Consumer payments are easy. You swipe your card or phone and you’re done. Seeking to drive this same speed and simplicity in the business world, 487 Consulting Services signed on to AribaPay. An innovative service offered by SAP Ariba as part of its comprehensive financial supply chain management solutions, AribaPay automates payments between companies. And using it, 487 Consulting Services is able to receive and reconcile payments more quickly and efficiently than ever before. The company will share the story of its success during an interactive breakout session at SAP Ariba Live, the premier business commerce conference to be held March 14-16 at The Cosmopolitan of Las Vegas.
Despite significant advances in technology, the vast majority of payments between businesses still occur offline using largely manual processes. And this poses a host of problems.
Payments are often delayed. Lack of visibility into scheduled payments makes it difficult to forecast cash flow. And even when payments are received promptly, they can’t easily be reconciled because the payment file may come with incomplete remittance detail, or may not contain any remittance information at all.
Ken Crouse, Principal Consultant and Owner, 487 Consulting Services, experienced many of these issues first hand. “I didn’t have any reliable visibility into when invoices would be paid,” he says. “And when payments were received, they could be hard to reconcile, especially if I was getting paid for multiple invoices in a single payment. Some invoices were getting paid while others would lag for several months.”
Things changed when Crouse was invited by a customer to sign up for AribaPay™. Delivered via the Ariba® Network, AribaPay provides a secure and accurate way for businesses to exchange payments electronically. Using the solution, buyers and sellers can:
- Exchange purchase orders, invoices and payments — all in a fast, secure, electronic environment
- Receive rich remittance advice
- Improve visibility into status, timing and nature of payments
- Lower processing costs
- Reduce fraud risk
- Speed reconciliation and dispute resolution
“With AribaPay, I not only know when I am scheduled to get paid, but can see the payments being executed before they even hit my account,” Crouse says. “And I can easily see exactly what I am being paid for, including any adjustments that may have been made.”
And this has changed the game for 487 Consulting Services. “Before using AribaPay, I would spend three to four days a month reconciling invoices and payments,” Crouse says. “Now, I’ve got that down to under a couple hours, which keeps me focused on the business and what my customers pay me to do for them.”