Business payment failures and digital adoption trends

A PYMNTS Intelligence report, conducted in collaboration with Plaid, reveals that over two-thirds of firms experience delayed or lost revenue due to payment failures. While 95% of surveyed senior finance executives expect positive impacts from using payment guarantees, only 13% currently utilize them. The report highlights a gap between interest and adoption, noting that 65% of firms value these guarantees for simpler risk management and 63% see benefits in customer experience and lower operational costs.

Digital payment platforms offer several advantages to mitigate these issues, including faster access to funds through routes like SEPA Instant, better control over total transaction costs, and reduced currency conversion expenses. By utilizing multi-currency accounts, businesses can avoid unnecessary conversion fees and reduce data entry errors through verified beneficiary details.