Embedded B2B Payments
Convenient, fast, and secure payment options so your customers have everything they need to pay their invoices.
As technology continues to evolve, the last thing a managed service provider (MSP) needs is a slow or disorganized accounts receivable (AR) process that wastes time and money and confuses customers.
Automation is an effective way for MSPs to simplify and improve accounts receivable while helping ensure customers pay on time, all the time, leading to increased revenue and reduced costs. It’s a platform MSPs are familiar with considering they often rely on Professional Services Automation (PSA) to help run their business.
AR automation is essential for B2B companies across an array of industries. But here are five ways it can be a boon for MSPs:
1. Increased cash flow
Keeping up with the tech industry is impossible if you don’t have the capital to purchase additional, modernized equipment or add knowledgeable employees to your team.
Bill360 strengthens cash flow by getting you paid faster. We automate the entire AR process with e-invoicing, auto reconciliation, and payment processing, while enabling your clients to access a self-service portal where they can set up and manage payment wallets. Rather than having to re-enter banking and card information whenever they want to pay a bill, customers can access their wallets and pay a bill by literally clicking a button. You get paid faster while providing a simple payment process.
2. Better allocation of time
MSPs provide customers with more time to focus on their business by handling their complex IT infrastructure.
AR automation provides MSPs with a similar benefit by automatically preparing and sending customer invoices, processing payments, and sending out notifications and alerts. With time-consuming accounting tasks now executed automatically, employees can focus on more strategic work and worry less about stuffing envelopes or chasing down delinquent payments.
3. Enhanced security
MSPs help customers strengthen their cybersecurity. They understand how devastating a breach can be to a company’s bottom line and reputation.
Accounting automation is a much safer way of collecting payments. It’s completely digital and eliminates the risk of check fraud, which remains the common form of financial deceit.
Rather than relying on flimsy folders packed into bulky cabinets or multiple files spread across different servers or computers, AR automation saves a customer’s payment data in one secure tokenized platform that restricts visibility, ensuring only the right people have access.
4. Easier payment methods
Like most MSPs, you probably work on a subscription-based model. However, payments still roll in late even though your clients know how much is due and when.
That doesn’t happen with AR automation. You and your clients can turn on AutoPay, where you simply draft a recurring payment from their payment wallet. You’re guaranteed to get paid on time, and your clients will appreciate having one less due date to remember. Or you can embed “pay now” links in invoice emails, enabling clients to pay an invoice the second they receive it.
5. Better scalability
MSPs want to grow like any other business. However, expanding at an exponential rate can exhaust a company’s financial team, especially one that processes everything manually.
Using AR automation means payment histories, invoices, and receipts are all prepared and stored digitally, so there’s no need to add space or staff, even as your customer base continues to expand. The capacity is limitless. AR automation grows as an MSP grows and be scaled easily and at any time.
Bill360: Accounting Automation for MSPs
The first automated payment platform purpose-built for B2B companies like MSPs, Bill360 automates the complicated AR process and enables businesses to accelerate the transition from paper to auto-routed invoices and embedded payment acceptance in a single, secure software application.
Bill360 gets clients paid an average of 36% faster than their current AR process and syncs seamlessly with existing accounting software like QuickBooks® and Xero.®
Schedule a demo and discover how Bill360 can put your MSP on the fast track to growth.
FAQ
Why do MSPs need accounting automation?
Accounting automation strengthens cash flow and ensures you’re servicing your clients with modern and top-shelf technology.
How can accounting automation ensure I get paid on time?
Accounting automation enables you to turn on AutoPay, which is perfect for subscription-based companies like your MSP. With AutoPay, you simply draft recurring fees from your client’s payment wallet.
How else can accounting automation enhance my MSP?
Businesses want to work with forward-thinking, modern MSPs who are ahead of the curve. Automating your accounting demonstrates your ability to adapt to the latest technology and use it to grow more efficiently.
