Financial experts believed a lack of integration with their accounting systems was a problem for using electronic payments in the B2B segment in 2020. More than three out of 10 respondents to an online survey held during a virtual conference even believed this issue to be a "major barrier" on how their organization would use elecronic payments. Sn an additional 36 percent of respondents thinking this was a "minor" issue. When adding both "major" and "minor" together, however, it was lack of customer or vendor adoption that worried financial professionals the most. Indeed, developments in B2B payments mostly occurred within companies that specialize in developing new types of software. One example includes invoice automation software, with AvidXchange being the fintech company with the most investment rounds in this specific field.
Main barriers on organizations using electronic payments for B2B purposes according to financial practitioners worldwide in 2020
Characteristic
Major barrier
Minor barrier
Not a barrier
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Corporate practioners, and other financial professionals who could call in on a virtual conference. For this reason, the source does not provide any information on the country of origin
Method of interview
Online survey
Supplementary notes
Percentage points exceeding 100 percent are probably due to rounding.
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Association for Financial Professionals. (March 31, 2020). Main barriers on organizations using electronic payments for B2B purposes according to financial practitioners worldwide in 2020 [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/1029509/barriers-on-b2b-electronic-payments-use/
Association for Financial Professionals. "Main barriers on organizations using electronic payments for B2B purposes according to financial practitioners worldwide in 2020." Chart. March 31, 2020. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/1029509/barriers-on-b2b-electronic-payments-use/
Association for Financial Professionals. (2020). Main barriers on organizations using electronic payments for B2B purposes according to financial practitioners worldwide in 2020. Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/1029509/barriers-on-b2b-electronic-payments-use/
Association for Financial Professionals. "Main Barriers on Organizations Using Electronic Payments for B2b Purposes According to Financial Practitioners Worldwide in 2020." Statista, Statista Inc., 31 Mar 2020, https://www.statista.com/statistics/1029509/barriers-on-b2b-electronic-payments-use/
Association for Financial Professionals, Main barriers on organizations using electronic payments for B2B purposes according to financial practitioners worldwide in 2020 Statista, https://www.statista.com/statistics/1029509/barriers-on-b2b-electronic-payments-use/ (last visited August 25, 2024)
Main barriers on organizations using electronic payments for B2B purposes according to financial practitioners worldwide in 2020 [Graph], Association for Financial Professionals, March 31, 2020. [Online]. Available: https://www.statista.com/statistics/1029509/barriers-on-b2b-electronic-payments-use/
