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

 

How can AribaPay benefit me?

Instead of having to choose between timely payment or sufficient reconciliation information, you can use AribaPay to get the best of both worlds: the speed and efficiency of electronic funds transfer combined with fast reconciliation through detailed remittance information and automated processing. Online visibility means that instead of having to contact customers for payment status, you can see for yourself what’s happening every step of the way. Access to remittance information the moment payment is initiated enables you to prepare for reconciliation ahead of time, so you can apply funds as soon as you receive them—without spending hours on additional research. And because you know when payment will arrive, you can forecast and manage cash flow more effectively.

 

How does AribaPay work?

AribaPay links Ariba’s collaborative commerce resources—including access to relevant history and documents like purchase orders, contracts, and invoices that you can download or review directly from the Ariba® Network, plus reporting capabilities that provide a clear audit trail—with the ability to securely transfer funds through the global payments infrastructure of the Discover Network. But make no mistake: AribaPay is not another p-card, credit card, or other commercial card offering with hefty percentage-based interchange fees. Instead, it’s a unique new B2B payment method, with no interchange fees involved.

 

 

What should I do to get started?

 

  1. Become “AribaPay Ready.” To ensure you’re ready to use AribaPay when your buyers are, check out the AribaPay webpage, then click “I’m a Supplier” to sign up. You’ll be contacted about next steps in the process as soon as information becomes available.
  2. Invite your customers to use AribaPay. AribaPay offers plenty of value to buying organizations, too—including fewer paper checks, fewer payment inquiries, lower processing costs, and less risk—so by encouraging them to use it, you can both reap the benefits.