EVO has the expertise and knowledge to provide integrated payment solutions for B2B and B2C organizations, serving as an essential payment piece of your financial automation plan.
Every day, we provide thousands of our customers with accounts receivable (A/R) efficiency gains and the ability to accept their B2B payments for the lowest overall cost over any other method.
EVO B2B® has several ways to automate your A/R workflow, including integrating payment acceptance into your ERP or through EVO’s PayFabric® Gateway.
The Advantages of A/R Automation
Payments
Go paperless and present invoices electronically. Make it easier for your clients to pay. Give them 24/7 access to their account where they can securely submit electronic payments, update or save payment information for future use, and set up installment when it is most convenient for them.
Reconciliation
Balance the books faster. Reconciliation or cash application tools can automate postings to your ERP or accounting system as your clients make payments. This makes your A/R team more efficient and increases cash flow.
Invoicing
Reduce the cost of manual billing and inbound call demands by delivering electronic invoices. Present outstanding and historical invoices online. Automate email notifications for new invoices.
Collections
Close the gap on your DSO numbers. A collections tool can automatically send reminder emails for past due accounts requesting an online payment so your staff does not have to manually email or call clients.
EVO B2B can help you develop a strategy for automating your organization’s A/R process. Schedule a consultation with us so we can help you customize a solution that will meet your company’s specific needs.
Need More Information on A/R Automation?
B2B electronic payment acceptance has grown over the past ten years and will continue to grow because of an industry trend: reduction in the use of paper checks and paper invoices. This trend has led to a rapidly growing type of business software: accounts receivable (A/R) automation.
To address the movement toward A/R automation, our research team prepared a whitepaper, which not only clearly defines what A/R automation is, but also provides data to help financial executives justify investment in A/R automation software. At their core, A/R automation tools save time for a business by automating manual processes, beginning with onboarding through to the collections process, when those same customers may have severely past due invoices.
B2B electronic payment acceptance has grown over the past ten years and will continue to grow because of an industry trend: reduction in the use of paper checks and paper invoices. This trend has led to a rapidly growing type of business software: accounts receivable (A/R) automation.
As we have observed with credit card acceptance, businesses will continue to move toward automated solutions and away from paper.
Not only is A/R automation software a growing industry, but it is highly complementary to payment processing, both for credit cards and ACH. As a business automates many of its repetitive A/R functions, it is also more likely to increase its use of electronic payment methods.
Some Eye-Opening Statistics on the Future of Automation
| $11.8 Billion | The accounting software market will have a global value of $11.8 billion by 2026, according to a report published last year by Transparency Market Research (CAGR of 8.6% from 2018 to 2026) |
| 50% | Over 50% of C-level executives in accounting expect the development of intelligent, automated accounting systems will have the highest impact over the next 3 to 10 years. (ACCA Study) |
| 80% | More than 80% of executives believe artificial intelligence leads to a competitive advantage, and 79% believe it will increase their company’s productivity. (Journal of Accountancy) |
| 66% | 66% of accountants would invest in artificial intelligence. (Sage Practice of Now) |
| 55% | 55% of accountants plan to use AI in the next three years. (Sage Practice of Now) |
The Future of B2B Payments is Automation
As we have seen with the rise of virtual terminals, such as Authorize.net and PayFabric, businesses can get value from online solutions even if they are not integrated into their ERP. This is an easy first step businesses can take to improve their A/R processes.
A/R automation tools take it one step further, using technology to reduce or do away with manual tasks; foster increased communication; increase the company’s cash flow; and maximize visibility into all aspects of receivables to help executives make decisions quicker.
Businesses now have more software vendors and price points to choose from in the automation space, and the technology continues to improve. The cloud has removed many barriers to automation, making it affordable for organizations of any size to automate processes. As a result, making the transition from manual to automated receivables will become more common.
Download the A/R Automation Whitepaper from EVO B2B
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