Advanced B2B Invoicing and Payment Capabilities for Manufacturers and Distributors

Addresses complex requirements in B2B customer relationships

Sees 228% increase in payment dollar volume from manufacturers and distributors over the last 12 months

BURLINGTON, MA, JUNE 30, 2022Aliaswire, a provider of bill payment and credit solutions for businesses and banks, today announced the general availability of new invoicing and payment capabilities for manufacturers and distributors in its DirectBiller® platform. The advanced features address the unique requirements of business-to-business (B2B) customer relationships and transactions in manufacturing and distribution.

The announcement comes as Aliaswire builds on strong momentum in the segment. The company saw a 228% increase in dollar volume processed by manufacturers and distributors on its DirectBiller platform over the last 12 months.

The B2B ecosystem is trying to move away from paper-based processes and payment methods to digital workflows that speed the flow of funds between trading partners and enhance visibility into cash flow and partner payment status. But the shift has been slowed by the complexity of B2B customer relationships. There is typically a high degree of customization in product offerings and accompanying services, and pricing and payment terms can vary widely from one customer to another. Multi-page/item invoices, line-item disputes, credit memos, pre-set credit limits, and convenience payment fees are very common aspects that must be accounted for in the move to digital invoicing and payment.

Offered exclusively through bank partners, DirectBiller manages the entire end-to-end process from invoicing through payment reconciliation, integrating seamlessly with business ERP systems and their banks’ treasury management systems. The platform is able to pull, present and manage complex B2B invoice data from different sources, incorporating disputes, credit memos and daily net settlement of surcharge and convenience fees. DirectBiller also offers Request-for-Pay using the RTPÒ network to enable customers to manage their credit levels and assure the timely delivery of inventory and supply.

“Having your customer pay an invoice is one thing but reconciling that payment in a timely manner to reflect an accurate balance that takes into account things like credit memos, returns, and disputes, is entirely another,” said Jed Rice, CEO at Aliaswire. “DirectBiller helps manufacturers and distributors automate what is now a very messy and time-consuming process. As a result, they get paid faster, improve client satisfaction and reduce their cost of getting paid.”

Key features in DirectBiller for Manufacturing & Distribution

Bill Presentment

  • Full PDF presentment of complex and multi-page invoices
  • Custom field display and processing through the payment process such as customer IDs, product codes and PO numbers
  • Automated payment reminders

Bill Payment

  • Single payment transactions for multiple invoices
  • Easy application of credit memos against balance due
  • Individual invoice dispute
  • Multiple payment options (web, mobile, text, CSR, IVR)
  • One-time payment and auto pay

Flexible Card Processing and Fee Management

  • Patented technology streamlines daily net settlement of surcharges, convenience fees
  • Competitive “cost plus” interchange pricing, including Level 2/3 processing

Support for Multiple Divisions

  • Treat business units and product lines as separate entities; link each one to the corporate entity
  • Reporting at business unit/product level; consolidated at the corporate level
  • Each division can have:
    • Unique payment websites
    • Funds settled into unique deposit accounts
    • Separate tender type choices (ACH + Credit Card, ACH-only, Credit Card Only)
    • Separate payment fee rules (Credit Card + Fee and Free ACH)
    • Separate bill and reconciliation files
    • Controlled CSR access

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About Aliaswire, Inc.

Aliaswire is a fintech company based in Boston with a history of innovation in payments. The company supports leading financial institutions and merchant services providers with bill pay through DirectBiller® and small business credit solutions through PayVus®. For more information, visit https://www.aliaswire.com/.

Media Contact

Tim Walsh, for Aliaswire

timw@walshgroupmarketing.com

617.512.1641

New Multi-Payer Capability for Property Management

DirectBiller platform addresses unique billing and payment requirements of commercial and residential property managers

BURLINGTON, MA, JUNE 14, 2022Aliaswire, a provider of bill payment and credit solutions for businesses and banks, today announced the general availability of a new Multi-Payer capability in its DirectBiller platform for property management.

