Automating B2B AR Functions are the way forward. After the arrival of coronavirus, we can see a great shift in the sphere of consumer commerce. Yes, people have started giving more importance to online transactions and therefore, businessmen are making online shifts. But, without having proper payment equipment, it is very difficult to survive in this competitive world. Fortunately, American Express is ready with its advanced payment and invoicing system. This giant payment company has realized the increase in the automation process. And therefore, they are ready to provide an adequate amount of support to the SMBs otherwise known as small and medium-sized businesses.
Dan Puleri, the vice president of B2B supplier strategy and enablement at American Express said that they have designed their payments. And invoicing system in such a way so that it can support the increased automation.
Well, the business to business service program or B2B program has been changed over the course of time. According to research done by PYMNTS.com, almost 73 percent of firms are still receiving paper invoices and on the other side, more than 80 percent of companies are making payments using paper checks.
Over the course of time, we have got many fruitful outcomes of technology and augmented reality is undoubtedly one of them. At present, the AR technology is creating a great impact in the sphere of online business industry. It has the capability to replace the entire artificial environment with a virtual world. American Express has got this point very well and as a result. The company has recently partnered with an AR or Accounts Receivable software company in order to provide access to the automation software. The company is planning to offer this experience at a very reasonable price.
The entire design will be ‘plug and play’ model in order to maintain simplicity. The company has designed it for small and medium-sized businesses. American Express enterprise believes that it will enhance the cash flow in the business. And along with it, the small merchants will be able to deliver satisfactory shopping experience to the consumers.
American Express also said that they have partnered with another tech company, HighRadius for improving treasury and order-to-cash management. The company announced it on 18th August. Due to this, the large and upper-mid companies will have access to the integrated AR management platform. In addition to this, Puleri also mentioned that. The company notices the enhancement of the activity with AP automation and the steps taken by the American Express will create endless opportunities for the merchants.