Read about the digital transformation of commercial payments and how to automate your enterprise cash cycle.
Why You Need an Accounts Receivable Process Flowchart
Feb 28, 2024 by Zazil Martinez
Consider creating a flowchart if you're looking for ways to improve your accounts receivable process. An accounts receivable flowchart visually represents the collection process, highlighting areas of inefficiency and opportunities for automation. Accounts receivable flowcharts are excellent for helping accounts receivable departments to visualize their processes. They often help pinpoint which areas are ripe for automation or improvement. Not only can they effectively keep your team on the same page and train new employees, but they can also help you see areas of inefficiency.
How to Find the Best AR Automation Software for Your Business
Feb 23, 2024 by Zazil Martinez
Finance professionals always search for ways to enhance efficiency and streamline financial operations. One powerful solution to address these challenges is finding the best AR automation software. But what exactly does this mean for CFOs and finance teams? Imagine that tedious tasks of manual invoicing, chasing payments, and reconciling accounts are in the past. The best AR automation software offers a solution that automates and optimizes accounts receivable management. This lets finance professionals focus on strategic initiatives rather than mundane administrative tasks. But with so many available options, choosing the best AR automation software can be daunting. Here's a comprehensive guide on what to look for to select the best one for your business.
Top Challenges Accounts Receivable Teams Face and How to Solve Them
Feb 20, 2024 by Zazil Martinez
In today's fast-paced digital marketplace, accounts receivable (AR) teams face numerous challenges that impact a company's cash flow and growth. Even with an optimal rhythm, some remain significant. Common accounts receivable challenges include high DSO, ledger disorganization, poor communication, and inadequate policies. Streamlining processes, offering multiple payment options, going paperless, updating customer information, and automating AR can overcome these. A structured credit policy can help identify suitable customers. A weak accounts receivable management process can cause several other unintended consequences, including:
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Managing Accounts Payable
Jun 6, 2023 by Kelsey Banerjee
Managing accounts payable (AP) in today's landscape is more challenging than ever. Streamlining cash flow is crucial for efficient AP management, and manual processes slow operations and waste resources. By optimizing your AP workflow with innovative payment solutions, you can empower your team, strengthen relationships, and drive business growth.
What is a Payment Processor?
Jun 5, 2023 by Brandon Jones
What is a Payment Processor? A payment processor or merchant processor is a vendor service that allows business owners (often called merchants in the payment process) to accept online payments. This is mainly because payment processors are designed to manage the logistics of credit and debit card transactions for businesses, so they don’t have to worry about certain complexities involved in this process. Typically, to be able to process credit card transactions, your business will need a merchant account. Still, to get one, your company must meet various requirements, including having a business license, making an agreement where your business submits to underwriting, and undergoing a stringent approval process. This process can take quite a bit of time, and if your business is too new or doesn't fit all of the requirements, it may not be accepted. Payment processors eliminate the need for businesses to go through the headache of securing their merchant accounts. Instead, they manage the credit card transaction process as the bank and merchant middleman. Payment processors authorize payments for your business by verifying customers’ billing information, confirming that your customer’s funds are available in their accounts, and transferring the money to your bank account. This entire process occurs in a matter of seconds and is used for both card-present and card-not-present transactions.
Payment Gateway | B2B Finance Glossary
Jun 5, 2023 by Brandon Jones
A payment gateway is an essential part of the process that allows your company to accept credit and debit payments from your customers. It is the gatekeeper of your customer’s specific payment data. It’s a technological mechanism that reads and transfers payment information from your customer’s bank account to your business’s bank account by capturing the necessary data and verifying that the funds for the desired transfer are readily available. Payment gateways can be used both in-store and online. In-store payment gateways use software built into a point-of-sale (POS) system, payment terminal, or card reader that processes the payment when a customer physically swipes, taps, or inserts their debit or credit card. Online payment gateways use cloud-based software to link customers to merchants to authorize credit or debit card payment processing.
How to Save Money on B2B Credit Card Processing Fees
Jun 2, 2023 by Brandon Jones
High credit card processing fees can significantly impact the profitability of B2B businesses, cutting into profit margins and harming competitiveness. However, effective and budget-friendly payment options can keep processing times short without triggering excessive fees.
How Automation Helps Avoid Broken Transfers
Jun 1, 2023 by Zazil Martinez
In the fast-paced world of B2B, an efficient accounts receivable process is vital for smooth operations. One common challenge that can disrupt the entire staff is broken transfers. While seemingly insignificant, these disruptions can significantly impact the AR process, leading to a lengthened cash cycle and increased DSO.
How Blockchain is Transforming Accounting and Finance
May 31, 2023 by Zazil Martinez
As technology continues to shape our lives, one revolutionary solution has emerged to transform the way we record, verify, and audit financial transactions: blockchain. With its ability to introduce transparency and decentralized record-keeping, blockchain holds immense potential, particularly in accounting.
The 6 Benefits of Real-Time Payments for You and Your Clients
May 30, 2023 by Kelsey Banerjee
Introducing the world of real-time payments, where speed, efficiency, and cost-effectiveness revolutionize business transactions. With instant processing and minimal fees, real-time payments offer seamless experiences in B2B transactions.
Best Practices for Sage Intacct Payments
May 25, 2023 by Zazil Martinez
Traditional payment methods in today's complex business landscape can result in high costs, errors, and inefficiencies. However, the Paystand-Sage Intacct integration offers a game-changing solution. Optimize your business and boost its bottom line by adopting these industry-leading practices.
What is Cash Application and Why Is It Important?
May 23, 2023 by Kelsey Banerjee
Cash application is critical for the success of commercial transactions, but it can be complex in B2B exchanges. Transaction delays, invoice matching, and manual processes create challenges. This article explores the complexities of cash application and discusses solutions for streamlining the process.