Business-to-business (B2B) payment facilitates a range of operations for end users, such as payroll, accounts payable, acquisition departments, and accounts receivable, while also encouraging safer transactions for merchants needing repeated, periodic transactions. Depending on the terms of the contract between the seller and the buyer, it could involve a one-time or ongoing transaction. Because business-to-business (B2B) payment processing takes longer to approve and settle the transaction, B2B payments are more complicated than business-to-consumer (B2C) payments.
According to SPER market research, ‘North America B2B Payments Market Size- By Payment Type, By Enterprise Size, Payment Method, By Industrial Method – Regional Outlook, Competitive Strategies and Segment Forecast to 2033 ’state that the North America B2B Payments Market is predicted to reach USD 507.78 billion by 2033 with a CAGR of 7.83%.
Businesses may now conduct business more easily thanks to the digitalization of the B2B payment space, which is encouraging economic growth. The rising use of smartphones by business owners and the accessibility of high-speed internet connectivity are two important elements driving this region’s industry expansion. A further factor driving the growth of the North American market is the growing use of business credit cards by entrepreneurs because of its many benefits, which include providing more rewards per transaction and simplifying B2B payment services.
The B2B payments market in North America faces numerous obstacles. Two major obstacles are the resistance to change within well-established companies and the complexity of the current payment methods. A lot of companies’ still use legacy systems and outdated manual processes, which makes the transition to modern B2B payment solutions challenging and time-consuming. Concerns about data security and regulatory compliance also need to be addressed, particularly in light of the increase in cyber-attacks.
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Impact of COVID-19 on North America B2B Payments Market
The extraordinary COVID-19 pandemic resulted in the implementation of a lockdown in numerous industries and the need for firms to make several operational alterations. Numerous businesses have experienced losses and disruptions as a result of government limitations on the movement of goods, transportation, import and export prohibitions, travel restrictions, postponements of events, and other measures. B2B payments have also been negatively impacted by low demand for goods and services, an unpredictable supply chain, and firm closures as a result of these anomalies in business operations. Furthermore, government-imposed restrictions reduced the volume of business-to-business (B2B) transactions, which in turn reduced B2B payments.
North America B2B Payments Market Key Players:
The third-largest region in the world is North America. In order to offer small and medium-sized enterprises comprehensive payment services, the majority of the biggest payment solutions providers in the world have established new offices in the US. For example, the well-known supplier of business credit cards, Eedenbull, opened a new branch in the US. It also offers a commercial payments-as-a-service (CPaaS) portfolio and commercial payment technologies to banks in North America. Commercial B2B payment technologies are provided by Eedenbull to its small business clients. Improving this is essential for this region’s B2B payment industry. Additionally, the key market players are Paypal Holdings Inc, Square Inc, Stripe, TransferWise Ltd, Visa Inc, Others.
North America B2B Payments Market Segmentation:
By Payment Type: Based on the Payment Type, North America B2B Payments Market is segmented as; Domestic Payments, Cross-border Payments.
By Enterprise Size: Based on the Enterprise Size, North America B2B Payments Market is segmented as; Large Enterprises, Small-Sized Enterprises.
By Payment Method: Based on the Payment Method, North America B2B Payments Market is segmented as; Bank Transfer, Cards, Others.
By Industry Vertical: Based on the Industry Vertical, North America B2B Payments Market is segmented as; BFSI, Energy and Utilities, Government Sector, IT and Telecom, Manufacturing, Metals and Mining, Others
By Region: This research also includes data for Canada, Mexico, United States, Rest of North America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link: –
US B2B Payments Market Revenue
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