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As a seller, you know the headaches involved in obtaining and reconciling payments all too well. On any given day, your accounting staff probably deals with questions like these:

 

  • When will we get paid?
  • Is the check really in the mail? If so, why haven’t we gotten it yet?
  • Great, our customer sent us money, but what exactly are they paying us for?

 

The problem is, most payment options present you with a double-edged sword. Paper checks sent to your lockbox can include plenty of remittance information, but they’re also expensive and slow, with zero visibility into payment status—forcing you to guess when funds will arrive. And if they don’t show up on time, your payment gets delayed even longer while you contact your customer to find out what went wrong. Standard ACH and other electronic methods support rapid funds transfer, yet limited or cryptic remittance information—especially for multiple line-item or multiple-invoice payments—can make reconciliation a Herculean task.

 

If this sounds familiar, there’s good news. Ariba has teamed with Discover to offer AribaPay, a new automated B2B payment solution that resolves these problems by providing:

 

  • Track-and-trace visibility into payment status at each checkpoint in the process, from payment scheduling through to execution and settlement
  • Rich, line-level remittance detail for every electronic payment you receive
  • Automated processes that eliminate the need to manually enter or rekey data, accelerating reconciliation and eliminating errors
  • 24x7 online document and information access so you can research and reconcile payments quickly and accurately

 

Tomorrow, we'll go into detail on how AribaPay can benefit you! The content from this post comes from our Supply Lines group, check it out to read the full article.

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