We all expect more from our customer interactions these days.
Nothing less than fast, intuitive, and seamless experiences will do. Unfortunately, the experience that most suppliers and individuals have when getting paid by businesses is anything but that.
Friction abounds when it comes to disbursements.
The manual processes, errors and mistakes, and lack of visibility that result from rigid, inefficient, and unnecessarily complex disbursements processes do more than drive up operations costs.
They jeopardize a company’s relationships with its valued suppliers and customers.
That’s why more businesses are embedding disbursement solutions into their legacy software and ERP applications. The technology enables a business to effortlessly pay one or more suppliers or individuals using any payment type, through any channel, and from any originating bank account, with a few clicks of the mouse in the software or ERP they already use.
What’s more, graphical dashboards show payers where invoices and payments stand, without having to log into multiple payment systems or portals or manually reconcile separate bank statements. With insights into all payments in one place, there’s less chance that something will be overlooked.
An embedded payment solution provides clear benefits to accounts payable departments and other payers. For starters, accounts payable will spend a lot less time disbursing payments. But embedded payment solutions offer something for the suppliers and individuals who are getting paid, as well.
Embedded payment solutions make it easy to pay suppliers and individuals in their preferred format. Payers can easily make payments via Real Time Payment (RTP), Automated Clearing House (ACH), card, and Mastercard Send, as examples, without having to change their existing bank relationships.
Leading solutions even provide payers with the option of allowing payees to set up their own preferences. And payees won’t have the jarring experience of being redirected to different portals for different payment types. Electronic payments also eliminate the chance that payments will become lost or intercepted in the mail.
There are times when a business needs to accelerate payments to suppliers or individuals, such as the case of emergency payouts. With an embedded payment solution, payments can be made fast using RTP, Mastercard Send, or reloadable debit card.
Ease of Use
The last thing any supplier or individual wants is to have to learn a complicated system to get paid. Embedded payment solutions leverage mobile technology and a modern, intuitive graphical user interface to walk payees that makes receiving payments effortless.
Better Cash Management
Suppliers and individuals can never be sure when a paper check payment will arrive in the mail. Embedded payment solutions eliminate the guesswork when receiving payments. Payees know when a payment is approved and when it will be made. And the portal used by embedded solutions shows payees the real-time status of payments. What’s more, electronic payments are deposited directly into a payee’s bank account.
Embedded payment solutions automatically provide suppliers and individuals with all the data they need to reconcile payments. There’s no need to log into multiple web sites or comb through e-mails to find payment details. And embedded payment solutions make it possible for suppliers to match payments to open invoices, touch-free.
Peace of Mind
Headlines on cybercrime can scare payees off electronic payments. But embedded payment solutions are built with bank-grade security that will assuage skeptical payees. And the payee-facing portal used by embedded payment solutions is branded with the payer name, logo, and colors, providing suppliers and individuals with confidence they are not being scammed. Electronic payments also are far more secure than paper checks.
There are a lot of compelling reasons for payers to deploy an embedded payment solution. But embedded solutions such as those for disbursements also offer tantalizing benefits to payees.
Suppliers and individuals want a faster, more convenient, and more secure payment experience. With an embedded payment solution, businesses of all sizes can effortlessly deliver it.
Discover how we are helping businesses take a smarter approach to disbursements & meet payees expectations.
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