In an effort to bring you continued industry insights in an easy to digest manner, we started a series called Lunch Bites - short industry specific conversations served up in the time it takes you to make a sandwich. In this installment of Lunch Bites, we sat down with Sarah-Jayne Martin from YayPay to discuss why YayPay chose APS Payments as their integrated payment processing partner, and how the two solutions together can help merchants address AR collection issues.
The current situation with COVID-19 has led to many companies experiencing significant collection issues, bringing days sales outstanding (DSO) and payment method discussions to the forefront for many accounts receivable departments. Payments have evolved significantly over the past few years, and customers have come to expect payment options beyond dropping a check in the mail or providing credit card information over the phone. One way that smart companies can address both of these challenges is looking into an Automated Accounts Receivables Solution with integrated, omni-channel payments.
In this video, Sarah-Jayne and I discuss how getting the collections piece of the puzzle right can greatly impact cash flow and a company’s bottom line and how YayPay and APS Payments can help.
Automated Accounts Receivables Solution with Integrated, Omni-Channel Payments
Payment processing through YayPay is made simple with the APS Payments gateway. Designed from the ground up, the APS Payments add-on sends Level 3 data points automatically for the lowest possible rates with Visa & MasterCard on all Corporate Cards (B2B) and Government Cards (B2G). Qualifying for discounted Level 3 rates requires comprehensive data requirements, and APS Payments supports Level 3 processing for US accounts by automatically passing along all the Level 2 and Level 3 data with the ERP and eCommerce integrations. There is no time-consuming mapping or manual data entry required to qualify. The integration also provides YayPay customers with a PCI/DSS Compliant Gateway with rich features such as recurring invoicing, multiple address verification options and custom reporting tools.
Adoptees of YayPay’s Automated Accounts Receivables Solution are seeing about a 30% reduction when it comes to DSO and significant cost savings with the Level 3 Discounts provided by the APS Payments integration. Watch the YayPay Integrated Payments Demo.
Distributor Increases Cash Flow with AR Automation and Online Payment Portal
YayPay and APS Payments have teamed up to help multiple leading distributors and manufacturers get more done and get paid faster. Top Notch Distributors, a leading provider of architectural door hardware products to dealers throughout the United States, turned to YayPay and APS Payments to help automate their manual collections process. They were handling a large number of customers -- around 1,500+ customers with active AR -- and sending around 50,000+ invoices a month. It became too much for their credit team to keep on top of those accounts having to consistently call or email them manually, and to take credit card payment information over the phone.
Top Notch Distributors immediately saw a benefit in automating routine emails to their customers before the due date, with the added bonus of the email also facilitating the payment process for the customer. Customers can easily pay Top Notch via the link in the email YayPay sends them. The link brings them into their customer portal where they can select multiple invoices to pay via ACH or credit card, and view or download statements and invoices anytime they want.
In the first 90 days after implementing YayPay and APS Payments, Top Notch Distributors saw a 22% reduction in the over 45-day bucket and double digit growth in their online payments. Moving away from manually sending collection emails via Outlook allowed them to increase team efficiency and grow their business without having to add to the headcount in the credit team.
Ready to see how YayPay and APS Payments can help you get paid faster? Watch the full Lunch Bites interview and read more about how Top Notch Distributors Case Study to learn more!