PYMNTS

NOVEMBER 23, 2020

According to John Innes, CEO of ACH Processing Company , the complex flow of B2B payments in the healthcare space has several areas of opportunity to not only bring efficiency to the process, but actually provide financial relief to both payers, like third-party administrators (TPAs), and payees, like dental offices and private practices.

ACH Processing 77

ACH Processing Payer ACH Payee 77

Nanonets

OCTOBER 23, 2023

Accounting and Reporting: After making the disbursement, the payer reconciles their financial records to ensure that the payment has been accurately recorded and that the account balances reflect the transaction.The disbursement is accounted for in financial statements and reports. Checks are widely used for various financial transactions.

Electronic Funds Transfer (EFT) 52

Electronic Funds Transfer (EFT) Payer Payee Online and Mobile Banking 52

PYMNTS

SEPTEMBER 26, 2019

Push, or credit, transactions see payers instructing their banks to send money from their accounts to recipients’ accounts, whereas pull, or debit, transactions have recipients’ banks extract money from payers’ accounts. Common forms of pull payments include debit cards and paper checks. When ‘Pull’ is Not Fast Enough.

Payer 67

Payer Real Time Payments Push-to-Card Payee 67

PYMNTS

MARCH 29, 2018

Any FinTech operating in the procure-to-pay, vendor payments and accounts payable (AP) spaces can’t deny the fact that paper checks are a headache. But they also can’t deny that checks continue to make up about half of the supplier payments volume (in the U.S., Frankly, we think checks will be around for many years.

Checks 43

Checks B2B ACH Payments 43

PYMNTS

DECEMBER 2, 2019

2) said Signicat will integrate SurePay’s bank account verification solution within Signicat’s Digital Identity Platform, allowing financial institutions and businesses in the Netherlands to automatically authenticate a payee’s identity with its bank account details.

Due Diligence 40

Due Diligence B2B Payee Payer 40

EBizCharge

JUNE 19, 2024

This notification can come in various forms, such as a letter, an email, or a slip attached to a check. Remittance advice documents generally consist of the following; The name and contact details of the payer The remittance advice date Payment amount and currency Payment method (e.g., Why is remittance advice important?

Payer 52

Payer Reconciliation Correspondent Disputes 52

Nanonets

SEPTEMBER 21, 2023

This paperless process has revolutionized the payment industry, replacing paper checks and manual processing with automation and electronic transfer of funds. EDI payment replaces paper checks and manual processing with automation and electronic transfer of funds.

Payment Solutions 52

Payment Solutions Payee Payments Payer 52

EBizCharge

APRIL 25, 2024

Whether it’s traditional choices like cash, checks, cards, or new modern digital transactions, the payment landscape continues to expand. Debit cards are linked directly to a person’s bank account, allowing immediate access to funds without needing credit checks or approval processes.

Online and Mobile Banking 52

Online and Mobile Banking Debit Card Credit Cards Contactless Payments 52

PYMNTS

APRIL 12, 2018

Once the payee has pinged the payer, the payee can present questions that are either automated or part of the payee’s workflow to determine the reason for the discrepancy and resolve the issue. Say a company pays a vendor by check with a list of invoices. Maybe the product was defective or the goods were spoiled.

Payer 46

Payer Accounts Payee Automation 46

EBizCharge

JULY 15, 2024

The primary difference hinges on whether the payer remits funds before or after receiving the benefit of a service or product. Scheduled payments: Scheduled payments refer to predetermined and agreed-upon dates when payments for invoices are to be submitted by a payer to a payee.

Disputes 52

Disputes Payer Legal Service Provider 52

PYMNTS

NOVEMBER 19, 2020

With all of the problems and challenges 2020 has thrown at us, the last thing anyone needs is a nagging perceptual rift between payees and payers about what “instant” means. Payers claim, however, that they make only 45.3 Yet, there it is. The majority of consumers, at 58.4 percent, and microbusinesses, at 70.8 An average of 50.1

Instant Payments 94

Instant Payments Non-Bank Payer Payments 94

PYMNTS

JANUARY 12, 2021

And if you were to ask, the government would likely affirm that it’s offering citizens payment choice when it comes to disbursements: check or ACH. There is no customer experience between the government, as a payer, and the citizen recipient. They know addresses, Social Security numbers, names, earnings, dates of birth and more.

