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Nvoicepay: Vendor Analysis (Company & Solution Overview) [PRO]

procurement

Every business has to pay its suppliers, contractors, vendors, gig workers. But let’s face it, the payments task is a back-end necessity that’s typically full of manual workflows, manual approval processes and a mixture of payment streams from checks to cards to ACH to the occasional overseas payment.

As companies grow, these processes can become costly, convoluted and unscalable. So companies face a number of decisions related to payments:

* How can I move checks to e-payments to capture both efficiencies and rebates?
* How do I manage the various compliance and fraud aspects of paying suppliers, from collecting 1099s or W-8s etc. to managing fraud (e.g., collusion between subsidiaries, false invoices, etc.)?
* Do I use an outsource provider or work with my existing bank relationships?
* Can I consolidate payment among my enterprises into a shared service?
* Are there early payment initiatives that can help both my supplier base and provide a ROI for my firm?

Nvoicepay is an outsourced B2B payment provider that addresses some of these questions.

Nvoicepay is a financial technology company that outsources supplier payments to U.S. organizations through cloud-based software and managed payment services. Founded in 2009 as a cloud payment hub, Nvoicepay focuses on the payment piece and connects to any AP workflow or scanning system the client has in place and does not attempt to automate the front end invoice-receipt process or change the client’s current flow.

What makes Nvoicepay interesting is the idea that the big hurdle in payments has less to do with technology and more to do with the services surrounding it. This belief leads to three unique points of value for Nvoicepay’s solution.

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