Shifting AP Vendor Payments to Digital

As the economy drives towards digitizing B2B payments, some are pausing to make the shift. Many businesses are still holding onto complicated systems that require manual processes such as writing checks and distributing manual ACH payments. ‘Tried and true’ methods are difficult to change. Yes, change is hard, but consider the gains, like timeliness and reliability.

Dara Dierks, host of the “Forces in Fintech” podcast sat down with Executive Vice President at REPAY, Darin Horrocks, to discuss the state of real time B2B digital payments, and share what is on the horizon.

Escalating Digitization

During the podcast, Darin touched on the increased demand that REPAY experienced at the start of the pandemic from companies seeking automated payment options. Major industries like automotive, healthcare and hospitality management all had to adjust their aging processes. Dealership controllers, for example, sought solutions to replace paper checks for vendor payments and simplify operations during lockdowns.

Focusing on what the consumer is concerned about is nothing new. It is the action of how to address this business need that forces us to consider what true digital payment providers look like. Consumers want to make payments from anywhere and in real-time. There are few choices of payment providers who deliver digital payments that integrate with businesses core business systems.

Integrated AP Automation

REPAY has hundreds of partner integrations, and has a strong presence in ERP channels for AP and AR integrated solutions (including Acumatica, Sage, etc.), providing payment automation from a single platform. Customers enjoy the benefit of not managing multiple payment processes from disparate systems. Instead, companies benefit from improved workflow with a seamless integration that eliminates manual tasks and automates invoicing.

What’s on the Horizon for B2B Payments

As Horrocks stated in the podcast, “As companies have adopted electronic payment options, the demand becomes more and more. I see the adoption of more real time payments or FedNow, and the ability to move money faster …It’ll be interesting to see how that reflects on the market and the ability to monetize payments.”

To hear more of these insights on digitizing B2B payments, you can listen to the entire “Forces in Fintech” podcast episode, or contact our team today to learn how digital payment solutions from REPAY can help drive business to the next level.

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