Embedded B2B Payments: A Trusted Partner for Overextended AP Teams

Finance managers are frustrated by the relentless demands of accounts payable (AP) departments. Savvy AP solution partners are looking to offer their clients much-needed support and a break from manual payments.

AP Never Gets a Vacation

It's often said AP never gets a vacation because they are caught in a never-ending cycle of managing supplier payments. But what if there was a solution that could give your client a much-needed break from the perpetual grind? Inside we explore the power of payments within procurement and accounts payable automation solutions, and why offering embedded payments grants AP the vacation – and savings – CFOs long for.

The Hidden Costs of Payments as Usual

Just like Clark Griswold's quest for the perfect vacation, AP never gets a break from this constant cycle. The continuous nature of payment processes incurs significant hidden costs for finance departments. The time and resources spent on managing payments, containing risk, and resolving errors can strain AP's efficiency and productivity. However, by embracing embedded payments, finance managers can unlock a streamlined payment process that minimizes manual effort, freeing up AP from the burden and reducing costs.

"This is no longer a vacation. It's a quest!" - Clark Griswold, National Lampoon's Vacation

The Promise of Embedded Payments: Empowering Solution Sales 

Embedded payments seamlessly integrate within procurement and accounts payable automation solutions, revolutionizing finance operations. These solutions accelerate sales conversations with budget owners by expanding the value proposition for finance managers and CFOs. With a Purchase-to-Pay sales approach, providers offer consolidated payment processes, enabling a unified and efficient payment workflow. Automated payment initiation, reconciliation, and reporting eliminate the need for manual check issuance, enhancing efficiency and delivering a faster return on investment.

Beyond Payments - Optimizing Supplier Communications to Drive Electronic Payments

Similar to Clark’s meticulous planning, embedded payments empower finance managers to optimize supplier registration, W-9s, and compliance. Centralizing supplier information, automating data validation, and offering self-service supplier portals, enhance the supplier onboarding experience while reducing administrative overhead for AP teams. 

AP is Under Attack

At least 77 percent of businesses undergo Business Email Compromise attacks 

With the increasing threat of payment fraud and compliance risks, businesses need robust security measures. Embedded AP payment solutions are designed with encryption, tokenization, and multi-factor authentication to safeguard sensitive payment information. Built-in compliance features authenticate suppliers and ensure adherence to industry regulations, mitigating the human risks associated with payment fraud and non-compliance. 

Empowering Finance for Strategic Initiatives

By liberating AP from never-ending payment processes, embedded payments open doors to strategic initiatives. With more time and resources at their disposal, finance teams can focus on value-creating activities such as optimizing cash flow, negotiating favorable terms, and fostering supplier relationships. This shift positions finance as a strategic partner, contributing to business growth and profitability. AP can finally embark on a well-deserved vacation from the daily payment grind. 

A Reason to Celebrate

Just like Clark Griswold's realization in National Lampoon's "Vacation," sometimes what was meant to be a vacation turns into a quest. Similarly, AP departments find themselves on an endless quest of making payments to suppliers. Embedded payments within procurement and accounts payable automation solutions offer a compelling answer to the vacation-less AP. By streamlining payment operations, optimizing supplier enablement, and maximizing security and compliance, embedded payments provide a transformative approach that enhances efficiency, reduces costs, and empowers finance for more strategic initiatives. It's time to help your clients celebrate the liberation of AP with the power of embedded payments.

Click here to reach out and learn how you can take advantage of an Embedded Payments as a Service Solution.

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