We’ve come to expect the same frictionless experience we have online and on our phones in the real world. Paying virtually, either by tapping our phone or buying something at the click of a button, is something we demand. We no longer carry a card, as cashless payments have become the norm. Yet the business world has been slow to capitalize on these opportunities.
Powerful problems drive powerful solutions.
Within the business sector, some potential problems are yet to truly surface, but we already know there are growing issues. A recent report carried out by Conferma Pay highlighted the amount of personal financial risk employees take on behalf of their companies.
The findings showed that employees are effectively ‘lending’ companies $1.6 billion a month through late expense payments in the US. The findings identified that a fifth of employees in the US would stop spending on a business payment if they had to wait a significant amount of time for reimbursements, namely due to personal cash flow issues and stress.
Not only does this mean that companies theoretically face employee retention issues causing them to incur substantial resource and time costs, but business suppliers, such as travel agencies, stationery providers, office equipment suppliers and businesses within the hospitality sector are losing out on potential revenue in lost sales.
It’s currently a hidden issue, but it is one that can damage a business and is set to grow in the commercial arena if a solution isn’t made available quickly. Yet solutions do exist, however the corporate world still operates one step behind the consumer world.
So, when all is said and done, are we embracing the fast-paced and moving goals of technology?
For me, a technology that offers a personal touch, is secure and easy to use is a winner. The fact is that highly respected global brands are now experimenting with technology and bringing about change, so this tells me we should take it seriously and move with it.
In payment terms, plastic cards will evolve as smartphones, tablets and computers in time. The shift is certainly already in motion. However, some are skeptical about consumer adoptions and perceived concerns over security so I think we can still expect that there will be a transition and educational period as these new forms of payments take hold.
Embark on a digital business world.
Our world is full of screens. They’re in our hands, purses, pockets and bags, next to our bed when we’re asleep and we surround ourselves with screens on our desks and workspaces. So, why not make business life easier with a digital transition. It solves numerous problems, it adds convenience, efficiencies and is significantly more cost effective. It’s what we have come to expect as consumers so why not in a business arena?
If you don’t want to get left behind – It’s important to be flexible, think creatively and embrace changing technologies.
Simon Barker
CEO & Founder of Conferma Pay
View it on Fintech Finance here.
Conferma Pay is a global financial technology company. We design and integrate virtual payment systems that provides a more efficient, seamless and secure way to pay for for businesses.
Conferma Pay was born in Manchester in 2005. Since then we have connected over 700 TMCs, and directly integrate with all the major GDSs and OBTs. Our roots lie in corporate travel payment integration.
We enable our payment providers to flow virtual cards into the preferred purchasing process of any business travel buyer. Crucial to this is our network of banking partners, who have issued virtual cards in over 200 countries, in 40 currencies with over 45 commercial banking partners via all major card networks.
Our ecosystem continues to expand to meet the growing requirements of our global customer base.
Conferma Pay and Boost Payment Solutions have committed to developing a “best-in-class” virtual payment solution in an extension of their partnership. The partnership seeks to
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