Companies looking to grow are looking globally to expand their market potential and diversify their supply chain. For digitally-oriented sectors such as ecommerce, online marketplaces, and adtech, it’s specifically crucial to have a global strategy. There is a land-grab for mindshare and only reliable, supplier-oriented brands will make it. But doing business with partners and suppliers in other countries is more involved today requiring extensive expertise in accounts payable transactions.

There is a sea of banking regulations, tax regulations, and preferences by the payee that multiply the complexity, increase the chance for error, and dramatically add cost and friction to the company.

To handle these challenges at scale, some businesses employ an expert on staff to understand global remittance requirements and manage the vagaries of bank portals. Alternatively, they spend months in research and development cycles to stitch together an IT solution that integrates with their ERP, connects to the wide array of banking APIs, and manually adapt the code when international tax laws and treaties change. The other route is to hire ad nauseum just to handle the workload. Or they do nothing at all, and hide from the problem – which can cause ill will from the very suppliers their business relies on.

How Do You Effectively Scale Global Supplier Payments

Managing global supplier payments does not need to be a costly commitment. Rather than spend on personnel or custom development, technology can solve many of the global payment issues and help the organization adopt financial and accounting best practices. The result is greater productivity and visibility into the entire payment operation.

  • Provide payment method choice
  • Make local currency payments easier
  • Integrate a reliable anti-moneylaundering verfication process
  • Make supplier tax identity and declaration standard process (including IRS and VAT)
  • Enable supplier self-service with 24×7 web portals and automated email
  • Adopt loyalty-building early payments programs
  • Consolidate AP efforts for all subsidiaries and entities
  • Consolidate payment methods into a single control hub
Click Here to Learn More about Global Payments