As businesses strategize for growth in 2025, navigating a dynamic market landscape, recent research from American Express reveals that nearly 80% (78%) intend to enhance their payment processes. Notably, almost two-fifths (39%) are optimizing payments specifically to fuel their growth strategies.
The Critical Role of Streamlined Payments
The Amex Trendex: B2B Payments Edition surveyed 500 UK business decision-makers, uncovering a strong consensus that streamlined payment processes are essential for fostering robust commercial relationships, which ultimately drive sustained business success.
In fact, the survey indicates that an overwhelming 94% of decision-makers believe easy, streamlined, and secure payment methods lead to satisfied customers, while 89% agree they are a catalyst for business growth.
The Impact of Payment Friction
When payments are not optimized, friction can disrupt valuable business relationships. Alarmingly, nearly one-third (30%) of respondents cite slow or late payments as a key reason for terminating partnerships. Furthermore, 80% of business leaders state that a single fraud incident in payment processes can severely damage trust with suppliers (80%) and buyers (79%).
The Advantage of Automated Payments
With over a quarter (27%) of respondents acknowledging that they spend too much time managing payments, it’s clear many see the substantial advantages of automation. Key benefits highlighted include:
- Faster Payments: 49% of respondents emphasize the speed of transactions.
- Reduced Errors: 34% cite fewer mistakes as a significant benefit.
- Time Savings: 25% appreciate the efficiency gained.
Remarkably, 28% admitted they would sleep better at night knowing their payments were timely and accurate.
Overcoming Challenges to Automation Adoption
Despite the recognized benefits, the research paints a mixed picture regarding automation in payment processes. Only one in seven businesses have fully automated their payment systems, while the same proportion remain entirely manual. Key barriers to automation include concerns over costs and security risks.
Expert Insights from American Express
Craig Barclay, Vice President of Commercial at American Express, emphasizes the importance of optimized payments:
“Optimised payments are essential for fostering strong commercial relationships and enhancing overall business success. By automating payment processes, businesses can gain greater visibility into cash flow, minimize errors, and improve both buyer and supplier satisfaction. While the prospect of change may seem daunting, the actual time and costs associated with automation can often be lower than anticipated, delivering both short-term and long-term benefits.”
Harnessing Automated Payment Solutions
Businesses can leverage various automated payment solutions, including:
- Automated Accounts Payable (AP) and Accounts Receivable (AR) Software: Saves time and money while improving efficiency and cash flow.
- Straight-Through Processing of Static and Virtual Cards: Automates the complete processing of card details electronically, eliminating manual steps.
- Electronic Invoice Presentment and Payment (EIPP): Facilitates AR teams in sending invoices and collecting payments electronically.
- Digital Push Payments: Allows the payer to initiate fund transfers, enhancing control over the payment process.
Discover the American Express Advantage
American Express provides a suite of automated payment solutions designed to save businesses time and money, reduce errors, and enhance efficiency and cash flow.
Explore American Express payment solutions today to transform your payment processes.
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