In “The Way Payments Are Now Done,” 33 payment executives discuss what payments’ “new normal” looks like. Anthony Venus, chief strategy and product officer, accounts receivable automation, YayPay, discusses which technologies have enabled companies to adapt over the past year to ensure that payments are processed efficiently and that cash keeps flowing.
The business-to-business (B2B) payments landscape has shifted dramatically in the past year, as the global crisis forced back-office functions such as accounts payable (AP) and accounts receivable (AR) into a remote working environment. In AP, what was a paper-driven process in which documents had to be manually matched has become a streamlined, electronic procedure. In AR, companies have adapted to ensure that payments are processed efficiently and cash keeps flowing, no matter where their teams and customers are.
The following technologies have enabled organizations to achieve this. They are being touted as the future of AP and AR due to their flexibility, cost-effectiveness, efficiency, security and customer-centric capabilities. They are what define our clients’ payments routine today.
Accounts Payable Payment Portals
Not so long ago, it was only enterprise-level companies that were investing in these portals. The global pivot to remote work pushed businesses of all sizes to invest so they could approve invoices and pay vendors remotely. With liquidity a central concern during the crisis, these portals helped businesses develop a laser focus on their vendor spend, while also dramatically reducing cost by eliminating data entry. Beanworks, a Quadient AP automation company, offers this transformational technology.
Automated Payment Options
YayPay by Quadient’s automated options have helped companies pivot to a “set and forget” payment model. These options work by triggering payments automatically at the time that an invoice is issued or due. Recurring payments offer a similar capability, breaking down an invoice into scheduled segments, such as paying $1,000 per week over the course of a month (for a $4,000 invoice). In the past year, these have helped businesses better manage working capital and leverage their people effectively, as they no longer need to spend time chasing payment for invoices where the money is sitting on the account.
Self-Service Payment Options
At YayPay, we have seen a notable increase in the use of our self-service payment portal. Today’s workforce can be located anywhere in the world and be working at any time. Our platform’s capability to provide an end user with the option to review their account, download invoices, open communications or disputes and pay an invoice – on their own time – dramatically increases a company’s chances of being paid efficiently. It also provides a seamless and satisfying customer experience. This was invaluable to our customers during the crisis, as it helped them stay connected to their customers and maintain strong relationships.
Global Payment Options
Global payment options have become more prevalent as businesses continue to expand their reach. Traditional U.S. payment methods do not typically fit into the international market, and this has forced companies to review their offerings. We work with GoCardless, leveraging the company’s payment network to assist customers in faster cross-border payments. In the past year, this has enabled our customers to get cash into their business quickly, no matter where their customers are. We expect more businesses to invest in this capability going forward given the connected economy and the need to power collaboration from anywhere.