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History teaches us that age-old problems are often solved by innovative new technologies. And yet, even as our world welcomes advances that would have been unimaginable just a few decades ago, businesses remain hamstrung by a lack of transformative tech when it comes to the simple act of paying one another.
Today, research shows that a huge volume of B2B payments cannot be successfully completed without human intervention. No matter what size your business, you probably have personal experience with the problem: Do disparities between purchase orders, invoices and payments leave you or your AR staff intervening time and again to solve payment problems manually?
The majority of businesses answer “yes” to that question. At the heart of the problem is data – or rather, the lack of it available via traditional transaction methods. Without a system that can automatically adapt to the complex and frequently changing data connected to B2B payments, businesses are destined to go on losing time and money.
Companies spend a small fortune in manual invoice handling, with the impact felt by both buyers and suppliers. Does this financial outlay, combined with the cost in manpower and muddied relationships with trading partners, leave you longing for a solution built around today’s sophisticated technology? If so, you’re still definitely in the majority.
In our connected digital age, the consumer experience has never been so seamless or so simple. And yet, as highlighted above, the automation we rely on in everyday life remains agonizingly absent for businesses when it comes to the payment process.
While other aspects of business have already been optimized, missing or inadequate remittance data, mountains of paperwork, and constant manual intervention costs enterprises precious time and money, with no apparent solution in sight.
As suppliers struggle to automatically match payments, and buyers become burdened with spiraling Accounts Receivables costs and limited cash flow visibility, the existing methods for communicating key transaction data become more glaringly inadequate. In Europe, for example, the introduction of the SEPA standard still limits remittance information to just 140 characters.
For too long, businesses have been left to use workarounds in the face of flawed data exchange and payment systems. But these workarounds, by definition, fall short of providing a genuine solution.
MAKE TRAXPAY AUGMENTED PAYMENTS WORK FOR YOU
Cross-border payments can be made in any currency that the partner bank supports, and alongside payment suppliers will receive the all-important – and normally absent – transaction data in their format of choice. Service users also have the option of allowing Traxpay to handle the monitoring of all activity over a dedicated account and providing status updates to the relevant parties. These updates are shown in a dashboard (see screenshot below) depicting the progress of the payment, and an indicative prediction of payment run timings will be given based on country, payment scheme rules, and other key factors. Exception events such as a delay in approval by the buyer, a returned payment, or a suspicious transaction, will generate alerts.
All communication with the bank, for submission of payment files and optional monitoring of transaction
The plugin can even be tailored to enable automatic reconciliation in complex situations that involve Dynamic Discounting or Supply Chain Financing. So if the payment amount, date, or fi nuancing reference are altered, or if special conditions are applied, users always retain clarity and control. If a buyer wishes to use his existing arrangements with his bank for submitting and executing the payment, their suppliers can still benefi t from Traxpay’s rich data advices. At the time of the payment run, Traxpay extracts data from ERP system as normal, and makes it available to the supplier via any of the available formats.
As businesses battle against the lack of data available alongside B2B payments, choosing Traxpay Augmented Payments gives users several key advantages. Traxpay Augmented Payments finally eliminates the problems of reconciliation by: