B2B Digital Payments Stats for Merchants to Know in 2020
By Daniella Bourguetts
August 4, 2020 — Santa Cruz, CA
(Image credit: Paystand)
The COVID pandemic has forced businesses to rethink payments methods to avoid risks from handling cash and paper checks
In the last decade, the B2B space has increasingly shifted toward digital payments. Consumers are now spending more with contactless and cashless payment options than ever before. In fact, there was more than $4.1 trillion in digital transactions in 2019 alone.
Meanwhile, as COVID-19 continues to impact how businesses process and pay invoices, the adoption of these digital payment methods has only accelerated. Whether you’re new to digital payments or not, this post is crammed full of the top B2B digital payment statistics that merchants should know about to help navigate the second half of 2020.
As new data becomes available, we’ll keep updating this so that you have the latest information at hand. This post includes the numbers on:
- B2B payment trends
- Digital payments
- Electronic invoicing
- Virtual card spending
- Manual processes
- Accounting Automation
- Macro-Trends Shaping B2B Payments*
Continue reading here: https://www.paystand.com/blog/b2b-digital-payment-statistics-2020