Popular cross-border B2B payment methods in the U.S. 2023

When paying for products or services provided by foreign companies, over half of U.S. enterprises use electronic checks and bank transfers. According to a survey from 2023, 56 percent of B2B companies based in the United States used eChecks for cross-border transactions. About the same percentage opted for bank transfers. However, the preference rate for eChecks was extremely low, at eight percent. The gap suggests that digital payment providers could expand their customer base, which appears interested in digital solutions. Over 50 percent of surveyed B2B professionals considered digitization for cross-border transactions a key priority.

The most wanted payment condition

With the B2B payment market size surpassing 300 billion U.S. dollars by 2030, payment providers must focus on the B2B purchase experience, tailoring it to companies’ needs. A bit like consumers are lured by buy-now-pay-later options, enterprises look for convenient trade credit options allowing them to postpone the payment. In a worldwide survey, 85 percent of B2B buyers stated they wanted to purchase goods and services with trade credit.

Personalization matters

Of all the ways B2B platforms can personalize the purchase experience, payment methods were the second most appreciated by companies worldwide, preceding product recommendations and other marketing actions. To 56 percent of the surveyed professionals, personalized payment services were as important as shipping options.