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B2B Payments
BUYERS, SUPPLIERS FIND COMMON GROUND WITH DIGITAL LOCKBOXES
By PYMNTS Listen to Article
Posted on June 23, 2022
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Goodwill and collaboration go a long way in maintaining long-lasting business
relationships in today’s connected eCommerce environment.
As a growing number of businesses transition from paper checks to digital
payments, they’re looking to not only improve their cash flows and streamline
their accounts receivable (AR) and accounts payable (AP) processes, but also
strengthen their collaborations with their trading partners.
Trading partners that make and receive payments digitally report increases in
overall customer satisfaction, more flexibility in the payment options they
offer and increased book-balancing efficiency, according to “Reimagining
Business Payments,” a PYMNTS and Billtrust collaboration.
Get the report: Reimagining Business Payments
For example, digital lockboxes can receive payments and quickly match remittance
information while sending the information almost simultaneously to enterprise
resource planning (ERP) systems. The result is a high match rate of invoice
payments and more easily balanced books — both of which can help improve
customer satisfaction.
Overcoming Common Obstacles
Buyers and suppliers have relied on inefficient AR and AP processes limited by
outdated legacy computer systems and software. Often, this lack of
interoperability results in delayed B2B payments, errors, fraud, a lack of
payment data, cash flow challenges and other problems that can prevent companies
from delivering the type of instantaneous financial transactions that their
business partners expect.
These common problems are giving a chance for firms making and receiving
payments to find common ground, Billtrust CEO Flint Lane told PYMNTS in a
February interview.
Read more: Digital Lockboxes Tackle B2B Payments Mail Float Problem
The current inefficiencies are driving businesses to adopt more digital B2B
payment methods. Digital payments technologies can strengthen enterprise
organizations looking to simplify and streamline their payments flows.
Turning to Digital Lockboxes
Many organizations fast-tracking their digitization efforts are also turning to
digital lockboxes to secure those digital payments.
A digital lockbox essentially serves as a central clearinghouse that can
automate and process payment remittance information that it receives from direct
and indirect channels such as email, phone, AP portals and self-service portals.
Digital lockboxes offer speed, security and interoperability, giving both buyers
and suppliers a way to align payment choice and streamline payments via one
integration across multiple AP providers, card issuers, banks and ERP systems.
A digital lockbox can help organizations improve the collaborative commerce
quotient with their customers by encouraging collaboration between buyers and
sellers as well as optimizing transactions and reducing the work involved in
sending, receiving and reconciling payment information.
A digital lockbox can help businesses take a collaborative approach to
generating and processing invoicing and payments. Digital lockboxes can ensure
payments arrive quickly and securely with remittance data integrated directly
into an AP or ERP solution, ready to be reconciled in the monthly books.
Digital lockboxes allow businesses to streamline electronic B2B payments’
delivery to vendors’ application programming interfaces (APIs) and AR platforms.
Optimizing Both Sides
A payments network that can administer a digital lockbox provides a directory of
suppliers’ payment preferences to enterprise buyers’ AP providers. This gives
the AP providers insight into which forms of payment their customers’ suppliers
will accept and enables the providers to initiate payments once the buyer
approves the invoice.
The payments network allows suppliers to receive multichannel digital payments
into a digital lockbox without needing to worry about finding uncoupled
remittance data. The digital lockbox then moves funds into the suppliers’ bank
and sends remittance data to the supplier’s ERP solution for cash application,
cutting out the need for human interaction and time-consuming processing tasks.
——————————
NEW PYMNTS DATA: THE TAILORED SHOPPING EXPERIENCE STUDY – MAY 2022
About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience
report, a collaboration with Elastic Path, shows where merchants are getting it
right and where they need to up their game to deliver a customized shopping
experience.
Related Items:accounts payable, accounts receivable, B2B, B2B Payments,
Billtrust, Digital Payments, ecommerce, invoice payments, News, supplier
payments
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