Austin-based platform operator, Invoiced, has introduced an all-new invoicing network catering specifically to the business-to-business (B2B) sector. This expansion marks a significant milestone for Invoiced as it now offers a comprehensive solution covering accounts receivables and accounts payables (AP), providing enhanced efficiency and convenience for B2B transactions.
According to Jared King, CEO at Invoiced, the traditional AP process involves numerous manual and tedious steps, regardless of how well it is structured. Invoiced aims to address this issue by developing an intuitive and all-encompassing tool that resolves invoicing and payment challenges. By doing so, they provide businesses with the necessary resources to generate invoices and execute payments in minutes.
Invoiced’s AP solution streamlines payment processes, reporting, and approvals while empowering users to enhance payment security, compliance, and controls. It also implements a vendor verification process that effectively reduces fraud and vendor impersonation.
The newly introduced B2B invoicing network grants buyers access to their payment history, outstanding invoices, and flexible payment methods such as credit card, wire transfer, or ACH. Additionally, it features a buyer portal that displays the status of payments and invoices. Furthermore, buyers receive automated payment reminders, informing them about upcoming dues and facilitating quick payment options.
This launch is timely, as CFOs are actively seeking ways to improve the transparency of accounts receivable (AR) processes to maximize the lifetime value of their customers. According to research conducted by PYMNTS, 70% of CFOs believe that transparent AR processes would contribute to achieving this objective.
In May, B2B payments firm Balance announced significant enhancements to its platform after acquiring a $350 million credit facility to strengthen its financing capabilities.
An advanced dunning management solution integrated into Balance’s B2B payments platform is among the newly added features. This solution encompasses automated payment collection and a portal that provides real-time updates on payment and invoice statuses.
Nir Gazit, Vice President of Product at Balance, emphasized that this solution, coupled with their existing reconciliation capabilities, bolsters their ability to offer a comprehensive suite of Account Receivables Management solutions that cater to the diverse needs of their merchants.
