This episode of Smarter Payments by Corpay highlights a unique opportunity in B2B payments: despite the digital transformation in consumer payments, many U.S. businesses still use paper checks for transactions, leaving a vast market potential for B2B payment innovations. Speaking at the Fintech South conference, Corpay’s Rick Fletcher, Group President of Payables, and Steve Greene, VP of Corporate Development and Strategy, discussed the complexity and inefficiencies in B2B payments.

Rick and Steve point out that, unlike consumers who manage their own finances, businesses have complex processes for spending, given the need for approval and control over funds. These transactions involve various expenditures—from paying suppliers to managing operating costs—often with checks, causing delays, fraud risk, and reconciliation challenges. While consumer payments have advanced with tools for budgeting and real-time tracking, B2B payment systems lag behind, despite B2B being a five-times-larger market than consumer payments.

Fletcher explains that many companies see B2B payments as crucial yet not a core focus, resulting in outdated processes that companies feel are "good enough" despite inherent inefficiencies. Greene adds that many businesses prioritize collecting payments over optimizing their payment processes, contributing to the relative obscurity of B2B payments as an innovation area. However, Corpay aims to change this by offering solutions that streamline and digitize B2B payments, promoting efficiency and control in an often-overlooked sector.