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United States B2B Payments Market

The United States B2B Payments Market: Information by Payment Type (Domestic and Cross-Border), Payment Mode (Traditional and Digital), Payment Method (ACH), Industry Vertical (Manufacturing), Enterprise Size (Large), and Region—Forecast till 2030

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Market Overview

The United States B2B Payments Market size was valued at USD 175 billion in 2021. It is projected to reach USD 336 billion by 2030, growing at a CAGR of 7.5% during the forecast period (2022-2030).

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.

Increasing digitalization and automation in the B2B payment system have increased its demand among business owners for networking and connecting with various suppliers, distributors, and retailers worldwide. In addition, the expansion of global trade and the increase in cross-border transactions involving many suppliers, wholesalers, retailers, and businesses are the primary forces propelling the global market. However, a rise in commercial payment fraud and the closure of some companies due to the COVID-19 epidemic is expected to hinder market growth. On the contrary, developments in transparency across B2B payments and a rise in partnerships between B2B payment operators and FinTech titans are projected to offer attractive growth prospects for the market.

Market Snapshot

Base Year:
2021
Study Period:
2020-2030
CAGR:
7.5 %
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Market Dynamics

Global United States B2B Payments Market Drivers:

Use of Technology in the B2B Payment

With the development of technology that facilitates secure and dependable commercial transactions, B2B payment has grown exponentially. Instead of relying on the conventional technique of sending and receiving payments, business owners are embracing technology-based B2B payment platforms. In addition, automation in the payment system has increased its demand among business owners for networking and connecting with various worldwide suppliers, wholesalers, and retailers. The Automated Clearing House (ACH) is a business-to-business (B2B) payment method faster and more efficient than conventional methods. This type of transaction utilizes a routing number and bank accounts to transfer funds from one entity to another electronically. Thus, technological progress in B2B payment will drive market expansion during the forecast period.

Global United States B2B Payments Market Restraint:

Business Losses and Discontinuation Reduces B2B Payments

As a result of the COVID-19 pandemic, B2B payment has decreased due to company losses caused by a downturn in demand for products and services, a shift in client preferences, and other factors. In addition, the cessation of operations across various industrial verticals and the limited trading of products and services are significant factors restraining market growth. In addition, several businesses need more finances to pay their suppliers, which hinders the expansion of the B2B payment sector.

Global United States B2B Payments Market Opportunities:

Digitalization of Payments System

As business owners seek real-time updates on payment transactions, digital B2B payments are replacing traditional methods such as paper checks and cash payments. Companies expect digital systems and payment choices from their marketplaces and third-party suppliers. In addition, digitalization decreases trade restrictions and payment frictions, enabling B2B payments for worldwide vendors. In addition, digitalization increases the transparency of corporate transactions and reduces the risk connected with B2B payments. Moreover, unlike traditional payment methods, digital prices are less reliant on the operating hours of a particular institution or bank, which provides the buyer with more flexible payment-receiving hours. Hence, these variables present the profit potential for the future expansion of the B2B payment sector.

Segmental Analysis

In the U.S., the B2B Payments Market is segmented into five categories: Payment Type, Payment Mode, Enterprise Size, and Industry Vertical.

By Payment Type

The U.S. B2B Payments Market is categorized into payment type as domestic payments and cross-border payments. The domestic payments segment earns the maximum share of the market.

By Payment Mode

The United States B2B Payments Market is categorized into payment mode as traditional and digital. The traditional segment dominates the market share.

By Payment Method

The United States B2B Payments Market is categorized into payment method as ACH, wire, cheque, cash, demand draft and credit card. The ACH segment earns the maximum market share.

By Enterprise Size

The United States B2B Payments Market is categorized into enterprise size as large enterprises, medium-sized enterprises, and small-sized enterprises. The large enterprise segment earns the maximum share of the market.

By Industry Vertical

The United States B2B Payments Market is categorized into industry vertical as manufacturing, IT and telecom, metals and mining, energy and utilities, BFSI, and others. The manufacturing segment is the most dominating sub-segment of the market.

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Regional Analysis

By 2030, the U.S. B2B payment market is anticipated to be worth USD 336 billion with a CAGR of worth 7.5% over the forecast (2022-2030).

 

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Top Key Players of United States B2B Payments Market

  1. American Express
  2. Bank of America Corporation
  3. Capital One
  4. Mastercard
  5. Payoneer Inc.
  6. PayPal Holdings, Inc.
  7. Square, Inc.
  8. Stripe,
  9. TransferWise Ltd.
  10. Visa Inc

Report Scope

Report Metric Details
CAGR 7.5%
Forecast Period 2023-2031
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered
  1. By Payment Type
    1. Domestic Payments
    2. Cross-Border Payments
  2. By Payment Mode
    1. Traditional
    2. Digital
  3. By Payment Method
    1. ACH
    2. Wire
    3. Cheque
    4. Cash
    5. Demand Draft
    6. Credit Card
  4. By Industry Vertical
    1. Manufacturing
    2. IT and Telecom
    3. Metals and Mining
    4. Energy and Utilities
    5. BFSI
  5. By Enterprise Size
    1. Large Enterprise
    2. Medium-sized Enterprise
    3. Small-sized Enterprise

United States B2B Payments Market Segmentation

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

Frequently Asked Questions (FAQs)

How big is the United States B2B payments market?
The United States B2B payments market size was valued at USD 175 billion in 2021. It is projected to reach USD 336 billion by 2030, growing at a CAGR of 7.5% during the forecast period (2022-2030).
Key verticals adopting the United States B2B payments market include: American Express, Bank of America Corporation, Capital One, Mastercard, Payoneer Inc., PayPal Holdings, Square, Stripe, TransferWise Ltd., Visa Inc.
Use of technology in the b2b payments are the key drivers for the growth of the United States B2B payment market.
Digitalization of payments system is one of the key trends in the United States B2B payments market.
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