27 09, 2017

Why Financial Institutions Are Banking on Integrated Receivables

2018-04-09T15:44:01+00:00 September 27th, 2017|Blog, Gain Insight Into AR, Make Customers Happy|

Are you behind on your Integrated Receivables Strategy? An integrated receivables hub is needed more than ever to future-proof business and banks are taking notice. But this wasn’t always the case. Three years ago, integrated receivables management was beginning to surface on the radar of banks, but most didn’t take action. According to Celent’s 2014 survey of US large banks, 92% rated integrated receivables (IR) management as most important to their future growth. But according to Treasury Strategies, only 1% fully implemented a solution. Why? Banks accepted the notion of integrated receivables but hesitated because of lack of control and high costs. To add to this, lockbox technology - a great revenue source - was greatly improving at the time. Optical character recognition technology (OCR) eliminated the need for banks to manually keystroke remittance information. This allowed them to seed more accurate data, reduce paper and process remittance information faster. Read More

1 09, 2017

Improving the B2B Customer Experience

2018-04-09T15:44:06+00:00 September 1st, 2017|Blog, Make Customers Happy|

An article published by McKinsey correctly argues that adopting a customer-centric mindset is just as critical in B2B dealings as it is when serving retail customers. The article, Improving the Business-to-Business Customer Experience says that more and more executives are developing B2B customer-experience strategies with striking results. McKinsey says that B2B customer-experience index ratings significantly lag behind those of retail customers. “B2C companies typically score in the 65 to 85 percent range, while B2B companies average less than 50 percent. This gap will become even more apparent as B2B customer expectations rise.” Driving these expectations are digitization and the increased use of smartphones. This is establishing new standards for fast, seamless customer service in all settings. “Real-time responsiveness and easy-to-use apps for daily banking chores or ordering groceries are setting a high bar for speed and ease of doing business in B2C industries, and these expectations are migrating to B2B.” Read More

23 05, 2017

The creative destruction of accounts receivable

2018-04-09T15:45:25+00:00 May 23rd, 2017|Blog, Get Paid Faster, Make Customers Happy|

When Joseph Schumpeter coined the expression "creative destruction" in 1942, he had no idea how creative the marketplace would become and how swift the destruction would be. Today’s corporate world, already in unprecedented turmoil, will only get stormier. According to a report released last spring, half of S&P 500 companies are expected to be replaced over the next ten years. The report, entitled Corporate Longevity: Turbulence Ahead for Large Organizations, was developed by the global consulting firm Innosight*. The company’s analysis of S&P shows that the 33-year average tenure of companies on the S&P 500 in 1965 narrowed to 20 years in 1990 and is forecasted to shrink to 14 years by 2026. We are seeing record M&A activity and the growth of startups with multi-billion dollar valuations. These are just two indicators that a period of relative stability is ending and that an increasing number of executive suites will Read More

14 12, 2016

Finance and Sales Work Together to Provide Better Customer Service.

2018-04-09T15:46:28+00:00 December 14th, 2016|Blog, Make Customers Happy|

Group Leader of Finance Operations at Dun & Bradstreet, Christopher Rios shares insights his company has captured in recent years for its goal of the CFO to play a larger role in the go-to-market strategy of its operations as noted in his paper entitled Maximizing Finance Operations, published by the Credit Research Foundation. As Rios notes, operational or support functions, often referred to as “back office” functions, are typically relegated to cost center status and never an engine for change — and certainly not for revenue. At Dun & Bradstreet, five years ago the global CFO issued a directive to his leadership team, which included Finance Operations: “We need to change the perception, real or imagined, that finance is an impediment and barrier to sales growth, and we need to enable Sales!” Rios notes that “there is an inherent relationship between finance and sales, but it breaks down when both Read More

3 11, 2016

What Will You Do Differently On Monday?

2018-04-09T15:46:33+00:00 November 3rd, 2016|Blog, Get Paid Faster, Make Customers Happy|

I recently attended a lunchtime seminar hosted by the MaRS innovation hub in Toronto. The session was led by Zachary First, the executive director of the Drucker Institute based at Claremont Graduate University in California. Peter Drucker, of course was the American management consultant, educator, and author, hailed by BusinessWeek as “the man who invented management,” So I wasn’t surprised that First’s presentation spoke so directly to the need for rapid change in today’s corporations. Drucker passed away in 2005, but his thinking continues to grow in importance as the metabolic rate of companies constantly accelerates. First cited one of Drucker’s quotes: “Change and continuity are poles rather than opposites. The more an institution is organized to be a change leader, the more it will need to …balance rapid change and continuity.” First explained that the Drucker Institute’s programming is built around the premise of “Yesterday/Today/Monday.” “Yesterday” refers to the fact that the Institute’s work Read More

29 09, 2016

Tommy Spaulding Delivers Inspiring Presentation On Leadership at CPA The One Conference

2018-04-09T15:47:14+00:00 September 29th, 2016|Blog, Make Customers Happy|

I had the good fortune to watch a presentation last week by Tommy Spaulding, author of two books on the New York Times Best Seller list. He was the opening keynote speaker at the CPA The One conference in Vancouver. VersaPay was a sponsor and exhibitor at the conference. Tommy is the former CEO of the renowned global leadership organization Up With People and believes “heart-led” leadership can change the lives of everyone you lead and serve. Today Tommy has a for-profit consulting company and also a non-profit leadership institute. The consulting side of the business, whose guiding principle is “put people first and business will follow,” works with organizations to develop “a leadership and service vision.” Tommy described how Up With People exists to inspire young people to make a difference in their world. It aims to bring the world together through service, music and travel. This gives students Read More

3 05, 2016

Why you need to digitize your accounts receivable…even if you don’t want to.

2018-04-09T15:49:29+00:00 May 3rd, 2016|Blog, Collect Smarter, Get Paid Faster, Make Customers Happy, Save Time and Money|

Is your account receivables (AR) stuck in the dark ages? If so, you’re not alone but in a couple of years you may be. While exhibiting at the Industrial Supply Association (ISA) Convention (largest yearly meeting of distributors, manufacturers and suppliers), it was eye opening to see how many companies are still managing their AR manually and how risky this is with customer appetite shifting to the online world. Read More

15 03, 2016

Does the value of credit card acceptance outweigh the cost? For some B2B businesses, it does.

2018-04-09T15:49:42+00:00 March 15th, 2016|Blog, Get Paid Faster, Make Customers Happy, Save Time and Money|

It’s no secret that there is a cost to credit card acceptance. Actually, it is one of the main reasons cited by B2B companies for not accepting credit cards. According to a survey by First Annapolis Consulting, 67% of suppliers noted that high credit card acceptance fees are the main reason they resist credit cards.  This is a fair reason as fees are a cost to their business, but what many suppliers do not understand is the benefits of credit card acceptance. The value it creates can significantly outweigh the cost.  Read More

9 02, 2016

How Sihl Corporation Leverages AR Automation to Produce a Healthy Cash Flow and Happy Customers

2018-04-09T15:49:59+00:00 February 9th, 2016|Blog, Collect Smarter, Get Paid Faster, Make Customers Happy|

The Institute of Finance & Management (IOFM), specifically, a division known as The Accounts Receivable Network, recently interviewed and profiled one our clients, Sihl Inc. (Coventry, RI). The article is entitled: AR Automation Brings Big Benefits to Sihl Corporation. Read More

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