Straight-through processing ensures that payments are delivered electronically, automatically and without scope for error. Buyer and supplier payments staff can escape the purgatory of manual processes while avoiding human errors that can ripple through a payment ecosystem.
As payments fraud continues to increase, treasury and finance executives are upping their game to ensure their organization isn’t exposed. While check and ACH payment — the least secure types of payment — are the most vulnerable to fraud, more companies than ever before are reporting fraud or attempted fraud.
Welcome to Smart B2B Finance, a monthly blog series designed to summarize some of our favorite financial posts and help financial professionals focus on the trends and topics that matter most.
Join us for our next webinar: The Expert’s Guide to Selecting an Electronic Payments Solutions Provider on Wednesday, October 31
Familiarity with paper checks and ACH is no reason for businesses to take on greater risk of fraud. Learn more about how virtual payments mitigate that risk by offering an increased level of security.
While positive cash flow is a bottom line need for all companies, payment timing that works for one company may be a non-starter for another. That’s why adding dynamic discounting to your supplier payment options is a win-win for you and your suppliers. Dynamic discounting empowers both sides of the payment equation — you and your suppliers.
Suppliers don’t always understand or appreciate the benefits of electronic payments. Some suppliers may even view electronic payments as a negative. Unless suppliers agree to be paid electronically, you will not achieve the maximum benefit from your electronic payments initiatives. So how do you convince them?
When it comes to splitting restaurant checks, financing your college student’s Friday night pizza runs or paying for your gym membership, all you need is your phone and a Venmo, PayPal or Apple/Android pay app.
When it comes to paying your suppliers? Not so much.
In this instance, consumers are way ahead of corporations because electronic payments are significantly more secure than checks and even ACH payments.
You’re ready to dump paper checks.
But your suppliers aren’t.
What started out as a marriage of convenience — they invoice, you send a check — is rapidly descending into a nightmare of security risks, high costs and inconvenience.
Before you are tempted to divorce your suppliers over their love affair with paper checks, it’s worth investing some time and energy to understand how you can set your payments relationships back on the right track.
The benefits of card payment fees aren't limited to one side of the transaction. In this video, Jon Edelstein, Finexio's head of product, tackles the benefits for both buyer and supplier in B2B payments.