If there were one word to describe the NVoicePay B2B payments solution, Karla Friede, its CEO would say that it’s “simple.” Friede said it had to be in order to find success where there’s been lots of roadkill: helping businesses move away from paper-based payments to electronic.
Started in 2009, NVoicePay set out to provide a simple epayment solution that any enterprise can use, delivering a simple payment type and multiple integrated options that work across all banking partners and accounting systems. In doing so, NVoicePay has seen their customers reduce AP costs by about 80% after migrating to an electronic payment offering.
One issue that is frequently seen in payments is getting the buyers and suppliers on the same platform. It seems so sensible and efficient to be on the same platform, but so hard to actually do. Webster asked, how does NVoicePay overcome that obstacle?
(Jump to 2:05) Friede explains that NVoicePay doesn’t try to change the existing payables process or demand that the supplier change what they’re doing. The buyer can continue to use whatever accounts process they have to deliver the invoice to the supplier – NVoicePay just comes into the process for the payment piece.
“[Customers] can come into the environment in multiple different environments and not force a dramatic change. By combining our cloud based infrastructure with payment services, we deliver the ongoing supplier enablement services that existing players and bank providers can not deliver to the market,” Friede says.
Webster asked about which verticals and types and sizes of businesses have shown more interest in the NVoicePay solution.
Friede responded that NVoicePay clients vary from companies making 10,000 payments a year to those making 300-400,000 payments a year. Friede also says that they’ve found interest across markets and while originally thought that they might approach the market by vertical segment, have discovered that their approach works equally well across multiple verticals.
That said, Friede also acknowledged that some industries move first. For example, school districts find the solution attractive given the business model that underpins it – the ability to receive a rebate from suppliers that leverage its integrated AP card platform – the rebate helps expand the funds available to them to make improvements in their school districts.
Recently a school district in Pennsylvania, Downingtown Area School District (DASD), switched to NVoicePay to streamline their invoice payment process and reduce the costs of processing checks. Based on the early results, DASD expects to generate over $50,000 annually in rebates and cost savings through which can be used to support educational programs.
Webster also asked whether PYMNTS assessment of innovation in B2B payments gaining more momentum is accurate or if it has always been “innovating” but the outcome has been largely ignored.
(Jump to 11:20) In response, Friede fully agreed with Webster’s assessment that the B2B space hasn’t, until recently, had the tools available to it to enable solutions that meet the needs of suppliers and buyers. “B2B payments,” Friede said, “is the largest unrealized opportunity in the payments space”.
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