No two businesses are exactly the same. In that sense, they join the rarified air of fingerprints and snowflakes.But nearly all businesses do share one thing in common: the ways in which they pay, and are paid, is fundamental — and in many ways, definitional — to their business strategy. And at the center of the ways in which firms transact with one another is the invoice.An invoice that, in the year 2024, is frequently paper-based and loaded down with manual processes for both buyer and supplier, making it ripe for digital innovation.That’s why organizations like the Digital Business Networks Alliance (DBNAlliance), a nonprofit created to oversee the work of the Business Payments Coalition (BPC) and Federal Reserve Financial Services, are creating digital exchange networks to establish standard reporting workflows around electronic business-to-business (B2B) invoices, speeding B2B payments and reducing errors.After all, the sheer variety of businesses out there shaping local economies around the world means that B2B payments and their associated workflows come in a complex array of different flavors, as does the data essential for initiating, processing, reconciling and accounting for any B2B transactions. This complexity, which also includes different regulatory requirements around the world and in various markets, makes it challenging for certain B2B payment innovations to scale.The end result? B2B buyers and suppliers tend to transact with what works best for them, using the same methods they always have.Still, traditional B2B invoicing methods often involve manual processes, paper documents, and outdated, monolithic systems that can frequently lead to workflow bottlenecks and create unnecessary inefficiencies due to human error.To address these challenges and make the exchange of B2B documents smooth and frictionless, firms are becoming interested in standardizing invoicing formats and promoting interoperability between different systems and platforms.Read more: New Milestone for US E-Invoicing Could Pave Way for Paperless B2B PaymentsIncreasing Speed and Security“Not every buyer is going to pay all of their suppliers the same way … unlike traditional consumer payments, where there’s a standardized way in which consumers pay and merchants get paid — within the B2B arena, no two buyer-supplier profiles are the same,” Dean M. Leavitt, founder and CEO at Boost Payment Solutions, told PYMNTS.But standardization enables different systems, platforms and participants to exchange payment-related information efficiently. It offers many benefits, particularly around B2B payments

FreshSplash / iStock.comBuilding credit and racking up credit card rewards can be great for your finances but putting certain items on your card leads to big fees and higher interest rates, which cancel out any benefits.Find Out: 10 Expenses Most Likely To Drain Your Checking Account Each MonthRead More: How To Get $340 Per Year in Cash Back on Gas and Other Things You Already BuyIf you’re smart about what purchases you use credit, you’ll pay fewer credit card fees, save on interest, make it easier to build savings and eliminate your debt. Here are 10 expenses you should avoid putting on your credit card.Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief.1. Mortgage PaymentsIf you’ve ever wondered, “Can I pay my mortgage with a credit card?” the answer is maybe, but that doesn’t make it a good idea, especially if a cash crunch leaves you tempted to pay your mortgage with a credit card that has a high limit.ADVERTISEMENTMost mortgage companies won’t let you make direct payments with a credit card. Although some third-party companies like Plastiq will help you use your credit card to pay your mortgage, they often charge fees for this convenience — which will just add to the amount you’re paying in bills each month. For example, Plastiq charges a 2.90% fee.It’s an especially bad idea to circumvent your mortgage servicer by finding a way to pay your mortgage with a credit card if you don’t plan on paying off your credit card balance in full each month. You’re already being charged interest on your mortgage, and paying more interest on your credit card balance is both expensive and avoidable.Charging a large amount to your credit card will also lower the amount of credit available to you, which could lower your credit score

Historically, working capital options for small and medium-sized businesses (SMBs) have been somewhat limited, and the current interest rate environment has only exacerbated this limitation. As a result, businesses have been compelled to explore alternative financing avenues, which tend to be more expensive for most small enterprises. According to Court Toomey, even traditional options like Small Business Administration (SBA) loans have seen an uptick in average rates from 12% to 15% for loans under $300,000 — a typical amount sought by small businesses. “[Small businesses are] just looking to float that initial 30 to 90-day period to bridge that gap between their days payable outstanding and their day sales outstanding and a 15% rate is just not feasible,” Toomey, head of Commercial Payments and Product at Plastiq by Priority, told PYMNTS in a recent interview