A couple of weeks ago, Money20/20 took Las Vegas by storm. This conference juggernaut has soared in its impact in just a few years of existence, becoming the largest global event focused on payments and financial services innovation for connected commerce. It is a conference that should interest anyone reading this blog, and you will quickly see why... The scale of the show is impressive. This year’s event saw 10,000+ attendees, including 1,000+ CEOs, from 3,000+ companies and 75 countries. There were hundreds of sessions with more than 500 speakers and panels throughout this four-day conference. Attendees ranged from all aspects of the financial ecosystem: Fintech companies, banks, corporate finance departments, analysts, researchers, systems integrators, the media, and more. For attendees, Money20/20 shed light on the many ways which technology and new offerings will disrupt the methods by which consumers and businesses handle, manage, and transact money (payments). Naturally, VersaPay was there and we participated in Ontario’s FinTech pavilion. There were many discussions about the need for change in the finance and accounting departments of medium and large companies and even more so for the companies who themselves offer financial services. Financial services can be slow moving, but many of them are waking up to the fact that the world is changing quickly and those who drag their feet may end up missing out on major new market opportunities like integrated receivables. Businesses too know they have to constantly reassess financial processes. The fact that there were so many people in attendance and that number is growing so quickly suggests that companies are seeking insights and understanding on how best to change and develop strategy, approaches, and processes for the future. There is a sense of urgency for people to look at improving their business models. They want to grow their top line, reduce costs, or both. Surprisingly, one of the most predominant themes centered on, ‘The Customer Experience.’ In the past this is something that companies for the most part simply paid lip service to. But today, it has to be at the core of any company’s business plan. There is good reason for this: As great as your product or technology is, it can be leapfrogged literally overnight. At the end of the day your offering and ultimately your company is only as good as the end-to-end Customer Experience you deliver, which becomes the reputation you are known for. Can your reputation and accounts receivable go hand-in-hand? Yes. How you invoice your customers and collect payments is integral to your business model and a key component of the customer experience – after all it is customer facing and it is your cash. Your customers should be as happy with your invoicing and accounts receivable process as they are with your products. Too often AR is an afterthought, but the right invoicing and AR automation solution can contribute to your competitive advantage. AR automation not only allows you to eliminate costs and get paid faster, but also improves your customers’ experience doing business with you. Invoicing and accounts receivable can be a key piece to moving past your competitors. After Money2020, more companies realize that they have to take action now and constantly innovate in order to be leaders in their respective markets. Successful companies that are complacent minimize their opportunities for the future. And if Money2020 is any indication, the time to move forward is now!
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