PYMNTS

OCTOBER 29, 2020

Much innovation in B2B has been focused on getting rid of paper checks. At least for now, companies are not writing as many checks, but that’s not due to any wholesale shift to digital channels, according to McCarthy. Lower business volumes translate, naturally, into lower check volumes. What Happens In A Recession.

Checks 78

Checks B2B Payments C2B 78

PYMNTS

MAY 7, 2020

Although a recent uptick in B2B payments innovation has accelerated corporates’ migration away from the paper check, old habits die hard, and the legacy payment tool remains a mainstay in the accounts payable (AP) department. “Checks will be around for a while. Preserving Check Workflows.

Checks 67

Checks B2B Payment APIs and Integration Remote Deposit Capture 67

Fintech Finance

NOVEMBER 14, 2024

The Bank expanded its suite of digital cash management solutions with the following new products and services in 2024: Digital Checks: Clients can now send check payments faster and more securely via email while reducing or eliminating costs associated with paper checks. to offer clients mobile virtual cards.

Online and Mobile Banking 52

Online and Mobile Banking Product Cash Management Treasury 52

PYMNTS

MARCH 30, 2020

When it comes to the cash cycle, customers place an order, and a credit check likely occurs. Many companies rely on a bank/service provider to handle outsourced lockbox processing. That could entail putting a scanner in the company’s office to remotely scan all the checks.

Lockbox 60

Lockbox FinTech Payer Push-to-Card 60

PYMNTS

OCTOBER 22, 2020

In this week's look at bank-FinTech collaboration, new partnerships aim to address some of the longest-standing points of friction in business finance, including late payments to small suppliers and the headache of manually managing check payment data. Citizens Bank And CheckAlt Tackle Check Friction.

Lockbox 79

Lockbox Small Business Checks Addressing 79

PYMNTS

NOVEMBER 4, 2020

Ready To Kill The Check? Might the advance of blockchain, of better and secure data flows tied to cross-border payments, finally kill the check? We’re trying to put a dent in them,” Farooq said of checks, adding, “I’m not sure if we can eliminate them … because in the U.S., Echoing comments made in the past by J.P.

Blockchain 131

Blockchain Cross-Border Payments Cross-Border Real Time Payments 131

PYMNTS

JULY 5, 2019

Companies in the business-to-consumer (B2C) space have historically relied on lockbox processing through a bank – or a series of banks, depending on their size. With payments coming in by check, DadeSystems Chief Marketing Officer Tom Berdan told PYMNTS in an interview that “seemed to solve most of their needs.”

B2C 46

B2C Lockbox ACH IRS 46

PYMNTS

FEBRUARY 4, 2020

As B2B payments migrate away from the paper check in their own digitization journey, a supplier’s opportunity to access valuable transaction insight grows. Ironically, this is one way in which cards — despite their support for transmitting electronic data along with payment — have fallen short, even compared to paper checks.

Commercial Card 61

Commercial Card Lockbox Reconciliation ACH 61

PYMNTS

JANUARY 22, 2021

Like so many other organizations, B2B payments strategies had to be adjusted with personnel who were unable to physically work in an office space to send and receive paper checks. In the accounts receivable (AR) function, Franco noted that Nurx implemented lockboxes in order to centralize the receipt of paper checks from insurance companies.

Lockbox 74

Lockbox B2B Checks Volume 74

PYMNTS

OCTOBER 22, 2020

Second, AR professionals working from home could no longer run credit cards from their desks or accept paper checks in the mail. And third, a further slowdown of the postal system added even greater friction to the paper check, leading to longer days sales outstanding (DSO). But further education is needed, said Lane. Going Public.

B2B 89

B2B Lockbox Remittance Data Payments 89

PYMNTS

OCTOBER 25, 2019

While treasury management has always been a critical component of bank offerings, most treasury management solutions today are limited to lockbox processing. And the banks have done a good job standing up that solution to handle the check payments from those corporate customers. percent to $3.6 billion per NACHA.

Lockbox 40

Lockbox Treasury Management Treasury Wire Transfer 40

PYMNTS

FEBRUARY 2, 2021

Apollo Bank Adopts CheckAlt Lockbox Technology. The bank recently announced a partnership with CheckAlt to adopt its lockbox technology, allowing corporates to automatically accept, process and reconcile check payments. PNC Acquires Tempus Technologies.

Lockbox 57

Lockbox FinTech Treasury Management Payment APIs and Integration 57

PYMNTS

APRIL 30, 2020

This week’s examination of the latest in payments rails innovation finds financial service providers innovating on top of existing rails to address the friction of ACH, checks and other bank transfer infrastructure. Invoiced Tackles The Friction of Check. ” APIs Connect Corporates To Payment Rails Directly.

Innovation 73

Innovation Global Payments Cross-Border ACH 73

PYMNTS

DECEMBER 27, 2018

For receivables, Berdan noted that larger banks have done well with lockboxes as have smaller banks have with remote deposit capture (RDC). Typically, this technology comes in the form of a scanner at the location of a business, where checks get mailed on a daily basis.

Remote Deposit Capture 63

Remote Deposit Capture RDC Lockbox ACH 63

PYMNTS

OCTOBER 2, 2019

Commercial payments, for example, have long relied on inefficient practices — like paper stubs that accompany paper checks, or lists of invoices paid and payments allocated to each invoice. Despite that, there is a better option, as roughly 40 percent of B2B payments are still done by paper checks.

