Not everybody enjoys negotiation. In the business-to-business (B2B) space, buyers and suppliers often experience friction when negotiating which forms of payment the supplier will accept.
Priority Technology Holdings is known for helping to solve this problem by offering supplier enablement. Now, the company is also aiming to do so with automation.
On March 2, Priority announced its participation in the Mastercard Track Business Payment Service (Track BPS) to enhance the exchange of payments data between buyers and suppliers.
“By having the business rules out there and available, it just becomes a hassle-free market for payments,” Steve Tackett, executive vice president and head of the B2B division at Priority, told PYMNTS.
Reducing Frictions for Both Buyers and Suppliers
The pandemic highlighted the need for a better way to make B2B payments. Today, when buyers want a supplier to accept an electronic form of payment, they must reach out to the supplier and see if they’ll agree to it.
That’s always been a painful process for accounts payable (AP) departments. It’s been even more difficult over the last two years, when there hasn’t been someone sitting at a desk in the supplier’s accounts receivable (AR) department ready to receive a call.
“The number of phone calls that you have to make just to reach the right person and get them to return calls, which used to be much more reliable, has really made a time consuming process even worse,” Tackett…
