Today in B2B: AR, AP Rely More on Intelligent Cash Flow Platforms; CreditQ, Tally Partner to Offer Credit Enhancements

Today in B2B payments, intelligence cash flow platforms are key to accounts receivable (AR) and accounts payable (AP), while CreditQ teams with Tally to offer credit enhancements to businesses. Plus, merchants can’t agree on which verification method is most important for their businesses, while MarketFinance looks to build on its profitability from 2021.

Intelligent Cash Flow Platforms Key to AR/AP’s ‘Seismic Shift’

Before automation started taking hold in accounting departments across the business landscape, a human had to look at every invoice, figure out if it was accurate, see if it had already been paid manually, enter it into a ledger and find a checkbook and a stamp. When early automation solutions entered the market, they streamlined some manual steps but still relied on static information. Traditional automation, now referred to as robotic process automation (RPA), does away with manual tasks — for instance, reading an invoice number off a piece of paper and typing it into a field in an enterprise resource planning (ERP) system.

CreditQ Debuts Business Credit Enhancements Through Tally Partnership

Business credit management web portal CreditQ has integrated with Tally to launch a Business Credit Management function to support business growth and cash management, helping to roll out a business credit management function for smaller companies, tracking and controlling digital transactions between businesses. CreditQ specialists make credit and default reports, and interface with accounting software to provide accurate information regarding credit, nonpayers and defaulters. Additionally, automatic payment reminders are sent to buyers, reminding them of payment deadlines.

19% of Merchants Rely on Multiple Verification Methods to Vet New Business Partners

When 150 executives were asked which of 12 partner verification methods was most important, about one in five answered “all of the above,” according to “Risk and Resilience,” a PYMNTS and TreviPay collaboration that surveyed execs at companies with $10 million to $1 billion in annual revenues. PYMNTS’ research found that, due to concern about fraud in the new digital-first environment, three-quarters of retailers, manufacturers and marketplaces plan to implement better tools to detect fraud, safeguard against false flags and make onboarding and data management less problematic.

Ten-Fold Borrowing Increase Drives UK B2B Lender MarketFinance to Profit

MarketFinance saw its business reach profitability in 2021, with a revenue increase of 133%. It hopes to build on this growth by developing lending application programming interfaces (APIs) and is “investing significantly in embedded finance models.” The company’s growth was fueled by rising demand for working capital by small businesses during the pandemic and helped by MarketFinance’s launch of the government-backed Coronavirus Business Interruption Loan Scheme (CBILS) loans and its accreditation as a delivery partner of the Recovery Loan Scheme (RLS).

Oro to Debut OroMarketplace Long Term Support Platform

Oro, maker of B2B eCommerce platform OroCommerce will host a live demo Tuesday (April 5) of its OroMarketplace Long Term Support version, which will add adaptable infrastructure and comprehensive features for B2B merchants, including vendor management and onboarding workflows, and streamlined digital tools. Product upload and approval add clear processes for operators and vendors, helping vendors with preparing for marketplace selling and transparently managing products, and order splitting adds automated organization and order-tracking tools.