B2B payments company offers an easy-to-use solution to get paid faster while automating invoice reconciliation
Editor’s note: This is the third part on our series on receivables. Read about the basics of receiving international payments in part one and improving cash flow in part two.
TransferMate Global Payments, one of the world’s leading cross-border B2B payments providers, has deployed an advanced receivables solution to businesses around the world. The payments solution enables TransferMate clients to reduce their days sales outstanding (DSO) while gaining control and visibility on invoicing and future cash flow. TransferMate’s Chief Product Officer, Gary Conroy, hosted a webinar on April 30 to demonstrate the impact of the receivables solution.
The solution ensures that companies get paid faster while automating invoice reconciliation, an essential aid to finance teams as the majority of the global workforce works from home. With traditional methods, companies are stuck waiting on payments due to delays in the payments chain with no visibility on when the payment will come through. Additionally, the amount received often fails to match the amount billed due to bank fees, setting off a search by accounts receivables teams to reconcile the invoice and determine what went wrong. TransferMate’s receivables solution provides businesses with a faster, cost-effective, integrated and automated way to collect funds from payers abroad.
Gain visibility – Eliminate fees – Automate invoicing – Get paid faster
TransferMate – which is part owned by ING, Europe’s 5th largest bank – can automate the entire receivables workflow, allowing businesses to manage invoices, track billing and select currency conversion. This gives multinational clients greater visibility and control over cross-border receipts and their global cash position.
By utilizing TransferMate’s global payments network of local bank accounts, businesses can eliminate unexpected charges and ensure that the amount billed equals the amount received. TransferMate’s cutting-edge payments technology and API integration can simplify the process from invoice presentment to funds received.
TransferMate’s easy-to-use payments technology gives customers easy tracking and updates on invoices and payments. Once the payment is requested, the paying customer simply sends their payment to TransferMate in their local currency and TransferMate transfers the fund to the billing company in their local currency in their country. The payment is often received on the same day or the next day.
TransferMate handles the foreign exchange, ensuring the rate booked by the paying customer and amount of their local currency sent matches up to the local currency received by the billing company.
Save your AR teams the headache and reduce admin time
TransferMate eliminates the need for administrative time spent on reconciling payments. With international receivables from TransferMate, users can save on average nine minutes of administration time for each payment received by eliminating reconciliation. For a company receiving 100 payments a month, that can equate to 25 admin days per year.
Beyond the administrative time saved, the entire process of receiving the payment is faster with technology from TransferMate, decreasing a company’s DSO. In a time when companies are looking for effective solutions to increase revenue and keep operations moving, waiting on payments due to an old-fashioned payments process should not have to be an added headache. By integrating advanced receivables technology into billing processes, businesses can become more efficient at a time when it’s most crucial.