Corpay’s Global Payments survey report uncovers payment challenges and trends professionals are facing.
Multiple cross functional payment systems, security/fraud and accurate, real time data are the primary challenges for all organisations.
Based on the responses of more than 230 individuals across finance, Corpay’s Global Payments survey highlights that digital solutions are paving the way for organisations and their employees, including procurement, operations and payables. When adopting any new technology, it can take time to implement and adopt as challenges are faced, solutions evolve, ways of working adapt and requirements change to reach desired company outcomes (more efficiency, cost savings).
What challenges are payables teams facing?
Most teams are being introduced to new digital solutions, but for payables teams, it is understandable that they are more in tune with managing payments. Yet trying to simplify these can be difficult.
As a result of payment innovation, whilst it is great that teams have a range of options to choose from, it can be quite overwhelming as well as challenging trying to keep up with evolution.
Over 50% of respondents in small and large sized corporations shared that using multiple systems can be challenging to manage payments.
This raises concerns in what the short to long term impact might be of the technology they’re using in and if it is worth investing in. Do teams want to invest in something that will become outdated quickly, or face learning about a new solution?
Which technologies are payables teams investing in?
The report states there are big spending plans ahead:
Companies are planning to spend heavily on payments for efficiency, fraud, and control, and on technology to improve payments.
With recent reports showing tech funding was down in Q3, survey respondents revealed there is still some intention in investing in payment technologies. 30% would invest AP automation technology, shortly followed by bank and ERP payments solutions at 29% each. The significance of APIs continues to be large.
The bigger they are, the more they plan to spend on payments.
Funding for each quarter and year will vary due to the influence of a pandemic, supply chain and political issues all at once. As the range of solutions in the market continues to grow, organisations will be more spoilt for choice. Furthermore, as small companies grow (revenue < $1bn), they too will have the capacity to expand their budgets for payment and technology services in the future, like the larger ones (revenue> $1bn).