Embedded B2B Payments
Convenient, fast, and secure payment options so your customers have everything they need to pay their invoices.
The accounts receivable (AR) process dates to 2000 B.C. and The Code of Hammurabi, considered one of history’s most enduring legal documents. It is comprised of 282 laws, some of which relate to finance and contractual obligations.
Much has changed since then – grain and silver are no longer sole forms of currency – but the AR process is just as integral. A company’s growth hinges on how quickly it gets paid, especially since delinquent payments cost the average business $300,000 per year.
Given how beneficial it is to B2B companies, it’s no surprise the AR automation market continues to surge.
Defining AR Automation
AR automation eliminates most of the manual labor from the (AR) process, automatically generating and delivering invoices, processing payments, and sending alerts and reminders out to customers.
Implementing AR automation helps ensure companies get paid on time, resulting in increased cash flow and a clearer path toward long-term success. With built-in collaboration features, AR automation enhances communication between the buyer and seller. It also helps reduce costly errors – 61% of late payments are the result of invoice errors
Buyers also reap the benefits of AR automation, which allows them to choose from a variety of different ways to pay bills including credit and debit cards, and digital transfers through Automated Clearing House (ACH). Rather than paper checks that can fall victim to fraud or get misplaced, payments made through AR automation are more secure and don’t need to be stashed in flimsy folders or bulky file cabinets.
At Bill360, we provide customers 24/7 access to their own portal where they can set up their own digital wallet, pay bills, and check on the status of an invoice on their time. Using built-in instant messaging, customers can reach out to you any time with questions about a particular invoice. That way, they have all the information required to pay you on time.
Getting paid faster
Late payments have become far too common, with PYMNTS reporting 86% of companies claiming 30% of monthly invoice sales are overdue. Getting paid late hurts. It stresses out your team. It stifles cash flow. Your company may look great on paper - but that means nothing without the cash on hand to cover expenses or extend your reach.
Research by Forbes shows nearly 100% of companies using AI (artificial intelligence) in their AR reduced collections times - with 75% reducing it by six days or more.
At Bill360, our combination of e-invoicing, auto reconciliation, and payment processing gets our clients paid an average of 10 days faster than their previous process. One client even reduced collection time by 88%.
From Luxury to Necessity
Automated AR used to be something only a few companies were able to utilize. Going forward, it will likely become essential for all B2B companies looking to keep up with or eclipse the competition.
In a recent report by PYMNTS, 90 percent of CFOs surveyed said they wanted to “widen the scope of automation” in their company’s AR process to reduce errors and receive payments faster. The report also found that 67 percent of CFOs said they needed more automation in their AR process.
If your company depends solely on manual labor for executing the AR process, you’re hindering your ability to expedite payments and lagging behind the competition.
Bill360: AR automation for B2B companies
Bill360 is purpose-built for the smaller companies in the B2B market, offering our unique data solutions and seamless payment flow in a single platform for ACH and card processing. Not only does Bill360 seamlessly sync to programs like QuickBooks and Xero, but we also provide features that accounting systems and competitors don’t offer including buyer portals, fully integrated payments and AR support, and a secure buyer-managed payment wallet.
Schedule a demo and discover how Bill360 gives B2B companies the competitive edge they need to succeed.
FAQ
Is AR automation difficult to use?
Not at all. It was created by fintech experts but made for everybody. Bill360 requires less than an hour of training, and our support team can get you up and running in a day.
What is the benefit of the customer portal?
The portal benefits your customers by enabling them to pay bills on their time and doing so by simply clicking a button; it benefits you because the simpler the payment process, the faster you get paid.
Will AR automation take the humanity out of working with customers?
No, it will enhance it. Automating the time-consuming accounting tasks associated with an AR process gives you more time to work with and get to know customers. And because you'll no longer be chasing late payments, your conversations will focus on fulfilling their business needs. No more interrogations about missing checks.
