As a tech firm, you’re focused on making your customers’ lives easier. But what about your own operations? Sending and receiving payments should be the easy part – but in reality, activities like sending reminders, manually entering data and mailing checks all demand more than their fair share of time, resources and money. Then there are the risks to think about, from limited visibility into your cash position to unknown customer credit risks.
It should all be simpler – so how can you connect more dots, reduce unnecessary steps and eliminate risks in your B2B payments?
CONNECT MORE DOTS WITH B2B PAYMENTS
Connect more dots
Let’s make doing business less work
B2B payments should be simpler
Geoff Last, National Credit and Collections Manager, Rexel Canada
One of the biggest benefits for us is how easy it is to change priorities to achieve collection and cash flow targets.
FIS offers payments with pedigree
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Let's make doing business less work - B2B Payments
of firms plan to increase spending on payments investments
70%
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66%
receive more payments digitally
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Risk-based collections and artificial intelligence are creating new ways to automate collections and target specific collection and cash flow targets.
ACCOUNTS RECEIVABLE
Real-time payments are on the rise, from established schemes like the U.K.’s Faster Payments Service, to newer developments like RTP and FedNow in the U.S.
ENTERPRISE PAYMENTS
Using virtual cards, companies can push payments directly into their supplier’s accounts – without any need for action from suppliers.
ACCOUNTS PAYABLE
Real-time cross-border payments are gaining steam – but it’s not only about speeding up payments. Integrating instant payment processing into your business practices is just as critical.
ENTERPRISE PAYMENTS
As well as eliminating the need to print and mail checks, virtual cards can free up your team for strategic initiatives, and even earn rebates that can be invested back into the business.
ACCOUNTS PAYABLE
Collections can be inefficient and time-consuming. Harness automation to improve Days Sales Outstanding (DSO), reduce disputes and give customers the ability to self-serve.
ACCOUNTS RECEIVABLE
Remove more steps
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Taking the bumps out of B2B payments
Like you, we’re committed to driving innovation at every touchpoint – which is why our solutions help you tackle the big picture of B2B payments. Whether you’re looking to improve working capital, drive down costs or mitigate risks, we can meet your business payment needs, both today and in the future.
FIS Business Payments combines the power of FIS Integrated Payables and FIS Integrated Receivables/GETPAID in a secure and efficient platform. From supporting international payments to turbocharging your AR team with AI-driven credit-to-cash functionality, we’ve got you covered.
Your business lives to innovate. So connect the dots and realize working capital improvements on both sides of your cash flow ecosystem.
Rexel, a leading distributor of electrical products, ran its credit and collections operations under five decentralized managers. The company was seeking to automate and streamline processes.
Solution: With the implementation of FIS GETPAID, Rexel has instituted risk-based collections and dispute management. Days Sales Outstanding (DSO) has improved by two to three days, outstanding disputes have reduced – and higher revenues can be handled without needing to increase staffing levels.
Andy Abbott, Assistant Controller, Russell Sigler
Partnering with FIS has simplified our process and allowed us to migrate a portion of our checks to virtual card, helping us achieve ROI in 30 days.
Independent HVAC distributor Russell Sigler Inc was previously printing 300 checks each week. It wanted to migrate to electronic payments – but the job of manually contacting vendors was daunting.
Solution: The company tasked FIS with managing all vendor enrollment for electronic payments and inbound inquiries, freeing up Russell Sigler’s AP team to focus on strategic initiatives. The company now earns rebates from virtual cards that are invested back into the business.
Let’s make doing business less work
Get in touch to find out how we can help you connect more dots in B2B payments:
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FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally.
Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.
About FIS
https://www.fisglobal.com/en/payments/business-payments
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©2022 FIS FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries. Other parties’ marks are the property of their respective owners. 2090408
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.
About FIS