{"id":15148,"date":"2022-02-25T01:23:40","date_gmt":"2022-02-25T01:23:40","guid":{"rendered":"https:\/\/www.plastiq.com\/?page_id=15148"},"modified":"2023-01-25T17:44:19","modified_gmt":"2023-01-25T17:44:19","slug":"manufacturing","status":"publish","type":"page","link":"https:\/\/www.plastiq.com\/industry\/manufacturing\/","title":{"rendered":"Manufacturing"},"content":{"rendered":"\n

\n\t\tPayments
Deep Dive: Manufacturing\n\t<\/h2>\n\t\t\t\n\t\t\t\t\t\t\tsign up now\n\t\t\t\t\t<\/a>\n\t

The shape of payments in the manufacturing industry today.<\/h2>\n\t

The manufacturing industry generates the largest volume of B2B payments, totaling $3.5T worldwide. In the US alone, there are ~592,000 manufacturing firms, with the majority of these firms being small with fewer than 20 employees.<\/p>\n

54% of B2B orders are currently placed via self-service on websites. This is expected to significantly expand in the coming years as firms build e-commerce capabilities and embedded payments become more accessible to smaller firms. This trend will give rise to an opportunity to build out more efficient payment operations. Converting legacy payment systems to digital operations will shift the B2B supply chain from batch to real-time payments. The firms that are quickest to unlock value with real-time payments will have a significant competitive advantage.<\/p>\n

Plastiq Accept can help your company make the conversion and seize the opportunity. Gain greater payment flexibility, payment tracking and increased customer choice.<\/p>\n\t\t\t\n\t\t\t\t\t\t\tsign up now\n\t\t<\/a>\n

\n\t<\/h2>\n\t

Key Challenges<\/p>\n

\n\t\tManufacturing firms are facing some common challenges.\n\t<\/h2>\n

\n\t<\/h2>\n\t\t\t\t\"Payment\n

Payment
predictability<\/h3>\t\t\n\t\t\t

98% of B2B manufacturers receive payments late, while 16% experience detrimental impact to their cash flow.<\/p>\n\t\t\t\t\"Collection\n

Collection
friction<\/h3>\t\t\n\t\t\t

To survive future disruptions firms must pivot from manual invoicing to digital processes that are faster and more efficient.<\/p>\n\t\t\t\t\"Market\n

Market
changes<\/h3>\t\t\n\t\t\t

Emerging trends and shifting preferences are causing B2B buyers to look for greater convenience & optimal margins.<\/p>\n\t

Plastiq Accept Solutions<\/p>\n

\n\t\tPlastiq Accept meets the challenges.\n\t<\/h2>\n

\n\t<\/h2>\n\t\t\t\t\"Predict\n

Predict your
payments<\/h3>\t\t\n\t\t\t

Plastiq Accept gives you end-to-end visibility into payment from request to delivery so you track and forecast your cash flow.<\/p>\n\t\t\t\t\"Streamline\n

Streamline
payment collection<\/h3>\t\t\n\t\t\t

Plastiq Accept gives you the power to make real-time payment collection and gives your customers the freedom to pay you in multiple ways.<\/p>\n\t\t\t\t\"Resilient\n

Resilient to
market changes<\/h3>\t\t\n\t\t\t

Plastiq Accept is convenient, user-friendly for businesses and customers, and built to anticipate emerging payment trends.<\/p>\n

\n\t\tPlastiq Accept solves payment problems before they’re problems.\n\t<\/h2>\n\t\t\t\t\"\"\n\t\t

Promotes real-time payment collection<\/h3>\t\t\n\t\t\t

Promotes real-time payment collection<\/p>\n\t\t\t\t\"\"\n\t\t

Tracks open “unpaid” payment requests<\/h3>\t\t\n\t\t\t

Tracks open “unpaid” payment requests<\/p>\n\t\t\t\t\"\"\n\t\t

Advanced reporting & real-time notifications<\/h3>\t\t\n\t\t\t

Advanced reporting & real-time notifications<\/p>\n\t\t\t\t\"\"\n\t\t

End-to-end payment reports<\/h3>\t\t\n\t\t\t

End-to-end payment reports<\/p>\n\t\t\t\t\"\"\n\t\t

Flexibility to adjust to payment challenges<\/h3>\t\t\n\t\t\t

Flexibility to adjust to payment challenges<\/p>\n\t\t\t\t\"\"\n\t\t

Automated process shortens collection times<\/h3>\t\t\n\t\t\t

Automated process shortens collection times<\/p>\n\t\t\t\t\"\"\n\t\t

More flexibility-offers multiple options<\/h3>\t\t\n\t\t\t

Offers more flexibility with multiple options<\/p>\n\t\t\t\t\"\"\n\t\t

Enables card acceptance for budget-constrained SMBs<\/h3>\t\t\n\t\t\t

Enables card acceptance for budget-constrained SMBs<\/p>\n\t\t\t\t\"Get\n

\n\t\tUse Plastiq Pay and
keep cash on hand
in your hands.\n\t<\/h4>\n\t

Plastiq Pay helps manufacturers preserve cash in the bank by leveraging the credit cards they have on hand. It’s much easier and less expensive compared to small business loans. Large expenditures for raw materials, supplies, and even payroll can be paid by credit card so that manufacturers can delay the time to pay off bills.<\/p>\n\t\t\t\n\t\t\t\t\t\t\tlearn more\n\t\t\t\t\t<\/a>\n\t\t\t\t\"Plastiq\n

\n\t\tHow Plastiq helped Solis labs increase profit and accelerate cash flow.\n\t<\/h3>\n\t

A manufacturing company, Solis Labs, was previously waiting for customers to mail in checks, often forced to wait weeks for cash flow. But, by adding Plastiq as a payment method for customers, they were able to accept credit cards without the fees which led to faster payments and increased profits.  Read the case study<\/a>.<\/p>\n

 <\/p>\n

\n\t\tThink Plastiq Accept is right for your business?\n\t<\/h2>\n\t\t\t\n\t\t\t\t\t\t\tget started\n\t\t\t\t\t<\/a>\n\t\t\t
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