Digitization is the key to a healthy balance sheet

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corporate payments digitization digital payments

corporate payments digitization digital payments innovationBusinesses of all sizes and across industries found themselves in dire financial straits after March 2020, putting unprecedented pressure on CFOs tasked with helping them weather the pandemic. Instead of collapsing under the pressure, however, many CFOs took the opportunity to accelerate their efforts to digitize their payment streams. In fact, 71% of them have increased their business’s use of digital payments since March 2020, while 87% are using fewer manual payment methods like checks and cash.

This is just one of the discoveries discovered in Digitization of corporate payments: a path to a better balance sheet, a PYMNTS and Corcentric collaboration. We surveyed CFOs of organizations generating between $ 400 billion and $ 2 billion in annual revenue to find out if their companies have accelerated the use of digital payments since March 2020 to find out more about how the health of the balance sheet is doing. integrates into their broader, long-term growth strategies.corporate payments digitization digital payments innovation

Other key findings from our research include:

  • Fifty-nine percent of CFOs believe digitization of payments is key to maintaining a healthy balance sheet. Thirty-six percent of CFOs stepped up their efforts to digitize payments precisely because they believed it would improve the health of their balance sheet. These results underscore how central CFOs believe digital innovation can be integrated into their payment optimization strategies.
  • Eighty-four percent of CFOs say digitization of payments has improved working capital. This is just one of 4.1 ways CFOs say their businesses have benefited from the digitization of payments. Other key benefits businesses have reaped from digitizing their payment processes include increased efficiency, lower costs, and enhanced data security.
  • Finance and insurance companies and healthcare companies are the most balance sheet-oriented when it comes to the digitization of payments. Companies in these sectors believe more than others in the importance of the digitization of payments, at 71% and 64%, respectively. They are also more likely to say that the digitization of payments benefits their larger payment transactions.corporate payments digitization digital payments innovation

It’s clear that digital payment innovation will be a top priority for CFOs going forward. Digitization of corporate payments: a path to a better balance Sheet provides an overview of the factors influencing CFOs’ drive to digitize and the benefits enjoyed by those who have made accelerating digitization a central goal.

To learn more about how CFOs think the digitization of payments can improve their financial performance, download the report.


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