Today, in the area of B2B payments, P97 and Viva Energy are collaborating on contactless payments for the Australian trucking industry, while Square is launching a loan program for Canadian business owners. Additionally, chief financial officers (CFOs) are increasing their real-time visibility into cash flow due to increased fraud threats, and instant employee payment works as a business recruitment and retention tool.
P97 Networks Partner with Viva Energy on Australian Trucking Contactless Payment App
Mobile commerce platform P97 Networks has partnered with Viva Energy Australia to roll out an app for fleet managers and drivers called Shell Card Go, offering fleet managers and drivers contactless mobile payments. Drivers pay for fuel on Shell, Liberty and Coles Express sites, and users find stations, view site details and earn rewards, also easily accessing their transaction histories. The app also allows Viva Energy to interact with customers through digital marketing and offer discounts, promotions and messaging.
Square Loans simplifies access to funds for Canadian business owners
Square launched Square Loans in Canada, giving small businesses easier access to funds by creating personalized offers for eligible sellers and providing them with a simple application process. The revamped process is paper-free and provides funds as quickly as one business day with an upfront loan fee that is automatically refunded as a percentage of daily card sales with Square. This allows sellers to repay more when sales are strong and less during slower times with constant loan fees.
Fraud threats highlight the importance of real-time cash flow visibility for CFOs
As more businesses have been exposed to payment fraud and cybercrime as a result of the pandemic, ensuring end-to-end visibility into cash flow, bank account transactions and payments has never been more important to today’s treasury and finance professionals. According to Jukka Sallinen, CEO of Finnish corporate payment provider Nomentia, the fact that risks come from internal and external sources further complicates the visibility challenge for chief financial officers (CFOs) tasked with minimizing the potential for financial crime.
Companies use instant payments to recruit and retain employees
Faster, more reliable payments can increase employee loyalty, and instant payments can even serve as a recruiting tool in a competitive talent acquisition environment, according to the “Expanding Payments Choice Playbook,” a collaboration between PYMNTS and Onbe. As the world continues to go digital, consumers increasingly expect faster transactions in all aspects of their lives. As a result, they seek digital payments in their working lives rather than waiting for payday for their salary. Gig workers are particularly interested in receiving their wages instantly.
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NEW PYMNTS DATA: THE FUTURE OF BUSINESS SUPPLIER INNOVATION STUDY – APRIL 2022
On: While more than half of SMBs believe an all-in-one payment platform can save them time and improve cash flow visibility, 56% believe the solution could be difficult to integrate with AP systems and existing ARs. The Future Of Business Payables innovation report, a collaboration between PYMNTS and Plastiq, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed customer expectations. SMEs and help sustain their activities.
