Paymode-X
Make and receive secure and convenient electronic payments using a solution trusted by 550,000+ member businesses.
The challenges organizations face have created opportunities and imperatives to focus on cash management processes, with an eye on improving their overall financial picture and creating stability in unstable times.
Amid these shifts, forward-looking organizations are connecting the dots between their current B2B payment processes and the promise of payment solutions that automate their AP function and improve their cash management. However, not all B2B payment providers are created equal.
Consider these seven factors for selecting a best-in-class payments provider.
Explore the features
Consider these seven factors for selecting a best-in-class payments provider
Feature #1: Payment Types
77% of businesses can currently make some form of ePayment
According to research from Ardent Partners, a growing emphasis on improving the *last mile* of AP automation (B2B payments) is helping with adoption
The more types of payments your business can handle, the more you'll be able to meet your vendors' needs
Feature #2: Vendor Onboarding and Enablement
Your vendors will be the most impacted by the change when it comes to enabling ePayments
Best-in-class B2B payment providers offer both staff and technology to make the onboarding process seamless and secure for your suppliers
Providers offer continued support after onboarding to ensure your vendors remain enrolled and satisfied
Feature #3: Solution Development and Support
More than 50% of growth in the use of electronic payments in each of the past five years
Providers continue to make their systems more user-friendly, accessible, and feature-rich
Due to remote work and remote processes, leading payment providers have emphasized the importance of deployment programs, support processes, and additional resources to ensure customers get up and running
Feature #4: Global Capabilities
Businesses of all sizes transact across borders and around the world
For businesses that currently do not make international transactions, they are likely need to do so going forward
When considering B2B payment providers, it is essential to understand their global payment capabilities
Feature #5: Working Captial Management
51% of AP departments say invoices and patent approvals take too long
B2B payment solutions accelerate efforts by providing increased visibility into early payment discount opportunites across invoices, as well as the means to automate their capture
Feature #6: Governance, Risk, and Compliance
An effective B2B payments strategy needs to address governance, risk, and compliance (GRC) across your organization
Your payments providers can be an invaluable resource when offering expertise and systems that reduce risk and ensure compliance
Feature #7: Reporting and Analytics
The first priority for AP teams is to improve reporting and data metrics
The best-in-class B2B payments providers have powerful reporting capabilities that help you optimize the value of your technology, improve the efficiency of your AP team, and enhance your working capital management
Reporting and analytics capabilities ensure that your organization not only adopts an ePayments solution, but also gets the greatest possible benefit from that solution
Learn more about industry trends with these helpful resources:
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