Today in B2B: the trucking industry is going digital

Today in B2B payments, nearly half of credit union members are getting business lines of credit elsewhere, and it’s time for restaurants to update their technology behind the scenes. Additionally, IndiaMART is investing $11.4 million in accounting software monitoring app Livekeeping, and trucking companies are moving towards more digital and driver-friendly payment methods.

B2B Marketplace IndiaMART invests $11 million in animal husbandry

IndiaMART, India’s largest B2B marketplace, has invested $11.4 million in Livekeeping, an app that helps businesses keep tabs on their accounting software.

The deal will also see IndiaMART acquire a 51.09% stake in Livekeeping, whose corporate name is Finlite Technologies Private Limited.

This is IndiaMART’s second such investment in the past month. In February, the company announced plans to invest $1.8 million in cloud-based accounting software platform Realbooks, a move that gave IndiaMART a 26% stake in the company.

48% of credit union members obtain lines of credit from other financial institutions

Share of credit union members seeking commercial lines of credit through other financial institutions (FIs) increased 16% from 2020 levels, 48% of members using financial products from other FIs now citing trade lines of credit as one of these products. That’s up from 42% in 2020, according to the Credit Union Innovation Playbook, a PYMNTS and PSCU collaboration.

Trade lines of credit are among the most profitable financial products for UCs, which means that portfolio leaks in this key area could be a serious blow to UCs profitability. Forty-five percent of members said that all other things being equal, they would prefer to get all their financial products from the same FI.

Two-thirds of members who currently have business lines of credit with FIs other than their main CUs said they would be willing to give up these business lines of credit if their CUs could offer more innovative alternatives.

Planning for long hauls, trucking companies embrace driver-friendly payments

Relay Payments, a provider of digital payment solutions for the transportation, logistics and supply chain industries, launched an all-in-one fleet expense card and mobile driver app earlier this month. called RelayGo.

RelayGo is a corporate credit card for drivers. Depending on the size of their fleet, companies can also apply for different financing ranges with different payment terms. It also includes exclusive expense management technology for carriers, as well as an app that helps drivers find parking, repair shops and other services. Most of the company’s customers operate Class 8 trucks commonly referred to as 18 wheelers and manage fleets ranging in size from one truck to 20,000.

When it launched the project, Relay Payments found that most of these carriers were still making payments with fleet checks or cash. Relay Payments found that about half of its new business came from referrals from other trucking companies who have already switched to its products.

Restaurants skipped curbside pickup, now they have to fix outdated tech in the background

Restaurant in-room operations have launched into the future with increasingly seamless digital technologies for consumers, but the back of the house is still stuck in the past, with restaurant owners often having to deal with checks, postage stamps and stacks of physical documents.

Notch, a business-to-business (B2B) food and beverage wholesale marketplace for restaurants and distributors, announced earlier this month the launch of a new payment platform, notchPay, with the aim of increase the speed and efficiency of payments.

These B2B payments play a central role in restaurant operations and their digitization can improve many other restaurant processes, such as digital invoicing removing friction from the inventory management process, automatically updating systems with information on transactions and simplifying accounting by integrating with systems such as Quickbooks.

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NEW PYMNTS DATA: 57% OF CONSUMERS PREFER ADVANCED IDENTITY VERIFICATION AFTER TRIING IT

On:Fifty-seven percent of consumers who used advanced identity verification methods such as voice recognition when contacting customer service say they would do it again. The Consumer Authentication Experiences report surveyed nearly 3,800 US consumers to find out how delivering innovative verification experiences helps businesses deliver superior customer service across all channels.

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