Today in B2B: Sunoco accepts Car IQ payments

Today in B2B payments, finance is playing a bigger role in these challenging times, with an increasing number of businesses using blockchain and cryptocurrencies for cross-border payments. Additionally, Conektr and Triterras provide increased access to working capital for small businesses in the UAE, and collaboration is key for CFOs today.

37% of businesses use Blockchain, Crypto for cross-border payments

With rare exceptions, even slow cryptocurrency transactions are faster than many other payment methods. Most blockchain transactions are completed in minutes, rather than hours or even days, and are able to provide assurances against error or fraud through the transparency of distributed ledger technology.

This extra speed becomes especially important for cross-border transactions. In fact, more than 37% of businesses said they currently use blockchain and cryptocurrencies for cross-border transactions, according to the “Blockchain Payments Tracker,” a collaboration between PYMNTS and Algorand.

Additionally, 13% of companies surveyed said they would like to use crypto for this purpose. A total of 50% of businesses currently use or would like to use blockchain and cryptocurrency for cross-border payments.

Fashion e-commerce company Vinted launches B2B shipping service

Second-hand clothes e-commerce platform Vinted is showcasing a B2B digital shipping platform, which is part of Vinted Go, the shipping service the Lithuanian company rolled out in June.

The service is available for national and cross-border deliveries throughout Europe, with a focus on PUDO (pick-up, drop-off) deliveries, which are less carbon-emitting than a door-to-door delivery. The platform also allows customers to access Vinted’s network of domestic and international shipping carriers, which serve 14 countries.

The report states that Vinted’s shipping department will support a standard delivery time of 2-3 business days for local delivery and 3-5 business days for international deliveries. It is aimed at businesses that ship small to medium sized items and consumer products. It’s not just in the fashion industry; they will also ship household products, equipment for sports or hobbies, and home office supplies.

Conektr and the Triterras team will provide SMEs in the United Arab Emirates with more working capital

Global financial technology company Triterras partners with Conektr, the digital lower-end commerce, grocery and HoReCa marketplace platform, to give micro and small retailers in the UAE increased access to working capital through the inventory management tool of the Conektr app.

With Triterras’ Invoice Bazaar platform, small businesses in the fast-moving consumer goods industry have greater access to working capital for procurement through a fully digital process that knows your customers’ requirements. The first phase of the initiative will target more than 7,000 retailers in the region.

There are around 25,000 small retailers in residential and commercial areas of the UAE, but many struggle to obtain bank credit and are forced to rely on owners’ equity or supplier credit, the companies noted.

Sunoco Accepts Car IQ Fleet Payment Solution

Sunoco announced on Wednesday July 13 a partnership with fleet payment solutions platform Car IQ that will enable secure fuel payments without a physical credit card. The initiative will be rolled out to nearly 5,000 Sunoco locations across the United States by the end of the summer.

Drivers using Car IQ Pay at Sunoco stations simply enter the pump number and refuel before taking off. Proprietary technology allows any vehicle to communicate directly with the Sunoco pump via Carat by Fiserv. The driver won’t need to swipe a card, enter a PIN, or write down the odometer reading.

Voice of the CFO: 5 tips to encourage collaboration

In order to keep up to date with what’s happening across the organization, chief financial officers (CFOs) need to stay in touch with their own team, people in other departments, and business stakeholders.

Collaborating with others is also an important part of identifying processes that can be improved and then implementing the solutions. Finance leaders spoke with PYMNTS about how they promote collaboration.

When Rescale’s CFO Frank Colich spoke with PYMNTS in December, he said the company’s finance and human resources teams were preparing to host a virtual meeting. Colich told PYMNTS he misses the in-person interactions people have in kitchens and hallways at the office, but realizes that working from home is necessary for many. He said he was making a concerted effort to have regular check-ins with team members via Zoom or Slack.

Voice of the CFO: Tough Times Put Finance First

It wasn’t too long ago that investors were telling companies to go all out in pursuit of customers and growth. This was especially true if the companies were tech disruptors – investors would tell them to take risks and hire quickly. In the past six months, however, that has changed. Investors are now asking not only what returns companies will give, but also how soon they will start reaping them.

“I think it really puts the CFO’s job front and center in partnering with the product teams, the CEO, and the vision for the future of a particular company,” said Adriel Lares, CFO at Stash, at PYMNTs.

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NEW PYMNTS DATA: HOW UTILITIES AND CONSUMER FINANCE COMPANIES CAN IMPROVE THE BILL PAYMENT EXPERIENCE

About: More than half of utilities and consumer finance companies have the ability to digitally process all monthly bill payments. The kicker? Only 12% of them do. The Digital Payments Edge, a collaboration between PYMNTS and ACI Worldwide, surveyed 207 billing and collections professionals at these companies to find out why going digital remains elusive.

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