B2B Payments

OnPay Rolls Out B2B Payments In The Cloud

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OnPay Solutions is the latest company to help B2B payments go digital and jump in the cloud. Reports on Thursday (Feb. 18) said the firm is rolling out its new accounts payable service, OnPay Connect.

The solution aims to digitize corporate payments and help businesses realize the cost savings they can achieve by switching to electronic payments format.

“It will be a fully online accounts payable and remittance delivery portal for customers, available in our cloud 24/7,” OnPay CEO Neal Anderson said in a recent interview with the Jacksonville Business Journal.

Since its 2009 launch, OnPay has been working to help businesses migrate away from paper checks. Anderson continued to explain that while electronic B2B payments are not necessarily difficult to make, businesses can be wary of the onboarding process.

“All a company needs is your bank account, routing number and permission to credit money to your account,” he told reporters. “But who in your company is going to stop and send 5,000 emails or call vendors to ask for that information, and when you collect it, where do you put it somewhere secure?”

The new AP solution from OnPay, which is set for launch sometime this quarter, will help companies set up their B2B payments needs to automate ACH direct deposits, wire transfers and commercial card payments.

According to reports, the solution also wants to help businesses turn to digital invoices and to take advantage of cash-back earnings and other rewards from commercial card spend. It will also link suppliers with a portal through which they can see the status of their outstanding invoices by receiving a payment and understanding who is issuing the money and for what order.

In his interview, Anderson spoke of how much growth there still needs to be before electronic B2B payments gain traction.

“About 90 percent of electronic payments are made by just 10 percent of companies in the U.S.,” he stated. “Electronic payments migration is still very much a hot prospect for businesses in this space.”

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