Reliable and fast vendor payments are critical for dealerships because they must keep their inventory stocked and bills paid to grow and scale with the ever-changing market. Too often, payments are slowed by the manual process of cutting and mailing checks which leave dealerships with high labor costs associated with the accounts payable (AP) process.

For many businesses, 2022 was a year of digital transformation. Continuing through 2023, we expect more companies to leave behind the days of paper and manual processes and take that first step to digitize processes by automating their payment procedures and ditching paper checks.

Small to medium businesses (SMB) across the U.S. are still feeling the ripple effects of the pandemic with supply chain issues, rising interest rates, growing inflation and uncertain economic conditions. As we approach 2023, inflation is the primary concern. Thirty-seven percent of Main Street SMB decision-makers cite it as their greatest worry, and it doesn’t look to be going away anytime soon.

It might (or might not) surprise you that many B2B businesses are still using outdated payment methods like paper checks for their accounts payable (AP) processes. In fact, according to a study from PYMNTS, “25% of B2B payments are made via paper checks.”