NEW YORK—Companies are saying they need more help when remitting payments to suppliers all over the world, according to a new survey.
The B2B Cross-Border Payments Tracker, a Pymnts.com and American Express collaboration, found the needs and concerns surrounding the sending and receipt of money vary as much as the companies and geographies of the businesses surveyed, the organizations said.
Per the report, 48% of businesses said they were looking for an enhanced cross-border payment solution “that has transparent fees and rates, and a simpler user experience,” Pymnts.com stated.
The report further found that less than a third of the businesses said that their current B2B payment solutions are satisfactory when it comes to meeting companies’ cross-border needs.
At the same time, less than a third of companies surveyed believed their current solutions were very effective, with the balance viewing them as “somewhat effective” (37%) or just “slightly effective/not effective” whatsoever (33%).
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