B2B Supplier Payment Issues in Accounts Payable
We live in a fragmented world that depends highly on the effort of others. Innovative, fast-growing businesses rely increasingly on global suppliers to scale and succeed.
The effort to pay those suppliers efficiently, sometimes totaling hundreds or thousands of transactions per month, across multiple borders has hindered the ability for many companies to scale at will.
Yes, they could implement a wildly ineffectual accounts payable implementation or build a custom B2B payment architecture to manage and execute payments. But even then, someone has to monitor the cross-border trade and tax regulations, determine the best payment methods for individual partners, and manually reconcile and resolve the inevitable issues that come up.
In short, traditional accounts payable solutions fail to truly streamline and automate the last mile of the procure-to-pay process.
Tipalti Looks to Solve B2B Supplier Payments at a Global Scale
Founded in 2010 by serial entrepreneur Chen Amit and underground VC Oren Zeev, Tipalti was created to address the difficulties associated with making mass global payments. In Hebrew, “tipalti” means “I took care of it,” which infuses the culture of the company to simplify complexity.
Tipalti’s payment automation platform streamlines the way companies make payments to those critical to delivering goods and services – be it supply chains or crowds or 1099 contractors. Tipalti is a comprehensive cloud-based solution that unifies all phases of supplier payments from vendor on-boarding, invoice management, and payment method selection to funds disbursement, while keeping the payer in full tax and regulatory compliance. Letting Tipalti take care of your payments means automating over 26,000 rules across the payment remittance process on a proven platform that serves hundreds of thousands of payees.
Tipalti strategically positions innovative companies to scale accounts payable operations while also employing key best practices for reducing risk and improving compliance.
For your payees, whether they’re partners, suppliers, publishers, or affiliates, Tipalti gives unprecedented value by offering streamlined invoice management, the choice of multiple payment methods, currency conversion, and automated communications around payment status.
Anyone spending more than 10 hours a month in payment and invoice processing, remittance, reconciliation, issue resolution, and tax data collection should consider: What is the value of reducing that workload by 80%, and what would your business do with that extra time?