It’s no secret that B2B payment trends are shifting away from paper-based methods to electronic processes such as ePayables. Businesses of all sizes understand why this change is beneficial for both buyers and suppliers, but how do you make the shift in a way that saves you time and increases efficiency?
Both buyers and suppliers benefit from an easier and more efficient process. Many suppliers who want to process ePayables need to go through time-consuming and complicated steps to accept payments. The process is more clear and routine for buyers, but they lose out on a more secure and streamline form of payment. On the positive side, there are solutions available from Moneris® to help.
What is straight-through processing?
One option for businesses is straight-through processing, an automated, electronic payment process that enables a supplier to receive payment from another business without any action required. When the buyer initiates a payment and instructions are sent, the payment is deposited directly into the supplier’s bank account. There are no emails to accidentally miss, no logins or passwords to remember, no tracking down a virtual card number, and no risk of missing a designated timeframe.
How can Moneris B2B Pay™ help?
Straight-through processing is great for companies looking to integrate ePayables as a payment option, and Moneris B2B Pay is a tool that can handle the process.
Here’s a look at how Moneris B2B Pay typically works:
- The buyer issues a Purchase Order to the supplier, and the supplier sends an invoice.
- Once that invoice is received, the buyer sends payment instructions via file, email, or portal to Moneris B2B Pay.
- Moneris B2B Pay deposits the buyer’s payment into the supplier’s bank account.
- The supplier receives the payment and reports from Moneris B2B Pay, no further action required.
Moneris B2B Pay not only provides buyers with a more streamlined way of paying for products and services, but it also enables them to tap into the various rewards and benefits offered by using ePayables like points or even cash back. For suppliers, the process couldn’t be simpler while also keeping the buyer’s payment card data secure, which in turn helps suppliers reduce risk and meet PCI compliance obligations.
Another benefit of Moneris B2B Pay is that remittance data is available to suppliers in CSV format, which allows you to analyze data and integrate it right into an accounting system. This process can automatically connect the payment to the invoice to close out the purchase and remove some of the effort of reconciling documents. Plus, the detailed data produced can help speed up the reconciliation process and potentially lower interchange rates.
Interested in learning more about B2B Payments? Make sure to read Why ePayables are Gaining Traction with Canadian Businesses and Why Modern Payment Solutions Make Sense for Canadian Companies.
The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed.
®MONERIS and MONERIS & Design are registered trade-marks of Moneris Solutions Corporation.
™MONERIS B2B PAY is a trade-mark of Moneris Solutions Corporation.