The Business Payment Solution Provider will change the way small businesses operate
These days, it’s easy to imagine a cashless society in the UK; contactless payments have made even the smallest of transactions – a cup of coffee, paying for parking – a breeze. As it did for so many prevalent technologies, the pandemic and our justifiable fears of contact in all its forms put even more pressure on physical money. Yet there is still a time and a place for cash – it’s a simple, direct form of payment for those less technologically adept, among communities that lack the requisite infrastructure… and those using Facebook Marketplace. Surely, the SumUps of this world have entered the car boot fare space, but I’m yet to see it! In the B2B business payment world, however, digital advancements (and transactions) are a dime a dozen.
As reported by The Times Network, the BPSP, the Business Payment Solution Provider program is designed to revamp the world of B2B transactions. How? Financial titans PayU, Visa and YES BANK are teaming up in a bid to boost cash flow, reduce costs and support digitisation, specifically among SMEs – small-to-medium-sized enterprises. Technological restrictions (and prohibitive transactional fees) have often plagued digital adoption, but this bold union’s Vendor Payments service seeks to dwarf the competition with a simple, singular service.
BPSP is promised to be a “versatile solution” that offers cost-saving and flexible commercial charges. It also sets the stage for improved cash flow, by leveraging credit lines from card issuer banks – for users, this means less time waiting around for that transaction to clear.
Democratising B2B business payment
The program was led by PayU, a corporation The Times Network describes as a vanguard in the online payment industry. Taking the onus away from banks, the BPSP has the potential to democratise digital payment acceptance, regardless of the size of the business. The benefits of this new mode of working include efficient, secure payments, automated supplier and buyer reconciliation and an improved value proposition for all stakeholders within the ecosystem. Simply put, it’s a win/win for everyone.
What’s more, the BPSP’s prospects are truly global, and this is reflected in the example provided for real-world application: corporate travel agents. As part of its rollout, a leading airline will test the program and its benefits; improved fraud control, too, will empower users and entice them to keep coming back. For those that don’t deal with money every day, the Business Payment Solution Provider program might not seem so seismic, but to those that rely on digital transactions – and baulk at their current limitations – its fares will seem more than fair. It’s a bold shift towards the future of finance.
Source: PayU, Visa and YES BANK Revamp B2B Payments with BPSP – a Game-Changer for Small Businesses.
Do you feel like this could benefit you directly? How long do you think cash has left? Tell us in the comments!
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