C2B 81

C2B Faster Payments Real Time Payments Lockbox 81

PYMNTS

SEPTEMBER 18, 2018

When it comes to treasury market offerings, banks have historically started wholesale and retail lockbox businesses. But, as payment types and payment channels have grown to become more electronic, the amount of lockbox payments is declining rapidly.

Lockbox 68

Lockbox FinTech Payer ACH 68

PYMNTS

DECEMBER 11, 2020

It's a very painful experience from a customer perspective," said Adams, pointing to the process of having to manually mail in checks or access separate online interfaces to enter invoice and credit card information to pay bills. Indeed, Morrell and Adams said, non-optimal AR workflows are adding friction to accountants' own clients as well.

Accounts 89

Accounts Lockbox Automation Checks 89

PYMNTS

OCTOBER 23, 2020

Leavitt , founder and CEO of Boost Payment Systems , told PYMNTS in a recent Masterclass that businesses large and small that have traditionally relied on the manual processes associated with writing checks or wiring funds to pay their suppliers are increasingly using commercial credit cards for payment instead.

Commercial Card 82

Commercial Card Push-to-Card Lockbox Wires 82

PYMNTS

APRIL 16, 2020

The firms that still rely on paper checks have been most exposed to market disruption. Take one Tipalti client, which, Amit recalled, was forced to overhaul supplier payment practices after using checks for so long. In another instance, Amit pointed to another client, a guild, that had recently secured funding.

Finance 75

Finance Automation Lockbox Checks 75

PYMNTS

JANUARY 13, 2021

The paper check, the paper invoice, slow accounts receivable (AR) processes and collecting on aging receivables can be difficult for even the most seasoned AR professionals. The problems are analog. But digital-era help is on the way.

Process 94

Process AI Accounts Lockbox 94

PYMNTS

JULY 22, 2019

For all their drawbacks, why do paper checks persist in accounts payable? Yes, checks were nearly bottom-of-the-barrel in terms of satisfaction levels, but with 63.5 Yes, checks were nearly bottom-of-the-barrel in terms of satisfaction levels, but with 63.5 They open the door for fraud.

B2B 57

B2B Reconciliation Checks Lockbox 57

PYMNTS

DECEMBER 10, 2019

In 2019, 42 percent of B2B invoices were paid by paper check. Unlocking the Lockbox. Paper — it’s like the nightmare we can’t wake up from. Add to that image, this one: PYMNTS research finds that nearly 44 percent of invoices are still sent by fax machine and over 72 percent arrive via USPS. In America’s $2.4

Payment APIs and Integration 52

Payment APIs and Integration CRM Lockbox Automation 52

PYMNTS

OCTOBER 19, 2018

Yet, all too often, when mobile phones run out of juice, consumers have to camp out by a wall outlet or seal their phone away in a lockbox charging station. To check out the full story, download the Tracker. . About The Tracker.

Lockbox 62

Lockbox Automation Bots Returns 62

PYMNTS

FEBRUARY 22, 2017

21) that FTNI will provide AR processing services for Horicon Bank’s corporate banking clients, which will have access to a single SaaS platform to accept payments across payment rails, including ACH, check, cards and cash. The companies revealed Tuesday (Feb.

Remote Deposit Capture 40

Remote Deposit Capture Online and Mobile Banking Automation Lockbox 40

PYMNTS

JANUARY 9, 2019

The deal for First Billing, said Paya in a press release , captures a suite of solutions for Paya that helps consumers pay their bills through their preferred methods, whether by paper check or bits and bytes. First Billing serves more than 600 utility and municipal government clients.

ISVS 63

ISVS Government Governance ISOs 63

Stax

MAY 2, 2024

Direct ACH (Automated Clearing House) withholding – The lender deducts fixed amounts from your business checking account based on an estimated monthly revenue. For example, on top of the documents needed when applying for an MCA, the lender will also need to check your credit rating. They also have low paperwork requirements.

Credit Cards 88

Credit Cards Small Business Finance Accounts 88

PYMNTS

NOVEMBER 15, 2019

Paper checks have long been praised for their perceived low cost and the ability to include limitless information along with that payment, but Leavitt said that data does not come to the supplier in an ingestible form, and businesses are becoming well aware of the hidden costs of capturing such data.

B2B 53

B2B Commercial Card Payments ACH 53

PYMNTS

AUGUST 7, 2018

businesses, more often than not, pay their suppliers via paper check still draws quizzical reactions from professionals abroad. understand that paper checks are slow, expensive and risky, and yet they endure. The revelation that U.S. The corporate and financial services communities in the U.S.

B2B 40

B2B Federal Reserve Payee FedWire 40

PYMNTS

DECEMBER 5, 2017

That’s why checks are declining, and why new payment methods are emerging all the time — often faster than legacy infrastructure can keep up, and even giving the most agile organizations a run for their money. In the event of a natural disaster or emergency, people should not have to wait for a check to arrive by mail, Shapiro said.

Consumer 56

Consumer Same Day ACH C2B B2C 56

PYMNTS

JUNE 24, 2016

On the back end, they also want to be able to make payments using the method that is most convenient to them, whether that be paper checks, ACH transactions or even using credit cards. But an interesting question was posed: Are lockbox operations an obvious target for receivables disruption?

Lockbox 43

Lockbox Automation Push-to-Card Credit Cards 43

PYMNTS

MAY 10, 2016

Online banking and electronic payments have streamlined the depositing process for corporate treasurers, but somehow, a majority of their customers are still paying with physical checks. That’s where Wells Fargo says its lockbox network comes into the mix.

Lockbox 40

Lockbox Treasury Management Treasury Process 40