Unlock the Power of Organisational Systems for Sales Invoicing, Purchasing, Payments, and Receipts

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thank you so much and welcome everyone to our webinar today will be speaking about managing electronic invoice presentment and payments we're going to go over some business to business industry trends that we've been observing and give an explanation of what exactly e invoicing is we'll follow that up with an overview of the Bill Pay solution and talk about companies that we currently help and now we're assisting them with their invoicing we'll finish up with a preview of a demo of the Bill Pay system itself and then end with any questions that you may have for Bill or myself so let's go ahead and move on and I'm going to pass the baton over to Bill Moscato bill hey thanks Eric thanks everyone for joining us today I'm a big-picture we and we're all part of the b2b commerce ecosystem this is a very fast-growing part of of the commerce severity and b2b commerce is drawing extremely fast expected to go from 103 trillion and 2008 to over 136 billion in 2023 and and in perspective this is about five times the b2c market of BC payment market and and it's led by primarily large enterprise systems and within this trend of eye growth b2b payments within this kind of high-growth b2b payments digital technology is increasingly playing a larger and larger role and and within this construction erps led by s AP and Oracle they're enabling global organizations to interconnect and extend new payment option and and this trend toward electronic payments is increasingly becoming more and more vital in fact 70% of businesses surveyed by AFP said that electronic payment is going to be the majority of their payments within the next three years so let's go into specifics at e-invoicing and simple terms e-invoice is the streamlining of a formally manual paper-based system and moving to an electronic automatic invoice presentment and payment system the advantages of moving to a invoicing is that facilitates many efficiencies across organizations one being is facilitating faster payments and that's measured by DSO of average number of days that it takes a company to collect payment and also was truly invoicing merchants are able to see much less demand for customer support and it reduces your customer support calls any invoicing allows for more payment options for the buyers and we'll go into more details with that and this webinar but also higher accuracy higher customer satisfaction prevailing through a invoice and giving giving the buyers opportunity I don't have its access or invoice information payment options NPS is circular Net Promoter Score and that's how a company's measure the healthily relationship with their customers it's often in which it plays a big role and keeping the customer satisfied now throughout the journey of purchasing and payment and voicing plays a major role in increasing automation and as well as well and customer self-service of extending information 24/7 giving tools to the customers to manage their invoice information and payment and then an awesome important factor the invoicing is that it does make it easier for companies to be compliant in the regulatory environment and regulatory compliance have been relate to state federal and international laws that will vary from industry to industry for invoicing with payment processing typically what will happen an organization is that they are dealing with large amount of manual processes doing I'm making that could be mailing out invoices we're also handling paper checks they come in and this can be very time-consuming without invoicing companies often had to write status to the customers over the phone receiving calls and regular basis and and even addition to people check handling and credit card payment requests with help from customers sometimes over the phone over the fact your email and this can just delete lots of lots of different compliance issues and and also party invoicing this a company really is limited to choices and what they can extend to the customers are related to payment methods payment plan even handling prepayment so prior to invoicing we see many of our merchants are dealing with a primarily manual process high-cost process there's there's estimations in the industry that average costs of processing a single paper invoices is over ten dollars and again increase these DSL with the days sales outstanding metric and they can lead to things where it's been noted that over seventy percent of businesses they don't have instant payment platforms as part of their a invoicing they frequently experience cash shortfalls and the next slide let's talk about recent developments in the e-invoicing pink the invoicing we all grades that necessary new term it's been around yet there are with some loose new developments that are world where that is out and one of these is the the increasing customer self-service portions of the invoices and this this will relate to having a 24/7 access that that customers expect valid days or data related to their orders you are purchasing to the invoicing having increased options for online payments and and this is this extends beyond just online payment but also do have conveniences like digital wallets have scheduled payments have payment history and then what we're hearing more and more is that all this relates to reducing sport called and merchants intermittent and and and there would be to be commerce companies they are seeing Ian voicing playing a critical role in reducing support calls the invoicing is always been held for efficiency gains the error reduction but recently what is really pulling of the value is his new options around Auto pay subscription revenue auto-pay is things like having a setting up recurring payments online having the ability to extend those tools do buyers so they can modify them access to make changes needed subscription revenue is increasing of a larger and larger portion of b2b commerce where many things are many companies strive to move from product and service one time to being recurring payments and then alternative payment methods are increasingly being extended to buyers and it's this common family known for credit card debit each ex but what's important to note is as merchants extend these alternative payment methods out to their buyers they're also giving or having options to recoup some of those costs you're associated with credit cards and they do that through providing online payment portals that also and collect convenience fees or surcharges and we'll talk about that in this webinar as well how we extend that for merchants so those are that's the current status and the trend that we see in the industry today definition of a invoicing all-butter merchants experience prior to moving to an invoice solution and as recent developments at this point I wanted to pass