Overview

Among consumers in Europe, preferred payment methods vary widely. From credit cards in France to account-to-account payments in Denmark and Poland, each country has
its own favorite way to pay. B2B payments, however, are a different story.

One payment type—bank transfers—heavily dominates B2B payments across the region. And thanks to the Single Euro Payments Area (SEPA), cross-border payments between European countries can be made as quickly and easily as domestic ones.

In many ways, the current B2B payment system is efficient and effective. But changing economic conditions, the inevitable tension between buyers and suppliers, and a need for more streamlined processes still leave room for innovative solutions in this market.

Payments are fast, but operations lag.

Unlike the U.S., where buyers have long relied on paper checks to pay their suppliers, Europe has taken advantage of electronic money movement for decades. Bank transfers are an easy way to move funds both domestically and across borders, says Rene Stynen, SVP, EMEA Business Development at Boost Payment Solutions.

“It’s really very easy to make a payment from Norway to Greece. It works like a domestic payment. As long ...Read more