“However, in order for vendors to get the payment, they must accept payments as virtual credit cards, which come with up to a 3.5% credit card fee per transaction.”Īnd many payments providers do not provide the data extracted from invoices and transactions back to the organization as a way to stay sticky. “Under the misleading banner of “e-payments,” offer AP departments a rebate and promise vendors faster payment,” explained Feldman in a blog post. Organizations have several options: cut and mail their own paper checks, use ACH, or sign on with a payments provider to use ‘e-payments.’Ĭutting and mailing checks is a pre-historic, time-intensive activity that doesn’t really belong in 2020, while ACH (which comes at a very low, flat cost) often groups multiple transactions into a single sum, making it difficult for accounting to reconcile individual line item purchases. Cofounder and CEO Eyal Feldman explained that conversations with customers revealed just how frustrated many organizations are with the current B2B payments landscape. This latest announcement marks a shift in the company’s thinking. Interestingly, Stampli said it was uninterested at the time in providing a payments product alongside its collaborative suite, focusing instead on the process of procure to pay. The startup launched back in 2015 with a mission to simplify invoice management through collaboration (and a dash of AI). Stampli, a collaborative invoice management software company, introduced a payments product today called Stampli Direct Pay.
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