Technology firm Ricoh is jumping into B2B payments with a new service aimed at digitizing accounts receivable processes.
Ricoh Canada revealed this week the launch of its eInvoice Presentment & Payment Service, a solution to help businesses provide electronic invoices to clients and accept payment. The tool integrates into existing accounts receivable and accounts payable platforms, the company said, adding that the new solution looks to aid in common issues of B2B payments, including misplaced invoices, manual reconciliation and chasing down outstanding payments.
“Leveraging the obvious savings associated with the adoption of a paper-free invoicing strategy is only the beginning,” commented Ricoh Canada VP of Marketing Eric Fletcher in a statement. “Ricoh’s eInvoice Presentment & Payment Service maps to existing customer processes, allowing companies to migrate to this versatile digital solution without reinventing their own proven workflows.”
The company added that clients using the new tool won’t have to make additional investments in software or equipment and can help businesses receive payment more quickly, automate manual payment processes and gain greater insight into cash flow.
Electronic invoicing is considered key to improving B2B payments and processes. Analysts last year pointed to eInvoicing as a critical component to promoting a real-time economy.
“Invoice issuers immediately receive either rejects, in the case of inaccurate invoice data, or confirmation, if the eInvoice successfully passed the automation validation,” explained Billentis, another eInvoicing firm. Digital invoices, the company added, enable real-time visibility into financial data and support mobilization of the enterprise.
Looking ahead, Billentis also identified eInvoices as a potential tool to promote the adoption of blockchain solutions, with distributed ledger now eyed as a way to transmit digital documents (like invoices).