This is likely due to the fact that automation software gives the average business the ability to increase transaction volume by 15 to 30%.
Enterprise size businesses with high invoice volume shifting from analog to automated invoicing can see up to an 81% decrease in processing costs as well as 73% faster processing time.
The B2B US payments market is a $22 trillion market, however many of these are still processed analog, due to entrenched habits and limited resources.
Analog payment processing can create inefficient execution, causing payment cycles with errors to take up to 30 to 90 days to process completely.
The demand for analog payment processing solutions has created providers in many areas, with software companies, card networks and providers, banks, and payment networks all attempting to create Automated Invoice Processing platforms.
Key companies in the space include Bottomline Technologies, Intuit, JPMorgan Chase, MineralTree, Oracle, SAP, SWIFT, Tipalti, Visa, Xerox.
44% of businesses surveyed noted they are looking to add automation to their payables processes.
While large enterprises have high budgets for automated invoices, they are more likely to already be using them than smaller companies. Thus, the target markets forAutomated Invoice Processing are small to medium businesses, middle market businesses, cross-border companies, and processes related to the gig economy.
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