COVID-19 and the ensuing economic downturn has caused B2B payment challenges to reach a new level. Vendors that once saw late buyer payments as unavoidable now risk going out of business if their clients don’t speed up the pace of payments. And in retail, Amazon’s earnings were off the charts by any metric, and they didn’t come from cost-cutting. All this, Today in Data.
Data:
200%: Growth in business email compromise attempts between April 2020 and May 2020.
175K: Minimum number of new jobs Amazon says it has created since March.
80.8%: Share of AP departments paying suppliers with paper checks in 2019.
$5T: Projected value of virtual card spending in 2025.
$4B: Minimum Amazon spent on COVID-19-related costs for employee safety, bonuses and delivery.
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