Today in B2B: B2B Fraud Vulnerabilities Exposed
In today’s B2B payments, online catalogs are key to managing business spend, and independent contractors want a better payment experience.
Plus, insight into how remote finance teams close loopholes that trigger payment fraud and how Tingo and other mobile FinTech products are helping Nigerian business owners expand their reach.
73% of independent contractors would switch to the independent market for a better payment experience
Nearly three out of four independent contractors (73%) who responded to a recent PYMNTS survey said they would ditch the independent marketplaces they work with for a better payment experience.
The “Digital Payments in a Digital World Playbook,” a collaboration between PYMNTS and North Lane Technologies, revealed that freelancers are seeking work inside and outside their home country, taking advantage of the inherent flexibility of the gig economy to find opportunities and expand professional networks. Companies also seem to be increasing their recruitment of these professionals.
According to the Playbook, finding payment solutions that can address the unique cross-border payment challenges of freelancers is the next step for the companies that employ them. Workers want to be paid in their local currency and quickly, as late payments can be financially devastating.
Mobile FinTech Products Paving the Way for Financial Inclusion in Nigeria
Finding financial solutions that work for all businesses – regardless of size or location – can be a challenge, especially in rural areas of Nigeria, where financial and physical infrastructure is underdeveloped to say the least.
Add to that annual interest rates between 24% and 30%, and you have a recipe for preventing millions of entrepreneurs from scaling up because they can’t find financing at any cost.
Yet Nigeria and other parts of sub-Saharan Africa have high mobile penetration rates and used their devices as payment platforms long before Venmo arrived. This represents enormous potential for businesses, including Tingo, to provide savvy customers with technology solutions that give them access to the information and financing they need to grow their businesses.
Solving the trade spend management problem starts with an online catalog
Zach Garippa, CEO and co-founder of Order (formerly Negotiatus), told PYMNTS CEO Karen Webster that changing customer expectations are creating a ripple effect across businesses, down to how they order the office supplies that keep the business running.
“We’ve been spoiled in the B2C landscape,” he said. “If you’re at home and want to buy a pen as a consumer, you just do it and you don’t think twice. This workflow cascade is confusing and chaotic. »
Sourcing needs innovation, Garippa said, and Order brings together strategic sourcing, vendor management and invoicing on a single platform. The portal allows businesses to place orders, control expenses and disburse payments in a single platform, thereby creating orders.
Remote finance teams expose B2B payment fraud vulnerabilities
nsKnox COO Nithai Barzam said businesses and B2B accounts were in the crosshairs of hackers long before the COVID-19 pandemic moved much of our lives online, and finance professionals and security teams can work together to combat imminent threats.
Now, more than ever, companies need to verify credentials on onboarding, protect data at rest, and protect payment transactions, he told PYMNTS in a recent interview.
More sophisticated criminals have long realized that the money in the bank actually belongs to the bank’s customers – and that businesses often have larger accounts than individuals, so attacking businesses as they transfer large sums of money. money between them can provide good opportunities for fraud.