In B2C sales, the payment process is usually a piece of cake. But for B2B suppliers, it sometimes feels more like a nightmare. The lengthy gap between when you deliver goods or services and when you get paid can make reconciliation challenging. E-payment methods like ACH support rapid funds transfer, but very little remittance information—leaving AP struggling to identify what payments are for, especially on multi-invoice/multi-line-item payments or those with buyer adjustments. Checks sent to your lockbox can include plenty of remittance detail, but add time, risk, and expense to the payment cycle. And poor visibility into payment status hampers cash flow management, with invoice disputes or problems delaying payment often long past the original due date.
AribaPay to the rescue
With the AribaPay™ solution, you can kiss such problems goodbye. Created by SAP Ariba in partnership with Discover® Network, this award-winning, automated B2B payment tool combines detailed remittance information with the security of electronic payment through the Discover Network. AribaPay processes payments simply, securely, and on time, smoothing the rough terrain of B2B payments with:
- End-to-end visibility into payment status at each stage in the process. Track-and-trace functionality alerts you to differences between your invoice and buyer-approved amounts so you can fix problems fast, while projected settlement dates make cash management easy by telling you when payments will arrive.
- Real-time access to rich remittance detail, documents, and transaction information through the Ariba® Network. Automated reconciliation saves you from having to manually enter or rekey remittance data, greatly increasing accuracy and efficiency. And the intuitive UI shows the same information to you and your customers, expediting dispute resolution.
- Secure online payments through the Discover Network submitted directly to your bank account, eliminating the need to have your sensitive financial information stored in customer ERP systems. In addition to Discover’s trusted payments infrastructure, you gain protection through the AribaPay Merchant ID (APMID) system, which helps prevent confidential data from falling into the wrong hands.
Although it leverages the Discover Network, AribaPay is not another p-card or credit card offering with hefty interchange fees. Instead, it’s a unique solution that transforms B2B payments, providing a closed-loop, auditable, and trackable process from PO to invoice to funds receipt all in one environment: the Ariba Network.
Be an early bird: Become AribaPay Ready
AribaPay is currently available to buyers and their suppliers in the United States, with global rollout targeted for 2016. As your customers adopt AribaPay, they’ll invite you to participate by sending an email with links that help you set it up. But you don’t have to sit around waiting—get a head start by becoming AribaPay Ready. This pre-enables your business to receive AribaPay payments, so you can hit the ground running when buyers want to begin. Here’s all you have to do:
1. Send an email to AribaPay_Ready@sap.com and indicate that you want to set up AribaPay for your business.
2. When you receive the invitation email from “AribaPay Ready Program,” accept the trading relationship request (TRR) and agree to enable AribaPay in your assigned task list.
3. Follow the prompts for required actions and identify two people in your organization authorized to sign up your settlement account with AribaPay.
4. Complete your settlement account setup via the Discover Network (or ask the designees identified in step 3 to do so).
Once you complete the process, your Ariba Network supplier profile will be updated to show your AribaPay Ready status.
For additional info on how AribaPay can benefit your business, check out these resources:
- “AribaPay Looks to Simplify, Improve B2B ePayments”: Ardent Partners article discussing the benefits and broader market context for AribaPay
- AribaPay Supplier Overview (video): A bird’s-eye view of the solution
- AribaPay User Guide (video): Detailed instructions on key processes, including how to find/run reports on your remittance information once you’re enabled on AribaPay
- http://www.aribapay.com: Web page with links to videos, webinars, articles, FAQs, contact options, and more