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That probably won’t come as a surprise to many in the B2B payments space, considering that organizations typically try to float their capital for as long as possible, a cashmanagement tactic that can lead to longer payment terms with small suppliers, and the prevalence of late payments. is a lack of remittancedata, he said.
Commercial cards, and virtual cards specifically, have their place in B2B transactions, Krishna said, thanks to their cash flow management advantages for buyers and suppliers, their security, and remittancedata capabilities. We’re not trying to drive the vast majority of B2B payments on cards,” Krishna said.
The invoicing and corporate cashmanagement firm revealed that the NBA team is now using Viewpost to manage its own supplier payments needs, enabling the franchise to send digital invoices to its corporate clients and accept electronic payments.
The tools aim to reduce paper in corporate finance operations, Wells explained, and nix manual remittance and data entry. Remittance advice matching automatically matches data from ACH and wire payments with remittancedata sent by various channels, including paper mail, email and fax.
And while the lockbox continues to play an important role in AR and reconciliation, it no longer addresses the entire challenge as more electronic payments come in without remittancedata. He did note, however, that he is “very optimistic” about the emergence of new payment services able to move remittancedata along with funds.
But a new report from Corcentric , written by the Institute of Finance & Management (IOFM), details the hurdles on the other side of the payment. Accounts receivable processes, like their AP counterparts, are similarly plagued by manual, paper processes, making the cashmanagement effort monumental for suppliers.
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