At its core, technology, particularly software designed to build efficiency and automate processes, is supposed to improve the way companies operate. Recently, this blog discussed the benefits of vendors implementing an ERP system to streamline their accounting processes. It should also be noted that companies are looking to improve their accounts payable procedures as well and are investing in software to improve the practice.
According to an article in the online publication Channel Biz, a new solution designed to automate B2B payments is giving customers an opportunity to improve their overall payment processes, which in turn should benefit both sides of a transaction.
"Businesses that delay payments to suppliers will have to think up a new excuse for late payment, because software inventor ReadSoft has created an automated accounts payable (AP) system that should accelerate B2B cash flow," the article says.
If their customers are to improve the speed and efficiency of their payments, vendors must ensure they are making similar strides to improve processing on their end. When businesses make investments, they expect a strong return. If a company cannot make payments fast enough because it is burdened by its vendors slow payment processing systems, it likely will take its business elsewhere.
Investing in an ERP system designed to streamline accounting and build efficiency into payment processing will go a long way toward improving a vendor's image with its customers. Of course, systems must be able to process payments in a way that allows merchants to follow PCI compliance regulations, as well as level 3 data. If an ERP solution does not allow for the processing of level 3 data with line item detail, vendors will suffer from high fees and not yield the best results. Working with a payment solutions provider will help vendors get the most out of their ERP investments.