the fact it to Eric excellent thank you bill so let's talk about the the bill pay solution itself this solution is a platform that's offered by world paid that allows companies to present their invoices online and allow their customers to access that portal independently they're able to view and make payments through a self-service approach rather than having to interact with a Merchants employee so the bill payment solution the bill pay solution is meant to simplify the delivery and payment of invoices and it's going to give a merchants call center agents and easy to use interface to accept payments from callers so not only can a customer of a merchant log in and view and make payments but the portal itself could also be used by a call center agents in a proxy mode so that they could use the same interface to process a payment on behalf of a customer the platform is going to automate electronic invoice presentment and payment it's going to provide that user experience so that your user can view the details of the invoices that you've presented to them and allow them to choose their method of payment provide the customer convenient and secure options to receive and pay their invoices online for the merchant as we've already mentioned that's going to simplify the accounts receivable process and reduce that day still days sales outstanding so large benefits in both processes for the merchant we can also seamlessly integrate the solution into ERP systems take advantage of the accounts accounting postings that are made to clear receivables in the backend ERP system so that there's no need to manually apply payments in the air P system once they've been made on the bill payment portal the bill payment portal itself the platform is independent of any back-end ERP system or source for invoices the invoice database you can have any type of financial system supply the details and the data about the invoices to the bill pay platform and we can display then that information in a unified format the merchants will be able to pull from several sources if desired but for the user experience they will see a common unified platform and this will also then synchronize with existing systems to reconcile and track those payments again taking advantage of the financial postings that the ERP or back-end systems already have in place here on this slide we've listed some of the features and functionality that's available in the bill pay platform we've broken it up into invoice management payment features flexible integration and customization and integration some of the highlights on the invoice management side again your customer will be able to search view and print those invoices receive receipts download the invoice information into a PDF and make payment against those invoices of the payment itself under payment features support for credit card payments and that would be multiple card type so whether that's a credit card a debit card a purchase or corporate card etc that functionality is available you can you make a payment in real time or schedule payments in the future or schedule an installment payment in addition one of the features that's offered is a prepayment now that's not something that needs to be provided as an option to an end customer that's logging in however if you want to allow your customers to make a payment that's not associated with an invoice perhaps you want to down payments before releasing an order that's a special order you're able to have your customer log on and process a payment list a reference or Pio number or reason for that prepayment so that you can identify it and then that payment will be processed and stored as a credit in your back-end system not only are you able to do partial payments and residual payments depending on the support offered in the the ERP or source system of those those invoices there's also support for FSA type cards you can also present credits that are available to a customer in your system so that they can view those and/or potentially apply those to other invoices the platform does have a secure private wallet that allows your customer to manage their stored forms of payments within the platform so they can store on file their Visa MasterCard etc and retrieve that for use when processing a payment without the need to type it in again and the platform also supports surcharges or convenience fees there are restrictions on merchants as to whether or not they're allowed to charge and assess a surcharge or a convenience fee so that's something that would need to be discussed with your processor your acquire but if you're a in a merchant category that is allowed to assess a surcharge or convenience fee that is a feature built into the platform as I mentioned already on the integration side the system is agnostic of the source of the invoices so it could be an erp system some other type of financial application that can be the source of the invoices that are displayed typically the settlement or capture of the payment is handled on the ERP or source system side rather than on the bill pay platform itself will use the bill pay platform to process the authorization of the payment but not the the capture of that payment the system does support either real-time payment or batch support call so real-time loading of invoices immediately upon a customer login or support for sending batch files at least once a day perhaps multiple times a day but loading those invoices periodically custom roles for users supporting different types of buyers and customers and of course multi-language support so if you have customers logging in on a browser in different languages that will be detected and they the language of the platform will react ingly and finally for customizations we can help enable single sign-on so if this is provided as a link to redirect from a merchant site on which the customer has already authenticated we can enable that single sign-on so there's no need for them to log in or authenticate again we do support custom invoice formats so we want you to be able to present your invoices with the look and feel that your customers would expect that you would have sent to them anyway so we'll allow you to provide the template and logo files etc so we can customize the look and feel of those invoices we do also have support with a third party that would allow for invoice printing and mailing through postal systems so if you would like to enable the ability for this third party to print out the invoices and mail them for you we do have a partner that can support that and finally and perhaps most importantly we do support a responsive design so regardless of the device that a customer or someone is accessing this site on it will react to the screen size and orientation etc of that device so here's a slide showing the bill pay platform-as-a-service we've got this broken out into two columns the core services and then the standalone