Transitioning payments to innovative environments can benefit buyers and sellers

The rise of cloud computing has had a sizeable impact on numerous business operations. In fact, virtually every aspect of the supply chain has been effected by the cloud at organizations that have implemented a solution. Moving traditional processes to this environment is perhaps the biggest trend in business these days, and companies that fail to see the potential of such moves run the risk of lagging behind the competition.

That is the sentiment shared by a number of analysts and other professionals in the tech industry, including Sohaib Masood, a business technology consultant who wrote a recent editorial piece in the online publication EBN Online. Masood asserted that transitioning to the cloud can help companies because it streamlines a number of older processes. This can be extremely important for vendors accepting payments.

Masood wrote about moving payments from traditional processing methods in basic environments—processing checks on a local system, for example—to more robust and innovative areas. His main assessment was that the old way of doing things was simply not going to work for both buyers and sellers.

"These check-based payments present problems, not just for the buyers, but also for the sellers," he wrote. "For sellers, of course, check-based payments are time consuming and expensive. For sellers, the inability to track payments and know when payments will arrive is a trial. When payment arrives, reconciling payments against shipments can be confusing."

Using cloud-based solutions such as Bill.com can help businesses, particularly in the eCommerce sector, streamline transaction processing. However, that will only take companies so far. More importantly, vendors have to equip themselves with modern payment solutions that can fit in with a cloud system and offer key advantages to the vendor.

Vantage B2B can do this by working with Bill.com and helping vendors pay the lowest possible interchange rate by allowing them to submit Level 3 data including line item detail.

by Ty Hardison

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