Usually, teams purchase products or services and those invoices end up in the finance department with little to no context, setting off a game of duck duck goose within the organization as accountants try to get the information and approvals they need to pay out that vendor. The company has spent the last four years solving an entirely different problem. Stampli also offers a vendor payment portal that extracts the needed data for each vendor and lets the customer own that data, which can be downloaded and taken to another payment provider. And for customers who want to stick with checks, Stampli Direct Pay offers a service that allows customers to approve digital checks which come directly from their bank account with their signature, with Stampli handling printing, stamping, and mailing. Direct Pay also offers ACH as a payment option, but separates individual transactions out for easy reconciliation. But Stampli now offers an option that aims to resolve many of these industry issues.īecause Stampli’s core product already tracks all the contextual and relevant info for every transaction, that information is readily available during payment approval. With the launch of Stampli Direct Pay, the company is still payments flexible, letting organizations work with their existing or different payments providers. Stampli’s customers illuminated these problems for the startup, which used to be payments agnostic. “However, in order for vendors to get the payment, they must accept payments as virtual credit cards, which come with up to a 3.5% credit card fee per transaction.”Īnd many payments providers do not provide the data extracted from invoices and transactions back to the organization as a way to stay sticky. “Under the misleading banner of “e-payments,” offer AP departments a rebate and promise vendors faster payment,” explained Feldman in a blog post. Organizations have several options: cut and mail their own paper checks, use ACH, or sign on with a payments provider to use ‘e-payments.’Ĭutting and mailing checks is a pre-historic, time-intensive activity that doesn’t really belong in 2020, while ACH (which comes at a very low, flat cost) often groups multiple transactions into a single sum, making it difficult for accounting to reconcile individual line item purchases. Cofounder and CEO Eyal Feldman explained that conversations with customers revealed just how frustrated many organizations are with the current B2B payments landscape. This latest announcement marks a shift in the company’s thinking. Interestingly, Stampli said it was uninterested at the time in providing a payments product alongside its collaborative suite, focusing instead on the process of procure to pay. The startup launched back in 2015 with a mission to simplify invoice management through collaboration (and a dash of AI). Stampli, a collaborative invoice management software company, introduced a payments product today called Stampli Direct Pay.
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