Government 90

Government Governance IRS Payer 90

Stax

MARCH 14, 2024

While wire transfers and checks are quite common, the corporate credit card market is projected to have a compound annual growth rate (CAGR) of 7.3% While traditional B2B payment methods like wire transfers and checks remain common, the corporate credit card market is projected to grow at a CAGR of 7.3%

B2B 88

B2B Process B2C Credit Cards 88

Stax

JULY 9, 2024

From a consumer’s perspective, that means any transaction that doesn’t need a physical credit card, debit card, prepaid cards, or checks. Digital payments feature a multitude of benefits including: Digital payments streamline transactions by eliminating the need for physical handling of cash or checks.

Digital Payments 163

Digital Payments Online and Mobile Banking Contactless Payments Payments 163

PYMNTS

OCTOBER 23, 2017

TransCard CEO Greg Bloh knows that paper checks are a sticky challenge in B2B payments. There are well-documented instances of how much reliance organizations still have on checks, even though this has been something that has been trying to be addressed for 10 to 15 years,” he recently told PYMNTS.

B2B 45

B2B Payee ACH Payer 45

PYMNTS

DECEMBER 10, 2019

The convergence of accounts payable (AP) and accounts receivable (AR) continues as banks and FinTechs collaborate on new solutions that pull double-duty, tackling friction for both payers and payees.

Payee 52

Payee B2B Payer Accounts 52

PYMNTS

MAY 15, 2018

New policies put the onus on payers, not payees, to guarantee accurate information on tax forms. Israch said the onus is now on the payer to collect all necessary tax documents from the payee and validate the info on those forms.

Compliance 40

Compliance Automation IRS Payer 40

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. Providing payers with this information could make it easier for them to quickly and efficiently pay their suppliers.

B2B 40

B2B Federal Reserve Payee FedWire 40

PYMNTS

DECEMBER 30, 2020

Yes, many organizations shifted the needle away from the paper check toward ePayment tools like commercial cards and ACH as a result of necessity. Accounts payable (AP) departments were no longer in the office to cut paper checks, and accounts receivable (AR) personnel were no longer in the office to receive them.

B2B 119

B2B Payer Payments BNPL 119

PYMNTS

APRIL 21, 2020

For many AP teams, the paper check has presented immediate challenges with staff no longer able to step into the office to print and send checks (and no one on the accounts receivable end to accept them).

NACHA 82

NACHA Correspondent Bank Real Time Payments Push-to-Card 82

Nanonets

SEPTEMBER 30, 2023

This includes verifying the details, checking for compliance with regulatory requirements, and ensuring that the recipient's account is credited with the specified amount. Delays can occur due to factors such as time zone differences, intermediary banks, and compliance checks. SWIFT Fees: Who Pays?

SWIFT 52

SWIFT Wire Transfer Payments Wire 52

PYMNTS

SEPTEMBER 18, 2018

In one case, a payer may send a payment through a supplier network, such as AvidXchange. And in another case, which Berdan said is more frequent, payments will come from an accounts payable system within the payer. Most commonly, those payments are sent by automated clearing house (ACH).

Lockbox 68

Lockbox FinTech Payer ACH 68

PYMNTS

SEPTEMBER 8, 2020

Two methods of disbursement remain far more prevalent: direct deposit, which may require considerable time to set up, and checks, which can be even more onerous and time consuming. Our research reveals a perception gap between payers and payees when it comes to payment choice.

Instant Payments 73

Instant Payments Small Business Venmo Direct Deposit 73

PYMNTS

OCTOBER 24, 2016

After all, corporate payers generally depend on that 30-, 60- or 90-day grace period between when they receive an invoice and actually pay their supplier. “The payers and the payees are going to have greater visibility and transparency into transactions,” he said.

Blockchain 77

Blockchain B2B Real Time Payments Payer 77

PYMNTS

JULY 31, 2019

With NetNow, he said, Tipalti already has existing relationships with payers and payees and “a huge source of data” at the ready, enabling it to provide accounts payable and remittance services for clients. Payment processing can begin on the same day (although payments, done through wire, check, U.S.

Faster Payments 69

Faster Payments Payee Payments Underwriting 69

PYMNTS

JANUARY 21, 2020

You can imagine: six days to create the invoice, a couple of days to send it out, and then the customer has to process it and make a payment, perhaps by mailing a check.” Aronica noted an array of strategies that businesses should deploy to encourage payers to settle invoices faster. Tackling a Late Payment.