Offered exclusively through bank partners, DirectBiller equips property managers to offer custom-branded billing and payment experiences to their clients. The new Multi-Payer feature enables residents in the same household to log in separately to make payments against their shared account including rent, dues, service fees, security deposits and more. They can also see their payments posted in real-time. The new offering encourages on-time payments while also streamlining administrative tasks for property managers and their finance staff.

Covid drove a surge in demand for digital bill pay capabilities as paper-based methods created significant friction for both commercial and residential transactions, slowing payment cycles and creating unnecessary manual work. Tenants have been looking for convenient, contactless payment options, and property managers needed the ability to manage inbound payments remotely and to accelerate payment cycles.  

“The monthly bill pay experience is typically the most frequent touchpoint property managers have with their tenants,” said Jed Rice, CEO at Aliaswire. “Providing easier ways to pay rent and fees can make a big difference in tenant satisfaction and on-time payments. With DirectBiller, property managers can offer that modern convenience while also gaining much greater control of the payment, settlement and reconciliation process for each property.”

DirectBiller manages the entire end-to-end process from tenant invoicing through payment reconciliation integrating with property management firms’ ERP systems and their banks’ treasury management systems. It also offers tenants a variety of convenient modern payment methods including web, mobile, Text2Pay, CSR and IVR.  

In addition to the new Multi-Payer capability, other key features in DirectBiller for Property Management include:

  • Support for Multiple Properties – DirectBiller can support individual properties as separate entities and link each one to the corporate entity. Reporting can be viewed at the individual property level and consolidated at the corporate level. Each property can have:
    • Unique payment website
    • Funds settled into unique deposit accounts
    • Separate tender type choices (ACH + Card, ACH-only, Card Only)
    • Separate payment fee rules (Card + Fee and Free ACH)
    • Separate bill and reconciliation files
    • Controlled CSR access
  • Consolidated Payments on One Site – Property managers can have a single payment site for multiple properties.  This site provide one selection of tender types and fee rules, and property managers can receive one consolidated reconciliation file. DirectBiller can settle funds into multiple deposit accounts, selected by the tenant at time of payment. The payer chooses from a drop-down feature to indicate the property and type of payment (rent, dues, fees, etc.).
  • Payment Control – This feature ensures timely payments by controlling when payments can and can’t be made, simplifying monthly reconciliation efforts.

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About Aliaswire, Inc.

Aliaswire is a fintech company based in Boston with a history of innovation in payments. The company supports leading financial institutions and merchant services providers with bill pay through DirectBiller® and small business credit solutions through PayVus®. For more information, visit https://www.aliaswire.com/.

Media Contact

for Aliaswire

Tim Walsh

timw@walshgroupmarketing.com

617.512.1641

Key Steps for a Successful Fintech Partnership

Bank and fintech partnerships are not new—you can read about one or two a week in the trade press.

But the reality of bank-fintech partnerships tends to fall short of what the headlines might lead you to believe. That’s too bad, because these ventures offer immense potential benefits to
both parties and their consumers, particularly in the area of payments.

Fintechs get a lot of attention, and rightly so—they are responsible for a lot of the digital innovations we enjoy in payments and finance today. But banks are the foundation of our financial
system; wherever there’s money moving around, banks are involved somewhere in the process. That means fintechs need banks in order to change the financial industry in meaningful ways.
And although banks provide the highest levels of stability and security, their natural (and in many ways desirable) aversion to risk makes it difficult for them to innovate. As customers look for more digital payment services, a lot of banks are having a hard time keeping up.

1.  DEFINE WHAT A HEALTHY PARTNERSHIP LOOKS LIKE FOR YOUR BANK
Banks looking to partner with a fintech should first determine their priorities. What are you trying to solve, achieve, or realize? Consider culture fit: How much do collaboration, productivity,
and positive relationships matter to your organization?

