Despite the size of the global B2B market, many transactions are processed using dated financial solutions, including letters of credit and bills of exchange. Other barriers to commercial efficiency include poor credit management and a lack of collections or dispute handling processes, according to Christophe Spoerry, co-founder of the Euler Hermes Digital Agency.
In the business to consumer (B2C) market, however, transactions are efficiently handled via many well-established payment systems including Circle Pay, MasterCard, PayPal, Visa, and WeChat Pay. B2B commerce needs and deserves its own systems to transact efficiently in the digital world.