The Green Sheet Online Edition
March 13, 2017 • Issue 17:03:01
Cloud-based payment automation for B2B merchants
Nvoicepay created a cloud-based solution designed to generate new sources of revenue by enabling business owners to pay invoices electronically. The company's payment automation software works with every enterprise resource planning system and front-end automation solution, the company stated.
The service can enable business owners to automate domestic and international bill payments by outsourcing accounts payable operations to Nvoicepay. The company's team of specialists works with business owners, enabling the intuitive, cloud-based solution to manage every payment type to control supplier payments and complex approval flows.
"The business-to-business world is a $36-million-dollar market and is still paper bound," said Karla Friede, Chief Executive Officer and founder at Nvoicepay. "Unlike the consumer side, businesses typically work with millions of other businesses; banks have not offered a truly automated system for moving funds."
From paper to electronic
Banks frequently encourage business owners to use their branded purchase card products or to provide automated clearing house (ACH) information, Friede noted. By offering companies a big pipe for moving funds, banks can create extra work, because not all suppliers accept payments in the same way.
"More than half of the business world's invoices are still paid by paper check, and checks are 10 times more expensive than automated clearing house transfers," Friede added. "Accounts payable is the last spot to get automation."
"Nvoicepay was the critical final step in making us paperless from purchase order all the way through to vendor payment," added Sam Rotter, Chief Financial Officer of Multifamily Management Services, a New York property management company with three accounting offices and a $250 million accounts payable (AP) budget. "They also did a great job of incorporating work flow approval into that process."
Multitiered support services
In addition to managing approval flows and invoice payments, Nvoicepay noted that it provides an array of support services to clients and their suppliers. Following are some examples:
- Payment command center: Nvoicepay automated solutions include a subscription service to a vendor relationship management system to stay up to date and optimize recordkeeping.
- Dynamic supplier enablement: Nvoicepay maintains up-to-date supplier payment information to help AP departments save time while maximizing payment rebates.
- Customer payment support: Nvoicepay's U.S.-based support team provides business owners with payment support for their customers by providing guidance and payment issue resolution.
- Supplier payment support: Nvoicepay provides business owners with payment support for all suppliers. The U.S.-based Command Center Team answers questions and resolves payment issues via phone and email. Suppliers have on-demand visibility into their payments, rich remittance information with every payment received and access to Nvoicepay's Supplier Portal in the Payment Command Center at no cost to the supplier.
- Nvoicepay SuiteApp: Nvoicepay's SuiteApp facilitates domestic and international bill payments in NetSuite, enabling companies to pay supplier bills electronically from their native NetSuite environments.
Nvoicepay guarantees its payment products and services. The company said its simple, secure electronic payment services meet all security compliance guidelines, including SOC 1 Type 2. Its electronic print checks are printed at an SSAE 16-certified, SOX-compliant location.
Nvoicepay's expanding network includes 275,000 vendors and more than 2,500 business owners. The company supports 140 currencies in 170 countries, providing a simple automated flow for bill payments while eliminating related costs of mailing and processing paper checks.
"Our team takes supplier phone calls, talks about invoices in flight, while collecting, securely storing and managing that data," Friede said. "Our comprehensive back-end services have lowered error rates while providing companies and suppliers with more efficient ways to manage payments."
Electronic payments enable suppliers to receive funds faster, with rich remittance details. Nvoicepay helps suppliers enroll and receive payments electronically, the company added.
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