With numerous P2P transaction apps, making payments to friends and customers has never been easier. The surprising thing is that for most small businesses in the US, the paper check is still the leading way to remit and accept payments from other businesses. Paper checks has always been messy, time-consuming and slow.
The concept of Symple is when a business gets an invoice, they take a picture of it and sent it to Symple. Symple will then parse the amount, due date, etc.– and notify whoever controls the budget that there is a payment pending. Then to fulfill the payment, with one click, Symple will then remit the payment directly to the vendor’s bank account. The app then has basic analytics to help users dissect their budget even further.
I think Venmo has capitalized on the P2P market extremely well, but the B2B transaction has largely remained untouched. The first application to successfully capture the B2B transaction market is going to have a significant advantage over any other apps that try and come after.
Reference: https://techcrunch.com/2017/02/07/symple-wants-to-be-venmo-for-business-payments/