Video Transcription

Hey, this is Allen with another episode of The B2B Vault Podcast and we’re here today. We’re going to do the news round up for the week. So let’s see what we’re going to talk about. Okay. So consumerization of B2B payments, and has been going on since the start of the pandemic businesses need to look at upgrading their systems so that they offer payment methods that consumers are looking for and now businesses want from their B2B payments. They want to be able to pay anytime they want. They’re wanting to pay with a payment portal or get invoiced, and then click on a link and make a payment, um, get a text message, click on a link, get a payment, um, accepting ACH and different things like that. And there’s a lot of articles going around. And, uh, in the news about this, you know, they’re calling it the consumerization of B2B payments and businesses, you know, we can help businesses that need to do that. So we have the tools, we do a consulting call, and then we help them with, uh, you know, explain what does all of that mean, but this is big in the news. And I think we’re going to see, you know, a lot more businesses that are going to make it easier for the other businesses who have to pay the invoices and things like that. Instead of the checks in the mail, you know, a more consumer style way to get paid. And also, you know, alternative payments are going to come into that too. So, um, financing, of business payments, where lawyers or accountants can finance customers and get paid upfront or accepting cryptocurrency and different things like that for their business. And the last couple of news updates I’m talking about Buy Now Pay Later. And all of a sudden yesterday popping up in the news is buy. Buy Now Pay Later.

Congress is looking at the Buy Now Pay Later market because this thing is just blowing up everywhere. Um, tons of companies are getting involved. PayPal’s offering it a farm. We offer it here at our company, nationwide payment systems buy now pay later. And this is a big thing going on. And Congress says, oh, we need to look at this, buy now, pay later market and see how that’s going to work out. Even a MasterCard is looking out. They can integrate that into their systems, but that probably would take quite a while, but buy now pay later is a hot thing. And one of the things that merchants asked me about with buy now pay later is I said, why do people want to do that? If they have the available money on their credit card? And it’s simple, they’re only going to pay about 5% for a buy now pay later transaction versus on their credit card. If they’re going to float a balance, the balance could be anywhere from 10% up to 26%. So they don’t want to float that. They don’t want to carry that on their credit card. They’d rather have the buy now pay later company and only pay 5% for those transactions. And then they also get another 30 days on top of that because it’s getting charged on their credit card and they’re paying less money, for that whole setup.

The next thing that’s in the news is crypto and stable coins. And people are a little confused about what to, you know, everybody knows cryptocurrency Bitcoin, light coin Bitcoin cash, and the hundreds and hundreds of other coins there are. But now there’s a lot of talk about stable coins and banks and this USD coin and different things like that. So a stable coin is, you know, one coin, $1 or one coin, one Jiro, it’s very easy to understand, you know, it’s not an investment vehicle like crypto is an investment vehicle. A very risky investment, you know, in the crypto market is very volatile, goes up and down. I follow crypto. I tell people this, I don’t know anything about crypto is I download the Coinbase app. You know you don’t even have to set up an account and then just, you know, open it up every day and look at the crypto market and see what’s going on with all these crypto coins and which ones you can trade, which ones you can’t trade and what is the volatility of the market, or go on the internet and look at other crypto sites. And they show you the volatility of the market what’s crypto worth today. What’s crypto, you know, what is the outlook for it? Um, it’s, you know, all very interesting and businesses are contacting us constantly and we’re working with them and showing them how they can set up cryptocurrency payments, especially in the luxury markets of travel, you know, boating, yachting, um, nightclubs, you know, anything, big dollars, B2B international transactions, furniture, jewelry. These are, these are markets where car markets, where people are looking to spend their crypto in those markets. So this is a very big thing that’s going on. People are looking to spend their crypto and that’s going to be a big thing. I think for 2022, I think we’re going to see big growth and B2B payments being more electronic and less paper in the mail. More through email payment portals. I think buy now pay later is going to blow up and, uh, merchants, you know, need to get linked into a system so that they can offer that to their customers because it’s not going away. I mean, there are a couple of publicly traded companies in that and the acceptance of crypto at businesses. I think we’re going to see a big growth in that for the rest of 2021 and going into 2022, that we’re going to see all that, you know, grow and stable coins, I think might take a while to catch on where people would have digital currency. But I think it’s going to take maybe the banks or the fed, getting involved with that so that those coins, you know, stay stable and they’re backed by a bank, you know, and backed by the federal reserve.

So these are things just to keep an eye on and thanks for listening to the B2B Vault, you know, file click the follow button on your favorite podcast, apple, Google SoundCloud. Spotify can also catch my videos on YouTube under B2B Vault and thank you for listening.