Aiming to digitize the entire B2B industry, Payer Financial Services has come out with a new product working toward this mission. The Swedish enterprise startup recently launched a beta program for a product that enables e-commerce merchants to verify new customers as trustworthy, allowing them to make purchases easier and more secure.

“B2B expectations for a better buying experience online is clearly driven by modern consumer-facing apps and software that are light-years ahead,” says Peder Berge, founder and CEO of Payer. “Payer is determined to lead the development of the end-to-end payment chain for B2B. Our new product solves the conversion and onboarding of new customers for merchants, as well as recognizes recurring customers at checkout.”

The Increasing Trend Toward Digital

This past year, 74% of B2B buyers report researching at least half of their work purchases online. This is indicative of the greater trend of the B2B world toward using digital products. This trend also means that enterprise companies will continue to seek out ways to make their products and services electronic.

However, as of right now there are few electronic invoice methods. Taking into account the trend discussed earlier and the fact that 90% of global B2B purchases are made with a backbone of invoice payments, this is striking.

Payer Financial Services is working to fulfill this growing need. Payer’s main product is a three-step purchasing process—conversion, payment and post-purchase—that ensures that their clients can have the smoothest transactions in terms of security and user experience. Its new invoicing product will be a step forward in its current industry, improving the conversion step of the current process.

“Invoicing is clearly the preferred method of payment across the globe. But it’s still not fully digital and user-friendly. Most of the manual processes both on the customer and merchant end of a purchase should be effectively removed. This product does exactly what both target groups are looking for,” says Johanna Stridsberg, product owner at Payer.

Invoice Product Beta Testing in Sweden

The new product boasts frictionless onboarding of new customers, a VIP card for known customers and a registration product that integrates in all operating systems. In light of this list of potential features, there is currently a waitlist to sign up for beta testing despite the fact that Payer hasn’t opened up testing to companies outside of Sweden. The testing is scheduled to end by February 2021.

For the market overall, the release of this product ushers in a new generation of technological transformation. Payer’s product hopes to revolutionize the way customer relationships are made between companies online. However, beyond the positives of innovation, this also means more and more data will be saved online, meaning companies will have to carry a greater burden in terms of privacy.

ABOUT THE WRITER

Sarah Raza is a Tech Innovation Fellow with a background in computer science from Stanford. She is passionate about exploring the implications of increased usage of artificial intelligence and machine learning.