When it comes to processing payments, e-Invoicing is an effective way to accept real-payments that has an impact on the B2B payments landscape.
“A significant barrier recognized by U.S. companies to embracing electronic payments is the willingness of their trading partner’s capability to send out or receive automated electronic details, while a company might accept electronic B2B payments independent of its ability to send and receive electronic data, the absence of e-Invoicing frequently leads a company to continue reliance on the paper check.
Electronic invoicing, is a crucial step in allowing straight-through processing (STP) of B2B transactions, in which a company can receive an electronic invoice, automatically integrate that details into their back-end systems, process it, approve of it, and start payment– all without the requirement for human intervention.
That’s a significant issue for services looking to enhance their payment options, says FinTechMerchantAccounts.com, Ceo Edward Corona.
“Many business rely on sending out invoices to get paid but our goal is to streamline that process and make it easier to pay it electronically, we accomplish that by providing an embedded pay now button” he informed The Financial Services Journal in a recent interview, adding that FinTechMerchantAccounts.com currently has a platform with this functionality.
A FinTech Opportunity
As companies continue to get paper invoices, FinTech has determined the e-Invoicing as an opportunity for development– and a possibility for innovations like artificial intelligence and artificial intelligence to action in. Such innovations have the ability to evaluate data from a document regardless of format or technique of presenting that info, and immediately input that information into the necessary back-end systems. In the meantime, innovation will be crucial to taking on friction, and Corona stated there is not a single silver bullet for difficulties in this arena.
We believe that more services will acknowledge that these technologies are simply another tool– in addition to recognized technologies such as smart data capture, business intelligence and mobile– that they can use to transform the method they process invoices and pay suppliers.”