Product Update: December 2024

From more efficient cash application to an improved buyer portal, this month’s updates help save time, accelerate collections, and ensure accurate, transparent payment reconciliation for both you and your buyers.

Our New Cash Application Solution: Simplifying Reconciliation.

Say goodbye to matching errors and reconciliation bottlenecks—whether for financed or non-financed transactions.

We’re thrilled to unveil our new cash application solution, designed to make payment reconciliation more accurate and efficient. With this update, we’ve found the perfect balance between speed and precision, eliminating the need for manual corrections and reducing frustration for both merchants and buyers.

Cash application—matching incoming payments to open invoices—has traditionally been a balancing act between speed and accuracy. Prioritizing speed can lead to errors that require hours of manual corrections, creating more work for merchants and delays for buyers. On the other hand, focusing solely on 100% certainty can slow the process, preventing the buyer from making additional purchases and causing frustration. Our new solution optimizes this balance, enabling fast payment reconciliation without sacrificing accuracy.

The solution includes 3 new features:

1. Improved Matching Engine
2. Daily Payment Reconciliation Email
3. Unreconciled Funds Center

Let’s take a look at each:

Improved Matching Engine

Minimize errors and boost efficiency with advanced reconciliation logic.

At the core of our solution is a smart reconciliation engine that ensures accuracy through advanced matching logic and a grace period for additional data when a 100% match isn’t found.

Here’s how it works:

• Initial 100% Match Check: Upon receiving a payment, the engine immediately checks open invoices for a 100% match based on payment amount, buyer notes, and preference provided through the buyer portal.

• Configurable Grace Period: If no match is found, the engine waits for a configurable number of days (7 days by default), allowing the merchant time to provide additional data or manually reconcile the payment through the Unreconciled Funds Center in the dashboard.

• FIFO Logic After Grace Period: After the grace period, the engine rechecks open invoices for a 100% match. If no match is found, it applies First In, First Out (FIFO) logic, reconciling the payment with the oldest outstanding invoices.

Daily Payment Reconciliation Email

Stay updated with a daily summary of newly reconciled and pending payments.

The Daily Payment Reconciliation Email provides merchants with a summary of payments reconciled in the last 24 hours, along with those requiring further action. The email includes an attached CSV file with details on paid invoices and pending payments. Merchants can match payments by replying to the email with a CSV attachment that specifies the correct invoice number for pending payments, or by using the new dashboard UI for reconciliation.

Unreconciled Funds Center

Take control with a dashboard hub to manually reconcile payments and apply partial payments.

The Unreconciled Funds Center provides merchants with a centralized hub to review and reconcile payments. Through the dashboard, merchants can manually match unmatched payments and apply partial payments as needed, ensuring a streamlined and organized reconciliation process. This feature offers greater control and flexibility, allowing for quick resolution of outstanding payment discrepancies.

Our new cash application solution simplifies payment reconciliation by balancing speed and accuracy. With automated matching, daily updates, and a centralized dashboard, merchants can reduce errors, streamline processes, and gain more control over their payments.

Stay tuned for upcoming cash application improvements, including matching recommendations, and further enhancements to increase accuracy and efficiency.

The solution is now available in beta. For more details, please reach out to your account manager.

Buyer Portal Improvements.

Streamline buyer payments and accelerate collections with our enhanced buyer portal.

A powerful buyer portal is crucial for reducing payment delays, increasing buyer visibility and control, and driving quicker credit limit restoration and repeat purchases. To support these goals, we’ve made several enhancements to our buyer portal.

Here’s what’s new:

• Multi-Invoice Payment: Buyers can now pay up to 20 invoices at once, simplifying the payment process and improving scalability.

• Status Overview Widget: This new widget allows users to quickly assess their invoice status, identify any issues, and view their total and currently available credit limit (credit limit overview coming soon).

• Enhanced Search: Buyers can now search by invoice number or amount, making it easier to find and pay specific invoices quickly.

• Export CSV: Buyers can export a CSV of their unpaid invoices to share internally with their team or push to their AP platform.

These improvements make it easier for your buyers to manage their payments, helping to accelerate collections and improve cash flow for your business.