With payments technology innovating at a rapid clip, are energy companies ready to overhaul their snail-like order to cash processes?

In the digital world, payments technology is evolving very rapidly. Micro payments, automated payments, direct deposits, touchless payments, 100% cashless businesses, crypto exchange, non-bank banks, novel debit and credit payment solutions, loyalty points for goods and services, payment through apps… the list goes on.

But what about the energy industry? Of course, the energy sector has some unique features that make it harder to adopt these new payment mechanisms, but several innovations could transform one of the sector’s biggest headaches.

There is a huge prize to be captured here, amounting to fully 10% of the cost of large energy enterprises, once carrying costs for all purchase activity is factored in. And with interest rates on the rise, financing that float is about to get a lot more expensive for everyone. Fortunately we have all the digital tools at hand to turn that snail into a proper performance vehicle.