THE MARKET FOR B2B PAYMENT SOLUTIONS IN EUROPE AND THE UK
Libeo is a firm European leader in digitised payments, and is now moving into a more mature market in the realm of digital transformation.
Across Europe, there is still strong reliance on offline, pen-and-paper payment methods. While B2C payments have become mostly digitised in recent years, only around 25% of B2B invoices are filed electronically, according to Eurazeo. The UK is Europe’s most mature fintech market for consumers, both in terms of size and usage, according to the EY Global Fintech Adoption Index. However, the rate of adoption of fintech among SMEs in the UK is far lower, with 49% of UK businesses still using paper cheques to pay suppliers.
Users of B2B payment solutions have heightened expectations regarding their payment experiences. This is because of their experience as retail consumers, making them aware of the possibilities for business payments processes. Technology must be used to add value to B2B payments, innovating the customer experience through automation and integrated processes.
The UK has seen greater growth in payment solutions, with many new players constantly joining the market. The effect this growth has on stakeholders is twofold. On one hand, they are convinced that payments are a hot topic in the industry. On the other hand, they struggle to understand what the difference is between these different players in the industry, and what each one provides that is different.
The large number of companies entering the B2B payment market reflects a shift taking place, where they attempt to fill the gap between consumer and business payment solutions. Nonetheless, Libeo is proud to offer their users the best payment experience.
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Within the digital payments market, Libeo offers a unique and innovative user experience, with many flexible solutions. Firstly, Libeo has accounts payable (AP) and accounts receivable (AR) capacities, while most of its competitors specialise in one or the other. By enabling users to both pay and get paid, Libeo offers greater convenience and possibilities to its clientele. By relying on all major payment rails, including Open Banking, BACS and Faster Payment, Libeo’s platform digests the complexity of payment rails, crafting the best experience for clients.
In addition, Libeo’s platform provides one click-payments with no limits on amount, and without the need to have money stored in a digital wallet or to log in to a bank account. Libeo payments work with all bank accounts, as well as foreign currencies.
Further to this, Libeo is one of the only platforms to combine advanced workflows with the best payment experience. This gives Libeo a competitive edge against many other payment solutions platforms that offer generalist tools with simplified workflows, or fail to offer integrated services and systems, forcing accountants to spread their work across several apps created specifically for accounting, automation and payments.
By integrating a comprehensive payment experience with advanced workflows, Libeo clearly sets itself apart from the competition. This enables Libeo’s users, whether business owners or accountants, to not only save more time with automated invoice management, but to reduce direct and indirect costs associated with manual invoice management, ultimately facilitating more efficient, data-driven businesses.
A NEW MANAGING DIRECTOR TO SUPPORT THIS EXPANSION
Libeo’s expansion into the UK is supported by the appointment of Glen Foster, a new Managing Director for the UK and Northern Europe. Glen has an extensive history of working with accounting software firms, and scaling up businesses. His focus is on driving world-class customer experiences powered by cutting-edge technology, while stimulating quality revenue and growth in SaaS companies. Glen is passionate about providing SME business owners with financial clarity, and giving them the tools needed to make their business succeed. He is a strong believer in the quality services and products Libeo provides their customers, and is equally passionate about Libeo’s values and mission to allow SME business owners to focus on the things that matter.
Managing Director for the UK and Northern Europe, Glen Foster, said: “I’ve always been passionate about SMEs and accountants and bookkeepers, and Libeo gives me the opportunity to continue to support both, with great technology. I know all too well the challenges with paying and getting paid, and the impact that can have on a business owner. Equally, I’ve seen over the last 15 years how accountants specifically have widened their services to incorporate things such as supplier payments for clients, giving clients the time back to focus on running successful businesses.”
Co-founder and CEO of Libeo, Pierre Dutaret said: “Our success in France is a strong indicator of the needs of the sector. The issues faced by our French customers are similar to those we identified in the UK - particularly within the SME segment - and we are confident that we can respond to them in a very relevant way. Our expansion into the UK, supports our ambition in becoming the European leader in business-to-business payments.”
