Businesses can reap clear return on investment (ROI) from accounts payable (AP) automation, yet find themselves hamstrung when partners in their supply chain still live in a legacy-payment world. In the latest Next-Gen AP Automation Tracker, Rich Wessels, treasurer for transportation and logistics tech company...
Shifting away from paper-based accounts payable (AP) practices could be a game-changer for many organizations. AP professionals must first be willing to take the first step to embrace automation, but some firms are wavering over whether they are prepared to do so. Many AP professionals...
Paper-based processes are widely used in AP departments, with recent PYMNTS data finding that 80.8 percent of firms use paper checks while 43.8 percent receive their invoices via fax. Such methods can be cumbersome and exploited for fraudulent purposes, however. The Next-Gen AP Automation Tracker's...
Automating accounts payable (AP) means the paper check will soon no longer be in the proverbial (and literal) mail. In the inaugural Next-Gen AP Automation Tracker, Uma Wilson, executive vice president and director of product management at UMB Bank, explains how the bank works to...
Accounts payable (AP) departments all too often employ inefficient processes that slow down workflows, and delay supplier payments. Reliance on outdated practices — including paper checks, manual data entry and payment processing, and even fax machines and snail mail — creates major speed bumps,...
This week, Fundbox, a B2B payments startup attempting to fix the “net terms” economy, raised $176 million in equity, a sign that changing the invoice settlement system presents a big opportunity. In an interview with PYMNTS, Eyal Shinar, CEO at Fundbox, characterized this as an...
Processing invoices is time consuming and costly. The average business requires 14.1 days and approval from two to five people in order to process a single invoice. It may even take more of each when invoice payments are particularly large or nonrecurring. It is easy...
Middle market companies need help navigating the complexities of AP management – especially when it comes to cross border, cross currency payments. Tipalti CEO Chen Amit tells Karen Webster a holistic approach has helped his firm grow bookings by triple digit percentages.
There is no standard onboarding process, so businesses are largely free to design their own. Most firms cover the basics, by collecting suppliers’ names and addresses (72.5 percent do this) and credit information (65.9 percent). Still, others use onboarding to verify much more specific information,...
