Ardent’s P2P Technology Round-Up returns today with another assortment of ePayables, procure-to-pay (P2P), and B2B payment solution provider news and updates from the past week. If you are an accounts payable, B2B payments, or spend management solution provider and you have news to share with us, please drop us a note at editor at cporising dot com. Thanks, and enjoy!
Basware Introduces Enhancements to Its Payment Plans
Bottomline Technologies Reports Third Quarter Results
Amazon Business to Launch New Invoicing Feature
Microsoft Partners with Stripe to Integrate Payments in Microsoft Outlook
Basware Introduces Enhancements to Its Payment Plans
Basware, the financial supply chain provider headquartered in Finland, has recently introduced new payment plan enhancements to help customers to better handle recurring invoices. The enhancements made will streamline the handling process for those recurring invoices, and automate regularly occurring payments as well. Basware has simplified the payment plan process so now it only requires input from one person and sign-off from approvers. Business users will no longer need to track recurring payments. The solution will automatically identify recurring invoices and recommend that the business user request a payment plan. Once the request is placed all required information is automatically populated; and once the payment plan is set up, it is sent for approval with dedicated fields to the reviewer and approver. This should make it easier for the payment plan manager to enter the new plan into the workflow.
Bottomline Technologies Reports Third Quarter Results
Bottomline Technologies (NASDAQ: EPAY), the cloud-based business payment, invoice, and digital banking solution provider headquartered in Portsmouth, New Hampshire, recently announced financial results for the third quarter ending March 31. Highlights from 3Q include:
- $67.4 million in subscription and transaction revenue, up 21% compared to 3Q last year
- $101.1 million in overall revenue, up 17% compared to 3Q last year
- $23.1 million in adjusted EBITDA, an increase of 21% from 3Q last year
- $11.9 million core net income, compared to $9 million for 3Q last year
- $1 million GAAP net loss, compared to $6.6 million GAAP net loss for 3Q last year
Amazon Business to Launch New Invoicing Feature
Amazon Business will introduce a new invoicing feature, Pay by Invoice, and make it available on its B2B eCommerce platform on June 30. The new feature will require no action or onboarding by the vendor; but will enable corporate buyers to make invoiced purchases. With this new program offering, buyers will no longer have to make payment at the time of purchase, but will instead receive an invoice. The sellers will only receive a credited balance on their Amazon account once the buyer’s payment has been processed. Payments can be made via wire, EFT, ACH, or check. In an email sent by Amazon Business to its US sellers, and reported on here, Amazon Business stated that companies will receive payment no later than seven days past the payment due date. Amazon Business will also handle all credit risk assessment, billing, and collection. Amazon Business will also introduce what is effectively a supply chain finance program, as a way for sellers to get paid faster, for a fee of 1.5% of the total invoice cost.
Microsoft Partners with Stripe to Integrate Payments in Microsoft Outlook
Microsoft has recently announced a new partnership with Stripe, a global technology company that provides software for businesses to accept payments over the internet. Outlook users will be able to process invoices and make payments directly within the Outlook portal. Microsoft Pay is the company’s digital wallet solution for ePayments, and invoices that are received via email can be paid through the solution upon receipt. Likewise, businesses that send invoices to customers via email will now be able to embed a payment action within Outlook to streamline the payment process. Through the partnership, companies that use Stripe to process payments will not be able to accept payments made with Microsoft Pay. Stripe will also deploy its Stripe Connect secure payment processing solution with Outlook.
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