Home Technology North America B2B Payments Market Size, Share and Forecast to 2031

North America B2B Payments Market

North America B2B Payments Market Size, Share & Trends Analysis Report By Payment Type (Domestic Payments, Cross-Border Payments), By Payment Mode (Traditional, Digital), By Payment Method (ACH, Wire, Cheque, Cash, Demand Draft, Credit Card), By Industry Vertical (Manufacturing, IT and Telecom, Metals and Mining, Energy and Utilities, BFSI), By Enterprise Size (Large Enterprise, Medium-sized Enterprise, Small-sized Enterprise) and By Country(U.S., Canada) Forecasts, 2023-2031

Report Code: SRTE28960DR
Study Period 2019-2031 CAGR 7.6%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 298.56 Billion
Forecast Year 2031 Forecast Year Market Size USD 487.32 Billion
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Market Overview

The North America B2B payments market size was valued at USD 256.23 billion in 2022 and is expected to reach USD 298.56 billion in 2023. It is projected to reach USD 487.32 billion by 2031, growing at a CAGR of 7.6% during the forecast period (2023-2031).

Business-to-business (B2B) payment promotes safer transactions for merchants requiring recurring, periodic transactions and offers a variety of tasks to end users, including accounts receivable, accounts payable, payroll, and acquisition departments. It may involve a one-time or recurring transaction based on the buyer and seller's contractual arrangement. Business-to-business (B2B) payments are more complex than business-to-consumer (B2C) payments because B2B payment processing takes longer to approve and settle the transaction.

The North American B2B payment market is analyzed in the United States and Canada. A significant factor driving the expansion of the B2B payment market in this region is the rising popularity of virtual card accounts among U.S. commercial line businesses. Multiple industries, such as manufacturing, retail, and healthcare, are increasingly adopting digital payment technology, which drives this region's market expansion.

Highlights

  • The domestic payments dominate the payment type segment.
  • The traditional mode dominates the payment mode segment.
  • The IT and Telecom sector dominates the industry vertical segment.
  • The small-sized industries dominate the enterprise size segment.

Market Dynamics

North America B2B Payments Market Drivers:

Comprehensive Payment Services for Small/Medium Business Owners

Most of the world's leading payment solution providers have opened new offices in the United States to provide small and medium-sized businesses with comprehensive payment services. For example, in February 2021, Eedenbull, one of the most prominent providers of commercial payment cards, launched its new ventures in the United States. In addition, it offers a portfolio of commercial payment technology and commercial payments-as-a-service (CPaaS) to North American banks. Eedenbull offers commercial B2B payment technology to small- to medium-sized businesses. This is a critical factor boosting this region's B2B payment market.

North America B2B Payments Market Restraint:

Impact of COVID Pandemic

As a result of the unprecedented COVID-19 epidemic, a lockdown was implemented in many sectors, and enterprises were forced to implement several operational modifications. Due to restrictions imposed by the government on the flow of goods, transportation, import and export bans, travel restrictions, event cancellations, and others, many businesses have suffered losses and interruptions.

In addition, due to these abnormalities in business operations, B2B payments have been harmed by low demand for goods and services, an erratic supply chain, and the liquidation of businesses. In addition, the number of business-to-business (B2B) transactions decreased due to government-imposed limitations, resulting in a reduction in B2B payments.

North America B2B Payments Market Opportunities:

Adoption of Digital Payment

The digitalization of the B2B payment arena has made it easier for firms to conduct commercial transactions, promoting economic growth. Business owners' increasing adoption of smartphones and the availability of high-speed internet connectivity are significant factors accelerating market growth in this region. In addition, the development of the North American market is fueled by the increased usage of business credit cards among business owners due to their numerous advantages, such as offering more rewards per transaction and streamlining B2B payment services.

Regional Analysis

North America is the third largest region globally. Most of the world's largest payment solutions providers have opened new offices in the United States to provide complete payment services to small and medium-sized businesses. In February 2021, for example, Eedenbull, a prominent provider of business payment cards, launched a new company in the United States. In addition, it provides commercial payment technology and a commercial payments-as-a-service (CPaaS) portfolio to North American banks. Eedenbull supplies small business customers with commercial B2B payment technologies. This is vital for enhancing the B2B payment sector in this region.

Report Scope

Report Metric Details
Segmentations
By Payment Type
  1. Domestic Payments
  2. Cross-Border Payments
By Payment Mode
  1. Traditional
  2. Digital
By Payment Method
  1. ACH
  2. Wire
  3. Cheque
  4. Cash
  5. Demand Draft
  6. Credit Card
By Industry Vertical
  1. Manufacturing
  2. IT and Telecom
  3. Metals and Mining
  4. Energy and Utilities
  5. BFSI
By Enterprise Size
  1. Large Enterprise
  2. Medium-sized Enterprise
  3. Small-sized Enterprise
Company Profiles American Express Bank of America Corporation Capital One Mastercard Payoneer Inc PayPal Holdings, Inc Square, Inc Stripe TransferWise Ltd Visa Inc.
Geographies Covered
North America U.S. Canada
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The North America B2B Payments Market is segmented into five categories: Payment Type, Payment Mode, Payment Method, Enterprise Size, and Industry Vertical.

Based on the transaction type, the B2B payment market is bifurcated into domestic payments and international payments.

The domestic payments sector owns the highest market and is expected to grow at a CAGR of 10.9% over the projected period.

Based on the Payment Method, the global B2B Payment market is split into traditional and digital submarkets.

The traditional mode dominates the market and is expected to develop at a CAGR of 6.3% over the projected period.

The B2B payment market is categorized based on Payment Method into ACH, Wire, Cheque, Cash, and others.

Other methods are predicted to increase at a CAGR of 9.85 percent during the projection period, making them an important segment.

The B2B payment market is split by industry vertical into manufacturing, IT and telecom, metals and mining, energy and utilities, BFSI, and other segments.

The IT and Telecom segment dominates the market and is estimated to increase at a CAGR of 11.7% over the projection period.

The B2B payment market is categorized based on enterprise size into major organizations, medium-sized enterprises, and small businesses.

The small-sized industries dominate the sector and are anticipated to increase at a CAGR of 11.6% during the projection period.

Market Size By Payment Type

Top Key Players

American Express Bank of America Corporation Capital One Mastercard Payoneer Inc PayPal Holdings, Inc Square, Inc Stripe TransferWise Ltd Visa Inc. Others

Frequently Asked Questions (FAQs)

How big is the North America B2B payments market?
The North America B2B payments market size was valued at USD 210 billion in 2021. It is projected to reach USD 405 billion by 2030, growing at a CAGR of 7.6% during the forecast period (2022-2030).
Key verticals adopting the North America B2B payments market include: American Express, Bank of America Corporation, Capital One, Mastercard, Payoneer Inc., PayPal Holdings Inc., Square Inc., Stripe, TransferWise Ltd., Visa Inc.
Comprehensive payment services for small/medium business owners are the key drivers for the growth of the North America B2B payments market.
Adoption of digital payment is one of the key trends in the North America B2B payments market.


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