services again we've talked about many of these already on the core service side is that restful api and the batch interface we've talked about the ability to pull invoices from ERP systems or other financial systems there's the user experience of viewing the bill presentment user interface itself and then processing the payments the payments for those invoices are bills we've talked about that online wallet where you can store methods of payment there's also some reporting that's available on the platform so if I needed to log on as a customer and find a payment that I've processed previously in the past I'm able to search for those transactions that I've performed in the past or if I knew of a specific invoice number that I wanted to quickly find instead of having to scroll through the the long list of invoices that may be available to me I can search on a date range or on an invoice number itself so some reporting that is based on the data the invoice data that is in the platform itself and then on the right-hand column the standalone services so scheduling of payments in the future processing of installment payments maybe I have a $500 invoice and I choose to allow the platform to process one $100 payments every month for five months the platform can schedule those payments automatically and process them when the due dates come up there's also the the online wallet service and one of the features of the wallet service that were able to take advantage of is what's referred to as an account updater service so as we're all familiar with various subscription services that we've had to provide a merchant or credit card for maybe an online video streaming service when our expiration date of our card changes and were issued a new card by the issuing Bank those billing the billing from those video streaming services don't stop and that's because they are utilizing this account updater service to request the new expiration date or in fact any changes that may have occurred to that account the most frequent being an updated expiration date if the card had to be replaced if a new account number was issued for some reason if there had been a card reported stolen or lost or simply the account was changed or in some cases maybe it was changed from a visa to a MasterCard so new accounts is issued those type of updates would be available as well so it's a fantastic way for merchants to obtain those updates without needing to interact directly with the customer and in turn preventing an interruption in billing the notification engine on the platform is helpful for sending out notifications emails sending the receipt to a payment a notification that an invoice is due I'm talking about those account updates that have been made etc so built into the platform is that notification engine which will allow these type of and notifications directly to customers and then finally the payments page itself and this is frequently discussed in terms of PCI compliance and security pay metric does host the platform WorldPay is hosting this platform the checkout page itself in the fields in which the payment method details are captured are hosted on the platform and the data is captured and ized directly from the end-users device and browser so that will prevent exposure of raw card numbers raw bank account numbers etc from the merchant it will be captured secured and then used to process the Ament all before any of the details of that payment method have been exposed to the merchant so that page is embedded in the checkout it does integrate with the wallet so if a Visa card has been stored on file by that that buyer when they go to process a payment against their invoice they have the option of either typing the card details in every time or retrieving the stored card from the wallet and there's several payment options and you'll see those increase over time as well obviously merchants are accepting more and more forms of payments as customers request that different forms of payments and newer forms of payments become acceptable we wanted to talk a little bit about the success that one of our customers Movado has had with this built a platform so far the challenge they came to us with was they wanted to minimize and eliminate manual the manual cash application process in their back-end ERP system with hundreds of thousands of invoices generated and sent to customers every year when those payments were made through a lock box or other means where there was not a direct automated way to update and clear the invoice within their back-end ERP system they were looking for a way to simplify and streamline that so the solution that they decided upon was implementing the Bill Pay solution and this was back in the summer of 2015 they're actually one of the earliest adopters of this solution this Bill Pay solution and since implementation they have benefited from higher customer satisfaction rates obviously each of us prefers to log on to our bank on to a merchant site and manage our payments ourselves and this has led to an increased customer satisfaction rates among Lovato's customers from an internal resource perspective they were able to recognize some headcount efficiencies and redirect some of the head counts to other activities instead of having to deal with manual cash application and in turn recognize savings by reducing their lockbox charges when a payment is made on the Bill Pay platform and it's able to be pushed into the backend ERP to automate the clearing of that invoice then you're able to save not only on the amount of time that your employees must interact with your financial system but also reduce the amount of payments that are going through your Lockbox process so there were savings recognized in both of those areas currently there's about 400 customers up and running and averaging about 2,500 transactional payments I believe that's a monthly account there and then they're recognizing or receiving about thirteen million dollars worth of payments through this online bill payment portal and adaptation of Bill Pay has been a huge success for Mobile Oh they've successfully transitioned a customer base of hundreds of independent jewelry stores throughout America who traditionally were using manual bookkeeping processes by sending in credit card payments perhaps in email in printed forms etc and obviously there was a security risk to address there so either credit card payments paper check payments etc all of that was moved to this online bill presentment and payment portal and as a result labatto's not only seen a reduced DSO they're getting paid sooner it's required less internal resources to process and manage these payments and then John maja leo from Movado has given us a squat here I could not have been happier with the delivered Bill Pay product and the efficiencies it has brought to our payment process we consider it an outstanding success so an excellent