Once you’ve answered those questions, define your scope. Figure out the specific projects you want completed and set strict parameters for them. Also consider and account for future incremental improvements, so you can think beyond the product launch stage.

2.  SCOPE OUT YOUR NEEDS AND BE WARY OF THE SHINY OBJECTS
After you’ve defined the kind of partnership you’re looking for, it’s time to start interviewing candidates. Meet with a few potential partners and evaluate their culture, growth strategy, and
competitive situation—making sure to note potential areas of overlap or conflict with your bank.

For the partnership to work, it needs to be mutually beneficial, so be prepared to spell out what your organization will bring to the table. Remember that your company has a built-in customer base and consumer trust—qualities many fintechs lack and sorely need.

Many fintechs offer exciting functionality and features. But keep your priorities straight: Stick to your scope, and don’t be distracted by shiny objects you don’t need.

As you begin to narrow your list, think through details like speed to market and ease of implementation. Where possible, try to negotiate a pilot run in a test market of your choosing. Any
fintech that’s serious about a mutually beneficial relationship should agree to this crucial step.

3.  LOOK FOR TIGHT INTEGRATION WITH YOUR CORE AND THE ABILITY TO FLEX
To fully reap the benefits of partnering with a fintech, the company you choose has to be willing to work within your core systems including accounting and ERP.

This will be key if you’re going to create a seamless user experience. At the same time, you want a partner that provides the simplicity and flexibility of a cloud-based platform with available APIs and Iframes.

For example, any integrated receivables solution needs to be scalable and customizable for clients based on geography, size or industry. Vertical industries that can require unique and
complex payment options include insurance, utilities, healthcare, property management, education, and government/municipalities.

With the right fintech supporting you, meeting customer demands will be easier than ever—presenting new opportunities to grow existing relationships and to develop new ones.

 

 

Read more about EBPP: EBPP: Putting the Tech in Fintech 

How Banks Fill Tech Gap with Fintech

PAYMENTS ARE A HUGE OPPORTUNITY FOR BANKS—
PARTNERING WITH FINTECHS CAN HELP THEM GRAB IT

Let’s face it: Banks aren’t naturally set up to innovate.

To come up with the next great idea, companies have to be prepared to move fast and break things. Banks are intentionally designed in ways that prevent this kind of behavior. They are sturdy and layered in security and approvals, and for good reason—we need the backbone of our financial system to be stable and reliable.

Still, banks must respond to changing demands from their customers, from consumers to multinational businesses. Due to Covid-19, consumers and companies alike now expect to be able to conduct more banking tasks electronically, including bill pay.

Although EBPP is a well-established concept, the market remains surprisingly analog: Almost 40% of bills are still managed and paid offline. Meanwhile, banks’ share of EBPP has slipped precipitously in recent years, as competitors from startups to major companies have taken market share and businesses have opted to implement nimble, biller-direct solutions.

At the same time, customer needs and expectations have expanded. The set of services within what has previously been called EBPP has evolved into a multifaceted core component of integrated receivables. Today’s solutions remove the resource-intensive cash application process, speed up the payment cycle, and improve client cash flow for banks’ commercial clients.

This expansion of expected services works to banks’ advantage. It presents openings to capitalize on the close relationships they already have with their customers: Bank clients may already be fully integrated with the bank’s systems, and often look to banks to serve as trusted advisors who have the expertise and resources to help them navigate a variety of financial challenges and opportunities. Playing this role gives banks a unique advantage over a fintech startup with limited banking experience—both to earn this business and to deliver it effectively.

Banks should step up to this challenge by offering clients enhanced payment processing services that are fully integrated with pre-existing systems. If they don’t, they risk greater churn as customers conclude that they are outgrowing their bank’s payments abilities.

Building out modern billing and presentment solutions is a time- and resource- intensive task that most banks can’t afford to take on. Instead, banks should pursue partnerships with fintechs.
Partnering with the right fintech companies can help banks deliver innovative solutions, deepen existing commercial client relationships, and increase revenue from the growth in electronic payment processing.

