Electronic Payments to Grow

Share this content:
The use of electronic invoicing and payment will increase in the business-to-business sector in the near future, according to the "B2B Spend Management Survey" released Aug. 11 by MasterCard International and Ariba Inc., a BTB software supplier.


Eighty percent of BTB transactions are completed using paper checks. However, two-thirds of companies with annual revenue exceeding $500 million use some form of electronic invoicing and payment, the survey found.


MasterCard and Ariba predict that by 2010, almost half of BTB transactions will occur electronically.


Also, 51 percent of respondents cited reduced processing time and lower costs as the main benefits of electronic payment systems. Respondents cited several barriers to wider adoption of such systems, including cost, which 25 percent saw as a hurdle. Other barriers included complexity, cited by 22 percent, and an aversion to making changes to their IT systems (19 percent).


Of companies that have no electronic payment system, 69 percent reported plans to adopt one in a year or two.


Loading links....
close

Next Article in Marketing Strategy

Sign up to our newsletters

Company of the Week

Since 1985, Melissa Data has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa Data offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

DMN's Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here