves AOV of Sellers\u00a0<\/b><\/h3><\/li><\/ul><p><span style=\"font-weight: 400;\">With B2B BNPL, sellers receive their due payments immediately, while buyers get to pay later at their convenience. This helps improve sellers&#8217; AOV (Average Order Value) and customer experiences.\u00a0<\/span><\/p><h2><b>Bottom Line<\/b><\/h2><p><span style=\"font-weight: 400;\">Today, businesses are leveraging the advanced technology of fintech service providers for their growth. Over the years, the growth of the fintech sector has reshaped how <\/span><b>B2B payments<\/b><span style=\"font-weight: 400;\"> are made in India. Moreover, financing products like BNPL enables businesses to solve their cash flow challenges. <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The efficient movement of money between businesses turns the wheel of the economy. However, raising funds for growth and development has always remained a challenge for small and medium businesses in India. The massive growth of the fintech sector is not only reshaping B2B payments in the country but has also acted as a catalyst [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[556],"tags":[44,569,570,553],"class_list":["post-13248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buy-now-pay-later","tag-buy-now-pay-later","tag-buy-now-pay-later-for-business","tag-buy-now-pay-later-for-merchants","tag-channel-financing"],"_links":{"self":[{"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/posts\/13248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/comments?post=13248"}],"version-history":[{"count":14,"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/posts\/13248\/revisions"}],"predecessor-version":[{"id":15570,"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/posts\/13248\/revisions\/15570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/media\/13256"}],"wp:attachment":[{"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/media?parent=13248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/categories?post=13248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/tags?post=13248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}