Today in B2B payments, nearly half of businesses say their current systems can’t support virtual cards, while automation is a way to transform your business into a future-ready organization . Additionally, Vegrow will expand its AgriTech offering with a recent $25 million funding round.
48% of businesses think their current systems can’t support virtual cards
Several key barriers prevent many U.S. and Canadian businesses from adopting virtual card innovations, according to Accelerating the Time to Realized Revenue, a collaboration between PYMNTS and Mastercard based on a survey of 409 U.S. business executives and Canadian.
The top two reasons companies give for not using virtual cards are that their current systems can’t support virtual cards (48%) and they feel they don’t have the in-house expertise they need to implement them effectively (38%).
Big problems for small business invoicing
Manual invoice review is cited by the bulk of SMBs as a problem they face when making supplier payments, according to “The Future of Business Payables Innovation,” a collaboration between PYMNTS and Plastiq.
Of the 500 SMEs surveyed, 45% cited manually reviewing invoices as a problem during payments, with 19% saying it was their biggest problem and 26% saying it was one of the problems they encountered. This ranked it first out of 18 issues that were included in the survey.
When invoicing processes are not automated, SMBs lose visibility into cash flow and control over liquidity. Entering invoices manually can lead to errors that lead to more time spent correcting incomplete payments.
AgriTech Market Vegrow raises $25 million for expansion
Vegrow, a B2B AgriTech fruit marketplace based in Bengaluru, India, raised $25 million in a Series B round.
This funding follows last year’s Series A, which raised $13 million with the help of lead investors Lightspeed Venture Partners and Elevation Capital.
Founded in 2020 by Shobhit Jain, Praneeth Kumar, Mrudhukar Batchu and Kiran Naik, Vegrow connects several players in the fruit sector, working with wholesalers, semi-wholesalers, modern trade and general trade in 100 cities and more than 20,000 farmers. The business processes more than 200 tons of fruit a day and grew about 15 times its previous size last year.
Digital payments keep car dealerships and carriers running smoothly
Car dealerships often use transportation companies up to 50 times per month to move vehicles to or from auctions, other dealerships and consumers. This typically means they write 50 paper checks a month, each one having to be written, mailed, and reconciled.
Autosled, a digital platform that connects dealers and carriers, said 90% of the B2B payments it receives from dealers come in the form of checks, and wants to encourage dealers to switch from checks to automated room transfers. clearing (ACH) or credit cards.
Voice of the CFO: To grow a business, you have to look beyond the books
Dennis Schumacher, CFO of Coalfire, said he and his team added automation with the goal of scaling the business through optimization, taking into account how the company’s employees work and of the real estate footprint they need to do so, and by analyzing the possible effects of the changing Macroeconomic Environment.
Schumacher joined the cybersecurity firm in December and has been tasked with positioning 20-year-old Coalfire for the next level of success.
Interviewed for the PYMNTS series “A day in the life of a digitally-focused CFO,” Schumacher said the company launched a new enterprise resource planning (ERP) system with Workday in January and continues to improve. execute their automation roadmap. This automation also helps with employee retention during the Great Resignation because it allows the company to keep them engaged and doing challenging work rather than manual labor, he said.