While the spotlight often falls on consumer-to-business transactions, recent research highlights a lesser-known yet significant shift in the business landscape – the rapid surge in automated payments among enterprises.
A comprehensive study, jointly conducted by American Express and the Centre for Economics and Business Research (CEBR), unveiled a staggering 84% of businesses have initiated partial automation in their payment processes for suppliers.
Delving deeper into the data, the research revealed a compelling narrative. Over a third of businesses, although not fully automated, are actively seeking collaboration to integrate automation into their systems.
Manish Kapoor, VP and Head of Global Commercial Services at American Express Banking India, emphasized the growing importance of adopting smarter payment solutions in the competitive market.
With corporate cards offering extended payment terms, rewards, and seamless convenience, businesses can now transform expenditures into a rewarding and efficient venture.
Moreover, the survey indicated a positive correlation between complete payment automation and improved invoicing accuracy and speed, with 58% reporting noticeable benefits. Anticipating this trend’s trajectory, a significant 86% of businesses expressed intentions to amplify automation for customer payments.
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