In this day and age it is not difficult to send payments to friends. Applications like Venmo have made check payments nearly extinct. However, this idea is now reaching a new market, B2B consumers. Symple is a payment processing company that is using its system to help companies track receivables and payables, as well as analyze payment trends.
I thought it was very surprising to learn most small businesses still use checks to make payments, particularly restaurants and bars. However, with Symple users can take a picture of their invoice and send it to Symple who will record the critical details, and then when it comes time to pay users just press a button.
I think platforms such as this one have many benefits for users. Over time this will increase speed and efficiency. Also the data analysis tool will make it easier for the businesses to budget for the future. Finally I think the online nature of these systems will implement controls that will ultimately stop fraud.
There could also be some potential consequences for users. Data security is very important, and new systems like this one might not have the capability to properly protect clients money.