While demand for electronic B2B payment solutions has helped fuel the continued traction being gained among commercial card products, there are other market forces at play that are lowering the barriers to adoption.
For one, FinTechs and other corporate financial services innovators are introducing new card solutions designed to support small and medium-sized firms’ B2B payment needs, not just those of the largest corporate customers. While small firms might have historically relied upon personal cards — unable to provide the financial history necessary to underwrite a commercial card product — the FinServ landscape has largely tackled that issue, especially in the U.S.
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