PYMNTS.com
Report in Collaboration with Corcentric

Business Payments Digitization: A Path to a Better Balance Sheet

Learn how investing in payments digitization can improve working capital, streamline AR and AP processes, and improve customer and partner satisfaction.

What the report covers:

The pandemic has left many chief financial officers (CFO’s) to pick up the pieces in terms of restructuring and paying back debt, but it has also caused a shift in focus on digital innovations. According to Business Payments Digitization: A Path To A Better Balance Sheet, a PYMNTS and Corcentric collaboration, 71% of CFOs surveyed say they have accelerated their digitation efforts during the 18 months since March 2020, with 38% doing so with the goal of improving their balance sheets.

The report, which surveyed 400 CFOs from organizations representing five different industries, reveals what’s driving them to fast track their payments digitization efforts and the benefits they are seeing from this investment.

96%

Of CFOs believe that AP and AR optimization is “very” or “extremely” important to keeping their balance sheets healthy.

What you will learn:

  • The top reason CFOs are investing in payments digitization
  • Payment methods that are being used more (or less) frequently due to digitization
  • The percentage of CFOs who say payments digitization has improved working capital
  • The industries that are the most focused on improving their balance sheets and have seen the most improvements

The key reasons why CFOs have
fast-tracked digitization

Fast Tracked Digitization

84%

Of CFOs say payments digitization has improved working capital and the health of their balance sheets, including 74% working at firms with revenues between $1.5 billion and $2 billion — the largest firms in this study.

71%

Of CFOs have increased their use of digital payments since the pandemic’s onset.