recommendation from Lovato here on their use and implementation of the bill pay platform and integration to their back-end ERP system so we wanted to take some time to give you a look at the bill pay solution itself and we're going to move into a live presentation here and I'm going to take us through the data the average approach for a customer accessing the site and then finding an invoice that they have been presented by the merchant and making a payment against that invoice so when the customer has either logged in manually or we talked about being able to enable a single sign-on they can choose from what's referred to as a buyer division most companies equate that with maybe their Us sales or their European sales or some other breakout that matches the breakout you may have in your back-end ERP system but that would allow us to view invoices that the merchant would like for me the customer to be able to view and I can click on a link of a an invoice number and view the details of that invoice that have been sent from the merchants back-end system so maybe the invoice date due date totals for that invoice maybe a purchase order number that I've provided that's now linked to that invoice in the merchant system but once I've been able to find an invoice I can go ahead and select that invoice and choose how much of the invoice I wish to make a payment for if I make a payment that is only a portion of the full total I must choose a reason code as for why I'm making a partial payment and those reasons are something that you as a merge are allowed to define and they should match up with reasons that you have in your back-end financial system but once I've selected one or more invoices you can see the system will total up the amount so I've selected a debit a couple of credits and then another debit the sum total being 850 dollars I could process that payment I'm going to go ahead and just select a single invoice though so we can march this through the the process and you can see I have the steps highlighted kind of in the middle of the screen there we'll move on to the payment section by default your customer will always have the option to make an immediate payment they can also choose to schedule the payment for future dates so maybe I choose to schedule this for the 1st of May and the system would hold the details of that payment until that dates and process it or as we talked about earlier maybe I want to schedule installment payments so if I were to choose monthly begin that first payment on the first of May say that I'm going to have five payments the system calculates that each payment will be for $100 and will then process a $100 payment on the first of each preceding month until the full 500 has been processed let's choose pay now and move on to the payment method section think of this as a checkout page and we have the system configured to assess a surcharge of 4% again this is something that you as a merchant need to check with your acquire if you're allowed to assess a surcharge or a convenience fee but we wanted to show you how it was calculated I have several methods of payment that are stored on file and I could choose from one of those or I can enter a new method of payments and here you see we have enabled the ability to select the credit card and associated fields that I would need to capture for the card and as I type in the card number you'll see that the appropriate logo so that card type is highlighted and I could go through Visa MasterCard American Express and Discover etc so I need to capture the relevant details here and if I wanted to store that after I'd enter the full details I could click on this this box here to store that on file let's go ahead and just use the visa card that ends in 1 8 8 1 and move on to the review and submit phase and think of this as a confirmation page so I'm being notified again that 4% is being imposed as a surcharge so 4% of 500 is $20.00 my full payment will be five hundred and twenty dollars there are the card details that I've chosen to use and when I submit this that information and the amount will be sent out to the acquirer and the issuing bank will eventually respond as to whether or not the authorization has been approved or declined and in this case we're simulating that it was approved and that a confirmation number is being displayed and then also a receipt has been submitted to the user based on the email address that they've authenticated with the email address associated with their account and if I go into that that invoice and have a look at the PDF that was delivered as part of this process that receipt can be customized by you the merchant to have your look and feel your logo the information that you will see in the receipts contains details of the approved transaction the payment and then also details of the invoice or invoices that were selected for payment so should be sufficient information on that receipt for the customer to be able to easily associate that payment with their invoices in the future if they need to refer to that and then quickly I wanted to show you the prepayment or down payment functionality again this case the merchant has requested that I make $1,000 down payment that's not associated with an invoice I'm going to put a purchase order number in there so I can reference that let's just go ahead and use that same Visa card that I have stored on my profile again assess a four percent surcharge process the payment in this case again simulating that it was approved now I have a charge of a thousand and forty dollars that the merchant is going to store in their system that can be attributed or applied to other invoices in the future and then a quick look at the wallet where I can store forms of payment online and one of the forms of payment that you did not see in the checkout page earlier was this MasterCard that ends in all fours and that's because the expiration date is in the past so if I is the customer wanted to update that I have access to do that and I can manage any of these forms of payment finally the reports that I mentioned earlier being able to find an invoice being able to find a payment a transaction that I've processed previously or being able to view and manage any scheduled payment so future payments installment payments etc that I may have in the system each of these reports gives me access to various bits of information various pieces of data in the system that's a good overview of a typical process of accessing the Bill Pay system to view invoices choose a form of payment process the authorization to see if there are funds available and then go ahead and process that payment and provide the receipt to the customer again a lot more functionality we'd be happy to show you in a one-on-one presentation but that should give you a good overview of what's available on the Bill Pay platform itself so with that thank you for time enjoy the rest of your day