Differences Between Online Bill Pay and B2B Electronic Payments
While B2B online payments solutions vary, most offer a lot of the same functionality – and control – as online bill pay. Users can pay their invoices electronically, and see who got paid online, and when. They can also view historical payments.
But that’s where most similarities end. B2B electronic payment software, like Nexus, is equipped to pay hundreds of invoices per month, not just a handful. Digital payment platforms also provide an easy-to-use interface that lets users seamlessly track invoice payments, approve them (often including multiple levels of approval, such as from the CFO), and pay them with clicks.
The funds for these invoices are not paid from one or two banks, like personal payments. Instead, they are paid from multiple bank accounts (i.e. 20+ banks). So, the digital payment solution must be able to sync up with these banks to pull the money electronically. And it has to be able to handle any changes in banking relationships.
The B2B online payments solution also provides a comprehensive audit trail. It shows who approved each payment, what payment methods were used, and when funds were dispersed. And many solutions, including Nexus, can also pop up the invoice that corresponds to the payment.