Accounts 64

Accounts Payee Automation Payer 64

PYMNTS

JUNE 25, 2019

Robin Gregg, chief executive officer of logistics payments company RoadSync , said this challenge has led businesses — often small and medium-sized businesses (SMBs) — to rely on paper checks, cash, and hand-written invoices and receipts. Continued reliance on paper checks, cash and fleet checks is creating bottlenecks in the supply chain.

Checks 50

Checks Payee Payer Transactions 50

PYMNTS

NOVEMBER 18, 2020

Just ask the estimated 42 percent of small- to medium-sized businesses ( SMBs ) that continue to use paper checks to make B2B payments. As he told PYMNTS, the coronavirus crisis created an environment in which businesses migrated from checks to electronic payment methods out of necessity. But there is more work to be done.

RTP 82

RTP Use Case Real Time Payments ISO 20022 82

PYMNTS

DECEMBER 12, 2017

Paper checks for domestic suppliers, wire transfers for international ones. That’s the status quo in corporate payments, and it’s not only creating friction for the business payer; it’s creating headaches for small business (SMB) accounting too. Checks go missing in the mail all … the time, and wires are targeted for fraud.

Accounts 44

Accounts Wire Transfer Wire Wires 44

PYMNTS

FEBRUARY 28, 2019

Solutions providers are moving youth sports away from cash and checks, and instead offering more accessible and comprehensive digital services that aim to simplify referees’ payments. Use of checks, cash and paper-based reconciliation was rampant. Speedy Disbursements.

Reconciliation 43

Reconciliation Payee Payments Payer 43

Nanonets

NOVEMBER 30, 2023

  7 - Optimize Electronic Payment Methods Best practices in accounts payable include making electronic payments rather than using paper checks to pay vendors. Fraudsters have expanded the frequency of stealing paper checks in the mail and washing checks to fraudulently revise payees and amounts and steal money from the payers.

Best Practices 52

Best Practices Accounts Automation Electronic Funds Transfer (EFT) 52

PYMNTS

AUGUST 3, 2018

The companies said Discover will be working with the BPDA, recently formed to create a business payments directory to make it easier for payers to electronically make B2B payments, to create a blockchain-powered platform. In a statement, BPDA chairman Lawrence Buettner pointed to ongoing use of paper checks in the U.S.

B2B 40

B2B NACHA API Payee 40

PYMNTS

OCTOBER 31, 2019

It’s a service designed around the ubiquity of the paper check, and with checks still a popular payment tool in B2B transactions, lockbox services remain in high-demand. It’s great to get a check, or wire, or ACH, but if you don’t know what it’s to be applied to, you have a huge cash application and reconciliation challenge.”.

Lockbox 43

Lockbox Remittance Data Checks RTP 43

Nanonets

MAY 30, 2023

Electronic payments are the systems by which consumers pay for goods and services electronically, in ways that do not involve paper either as currency or checks.  ePayment The cost of processing checks is about $3.  Check  Check processing is also slow - it can take 2-3 weeks to clear a simple check.

Payment APIs and Integration 52

Payment APIs and Integration Credit Cards Payment Reconciliation Online and Mobile Banking 52

FICO

APRIL 6, 2020

While checking the identity of customers is par for the course, the same effort has not gone into making sure that whenever banks contact their customers (even for sales purposes) that it is clear to the customer that it is a legitimate contact by their bank. What Can the Industry & Real-Time Payments Schemes Do? Fair liability model.

Real Time Payments 52

Real Time Payments Money Laundering Payee Payments 52

PYMNTS

JUNE 5, 2018

Working with PayPal, the company said, could ease friction for both payers and payees in the B2B payment process, encouraging firms to pay their vendors more quickly. “ Checks are on the decline, as they’re costly and labor intensive to process,” Underwood explained. ” .

B2B 46

B2B PayPal Payments Payee 46

PYMNTS

DECEMBER 26, 2019

Solution providers that can offer this choice in payment “will be a critical differentiator” in the year and years ahead, said McCarthy, adding that AR platforms must allow B2B vendors to offer their payers a range of payment choice beyond ACH or checks, with more firms embracing commercial cards, PayPal and other alternative payment technologies.

Accounts 53

Accounts B2B End User Payer 53