In the business world, particularly in case of businesses (B2B or Business-to-Business), efficient way of making/receiving payments is important. Two companies, namely, Cleo and Paystand have very recently come together in order to help make this process easier, faster and automated. Their collaboration seeks to revolutionize how businesses conduct their payments by interlinking their systems and automation of tasks that initially used to be manual.
What Is B2B Payment Automation?
Before jumping into the partnership, let’s see, what is B2B payment automation.
- B2B Payments: When one business is making payment to another for goods or services.
- Automation: Using machines to do tasks automatically, without the people.
In the traditional setting, most businesses use paper invoices, checks, and manual data entry which can take long and have recurrent errors. B2B payment automation aims at automated manual processes and replaces them with technological approaches thus, making transactions more fast, accurate, and efficient.
Who Are Cleo and Paystand?
Cleo
Cleo is a firm that deals with assisting businesses in connecting and exchanging data with their partners, suppliers, and clients. Their platform, which has the name Cleo Integration Cloud (CIC), enables businesses to automate such processes as order management, invoicing, and payments. With the integration of several systems, Cleo guarantees the smooth transfer of data between different platforms, decreasing the amount of manual labor and flawed information.
Paystand
Paystand is a company, which works on the transformation of B2B payment to make them free of transaction fees and automated accounts receivable process. They provide a digital payment solution that enables businesses to receive payment from their customers’ bank accounts, credit cards, or digital wallets. The ability to automate the payment collection process comes in handy to facilitate quicker and more secure payment, through Paystand.
The Power of Their Partnership
It is possible to have businesses have an order to cash cycle which is fully automated by a combination of Cleos integration abilities coupled with Paystand’s digital payment offerings. Here’s how it works:
- Order Creation: Cleo automates the generation of sales orders and invoices in the Enterprise Resource Planning (ERP) system of a business.
- Payment Collection: Upon generation of the invoice, Paystand’s platform automatically takes over to automate the accounts receivable process to receive payment directly from customers.
- Reconciliation: When payments are made, Paystand automatically reconciles the funds, leaving the records of the business to be updated without any manual operation.
Not only does this integration facilitate the payment process but also error prevention and administrative costs’ reduction. Companies can concentrate more on growth rather than focus on manual tasks.
The Advantages of the Cleo and Paystand Integration
1. Faster Payments
Automation allows companies to minimize the time that they will take to get paid. This will translate to better cash position and ability to make one’s investment in growth opportunities.
2. Cost Savings
Automation of the manual processes cuts the demand of administrative personnel and minimises errors that might cause it to be corrected at a great cost.
3. Enhanced Accuracy
Computerized procedures do not have human error because the financial records are accurate and current.
4. Improved Customer Experience
The customers are able to enjoy a seamless and transparent payment process thus increased satisfaction and a better business relationship.
Real-World Impact
When implemented, businesses that have implemented this integrated solution have cited increased improvements in their operations. For example, firms have seen speedier payment cycles, administrative overhead costs are down, and there is better awareness when it comes to their financial status. Such improvements help companies to make better decisions and spend resources optimally.
Looking Ahead
The partnership between Cleo and Paystand is simply the onset of a bigger trend of digital transformation in B2B payments. With the increased number of businesses realizing the benefits of automation and integration, the scene of B2B transactions will continue to change. Future improvements might be in the form of using artificial intelligence to forecast payment behaviours, blockchain for security, as well as more integration with other business systems to form a truly connected ecosystem.
Conclusion
The Cleo-Paystand partnership is a big evolutionary step forward for B2B payment automation. Through a synergistic effect of their strengths, they are assisting businesses make their operations smoother, cut on costs and increase efficiency. The future of B2B payments is booming as technology continues to develop, as more companies are implementing automated systems in order to remain competitive in a more digital environment.