Making and receiving B2B payments is getting harder.
Businesses have lots of bank accounts to manage, a multitude of suppliers to pay and customers to serve, a growing number of payment methods and formats to support, complicated cross-border payments to handle, ever-increasing regulatory compliance pressures, and new payment fraud risks.
Businesses want to simplify it all. And that’s true of businesses of all sizes and across all industries, including healthcare, insurance, financial services, healthcare, gaming, and property management.
They are taking steps to reduce payment processing costs, eliminate inefficiencies, enhance cash flow visibility, and mitigate risk. They also are exploring ways to take advantage of real-time payments.
But the results have been mixed. Don’t blame electronic payments such as ACH and virtual card.
The problem is the complex way that most businesses process payments.
Most businesses make and receive payments using a hodgepodge of point solutions and closed-loop networks each with their own logins and passwords, account requirements, file formats, and proprietary integrations. Despite the tremendous strides in payment technology, systems integration has been an issue for years.
The Result
In other words, efficiently making and receiving payments and remittance information without the right technology and systems integration is not effective.
What a missed opportunity for businesses to aggregate and standardize their payment processes!
It doesn’t have to be this way.
Embedded payment solutions simplify the disbursement and collection of B2B payments.
By combining seamless integration with any software or ERP application, multi-rail payment support, and the touch-free digital exchange of payment data, businesses can effortlessly make and receive payment without leaving the familiar screens of their legacy software or ERP applications.
Payments can be made or received in any method. One or more payments can be made instantly or scheduled for payment. Data is uploaded directly to any ERP. Account data is reconciled in real time. And supplier payment preferences and payment terms are managed automatically.
Embedded payment solutions can transform AP and AR payments:
Not surprisingly, businesses that embed payments in their legacy software or ERP applications achieve incremental improvements and faster payback on their electronic payment initiatives.
As businesses look for ways to eliminate complexity in their financial processes, embedded payments solutions are a first step. Embedded payment solutions transform payment processes and effectiveness, providing businesses with a competitive advantage while making them future ready.
Reduce Complexity in Your Payment Processes