Read more about EBPP: Leveraging a Fully Integrated End-to-End EBPP Solution

Surcharging & Cash Discounts – Strategic Considerations

By Andy Waskey
Partner Solutions

I recently had the privilege to participate in the Mobile Payments Conference panel session panel to discuss, Surcharging & Cash Discounts…Separating Fact from Fiction. Surcharging as a business practice has gained momentum over the past several years and, when done correctly, can be a very useful tool to ease the costs that merchants and billers have traditionally absorbed as a cost of doing business.

Three primary business principals apply to instituting a surcharge business solution:

Effective Pricing – to ensure adoption and to minimize payer impact

• The offer of “free” merchant processing is very enticing to merchants/billers that month after month see their processing expenses cut into their bottom line. It is, however, important as a payments technology/service provider to educate the merchant/biller on the hidden cost of fee-based processing, including but not limited to customer satisfaction, customer retention, and timely payment submission.

• As a payment technology provider, Aliaswire’s DirectBiller® payment platform can assist merchants / billers in the establishment of their compliant fee-based program to balance the benefits of deferred cost processing. DirectBiller can be configured to set a customer-paid fee that will cover the cost of interchange/dues and assessments and a reasonable cost of service. This includes agreeing to spread (just as in pricing a traditional merchant) or perhaps a hybrid fee program that reduces merchant/biller cost as well as minimized payer impact. As a best practice, we at Aliaswire review our surcharge portfolio monthly and quarterly to identify card usage trends and adjust the fee accordingly to ensure that the fee to the payer is reasonable and appropriate. In short, it is essential to share with your clients the entire cost structure and agree to a fee solution that maximizes payment channel adoption.

Surcharge is best for certain markets

• Educating your merchant/Billers and sharing that information with their payers is an important responsibility, perhaps explaining to payers that paying a fee for a specific type of payment allows the business to keep prices down. Also, offering no fee ACH, as an alternative goes a long way to winning a payer’s trust.

• Traditionally, surcharging has been applied in retail/restaurant/card present environments, however, there has been a lot of push-back by consumers who can take their business elsewhere for the same product/service and not pay a fee. In our experience, we have seen successful surcharge in card-not present environments for merchants /Billers in financial services and B2B markets where ACH is always the “free option”

Being Compliant – to adhere to the changing state rules with technology solutions

• Merchants/Billers rely on their trusted partners to guide them and help navigate one of their most essential business functions, payment acceptance. This is true of any merchant processing experience; in the case of fee-based processing, this adds additional complexity.

• In a surcharge model, the merchant is ultimately responsible for association rules as well as state rules about payment acceptance, often in a CNP environment.

• To maintain compliance with card brand and individual state regulations, Aliaswire’s patented technology, TranCentives® instantaneously verifies multiple criteria of each individual transaction, such as the credit card BIN, ZIP code of payer, transaction value to verify compliance and block non-compliant transactions.

Aliaswire understands the challenges the modern Merchant/Biller face; our DirectBiller platform along with our patented TranCentives® transaction-level compliance and rate calculation engine, enables a compliant, full-service, fee-based solution for merchants/Billers.

American Bank Advances in Tech Features DirectBiller

Watch the American Banker Advances in Tech Video Featuring DirectBiller 

DirectBiller by Aliaswire is a customizable and configurable out-of-the box Electronic Bill Payment and Presentment (EBPP) solution that fully automates the AR process for bill payments. Brent Watters, Marketing Director for Aliaswire, demonstrates how DirectBiller:

· Delivers Next-Gen EBPP functionality to businesses, giving them the freedom, control and cost savings to easily achieve their EBPP payment strategy and greater customer success.
· Provides a fully integrated bank channel partner treasury management systems
· Bank-level security and compliance with bill-level unique key encryption
· Offers rapid implements – in hours not months