Interest in the potential benefits of application programming (APIs) interfaces has increased over the recent months as B2B SaaS (business-to-business software-as-a-service) companies and their financial institutions (FIs) or banking partners seek to retool their payment processes in order to remain competitive in the payments ecosystem. In fact, a recent study found that all B2B payments will be sent by APIs by 2023.
This shows the importance of technology in the future of payments. The shift to API-supported payments comes as the need for digitization forces more businesses and B2Bs to recognize the inherent points of friction in their payment processes. Many businesses continue to use siloed systems that make easy sharing of payments and related data time-consuming and inconvenient.
Part of what discourages businesses from digitizing their payment processes is a lack of digital infrastructure to carry out these changes. Upgrading infrastructure to allow movement away from previously siloed payment processes can be particularly difficult for smaller businesses, which operate on slimmer margins than their larger competitors and may lack sufficient funds to build out systems that support faster, digital payment options. This is how and where technologies such as PaidYETs new API comes into play.
The growing emphasis on APIs’ benefits and the need for interconnected payments processes comes as an increasing number of B2Bs abandon slower payment methods such as paper checks, and as B2Bs seek quick solutions like PaidYET to convert their manual payments processes to digital ones or risk losing these customers and merchants to faster competitors.
APIs can assist B2Bs in better aggregating the data necessary to finish these transactions in one place, easing the transition from siloed, manual accounts payable and receivable strategies to more integrated, digitally optimized business models.
B2B’s throughout multiple industries are exploring APIs to hook up their better overall experience and other critical solutions in order to keep up with needs of merchants and customers. When you integrate PaidYETs new advanced API, the last of your worries will be payments.
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