Today in B2B: Raisin Bank Teams With Mondu on BNPL Tool; Small Businesses Need eCommerce Insurance – PYMNTS.com
Today in B2B payments, Raisin Bank partners with Mondu on a buy now, pay later (BNPL) solution for B2B merchants, while eCommerce sellers need insurance when they sell across borders. Plus, Cashology unveils an accounting platform with open banking firm Nordigren, and companies gain an advantage when they upgrade their B2B payment options.
Raisin Bank, B2B Payments Firm Mondu Offer BNPL Tool
Banking-as-a-Service (BaaS) provider Raisin Bank and B2B payment specialist Mondu have joined forces to offer a BNPL service to B2B merchants. Mondu’s BNPL solution integrates into merchant portal checkouts, letting B2B customers choose flexible payment dates. If that customer chooses to use a payment method offered by Mondu, the company coordinates payment processing and other services.
eCommerce Sellers Need Bespoke Insurance When Selling Goods Sourced Internationally
When small business owners start shopping for or acquire small business insurance, they soon discover that they don’t have much purchasing power — and that traditional carriers dictate the products they have access to, along with the price they pay. Traditional insurance products are built at a marketing segment level, rather than for each business, meaning customers that are more profitable for the insurance company end up subsidizing everyone else. This has left an opportunity for new companies to offer an option in which the pricing, rating and underwriting logic are better suited to each customer’s individual needs — taking into account their specific industries and the specific work they do.
Cashology, Open Banking Firm Nordigen Launch Accounting Platform
U.K.-based cash flow management company Cashology has turned to open banking provider Nordigen to launch its accounting and budgeting platform. The integration lets Cashology’s clients link all their bank accounts to the tool and manage their finances from one platform. Nordigen’s integration will let clients securely connect to their bank accounts and aggregate their financial information within the Cashology system. This means their account processes will be handled more efficiently, using all available information.
Companies Gain Advantage by Upgrading B2B Payment Options
When companies bring their vendors and partners many of the same benefits that consumers enjoy by streamlining payment processes, they can gain significant advantages over their competitors. They can do so by upgrading their B2B payment offerings with embedded finance options, as reported in the “Embedded Finance Tracker,” a PYMNTS and Galileo collaboration. The study found that businesses’ payments needs are shifting due to recent trends and that embedded finance can help companies stay on top in a digital-first world.
Companies Worldwide Race to Empower Teams to Spend Securely — and Scalably
Before building its corporate card and spend management platform, Archa was a consumer business. The change of focus started when Oliver Kidd, founder and CEO of Archa, tried to get the company a corporate card program with a 5,000 Australian-dollar limit from a bank where it had millions of dollars sitting in a bank account. In Australia and in other countries where corporate card and spend management platforms are popping up, banks have misunderstood why customers apply for corporate credit card programs. Only a small percentage of these customers have a need for credit.
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NEW PYMNTS DATA: THE FUTURE OF BUSINESS PAYABLES INNOVATION STUDY– APRIL 2022
About: While over half of SMBs believe that an all-in-one payment platform can save them time and improve visibility into cash flows, 56% believe that the solution could be difficult to integrate with existing AP and AR systems. The Future Of Business Payables Innovation Report, a PYMNTS and Plastiq collaboration, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed SMBs’ expectations and help future-proof their businesses.
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