Proper cash flow management is a key strategy that every business owner must master for long-term financial success. Learn more about Esker Pay; a comprehensive set of payment capabilities and strategic Fintech partnerships empowering businesses to better manage their cashflow by eliminating complex and inefficient accounts receivable (AR) and accounts payable (AP) processes.
If you understand cash flow techniques, you can get ahead of the market. You’ll even be able to predict cash flow, because you understand the revenue cycles of customers, vendors, suppliers and contractors.
According to a 2022 CBInsights survey, 68% of small businesses have an outstanding debt and 29% fail because they have run out of cash. Managing cash flow is therefore crucial to a company’s success.
Every business has high and low seasons; understanding upcoming expenses for employee overtime, replacement equipment costs and customer payment delays, all go a long way to ensure your business is well positioned to handle any bump in the road.
The first step is to determine the cash flow that your business needs. This is because cash flow enables growth, funds development and ensures that liabilities are met, avoiding insolvency.
What is Esker Pay and how can it help?
Esker Pay is an extensive set of integrated payment capabilities and strategic Fintech partnerships to help businesses unlock cashflow.
Fully integrated with Esker’s Procure-to-Pay and Order-to-Cash solution suites, Esker Pay helps businesses better manage cashflow by eliminating manual, complex, and inefficient processes for both accounts receivable (AR) and accounts payable (AP).
Esker Pay’s end-to-end payment automation goes even further by reinforcing sturdy supply chains by providing early payment discounts and supply chain financing options, while also addressing fraud prevention, late fees and negatively impacted cashflow concerns.
Facilitating and Expediting Payments
“The axiom that ‘cash is king‘ has been reinforced over the last 2 years. When times are tough for many businesses, getting paid and paying suppliers on time can be a tall order”, said Catherine Dupuy-Holdich, Product Manager at Esker.
“With Esker Pay we offer the technologies and partnerships to facilitate and expedite payments.”
Esker enables companies to achieve true positive-sum growth at a time when business success depends on it by facilitating an ecosystem where companies, customers and suppliers create value together — instead of at each other’s expense.
What is Positive-Sum Growth?
For suppliers, prompt payment from customers results in secured cashflow. And for customers, paying suppliers and maintaining good relationships is key, as onboarding new ones can be costly and risky.
Esker has partnerships with leading Fintech companies like Stripe, Corpay, Wind River Financial, Jack Henry, SisID, Pytheas Capital Advisors, Payroc and SlimPay, and more; offering a range of payment capabilities, including:
• Domestic and international payments
• Supplier payment automation
• Supply chain financing (reverse factoring)
• Dynamic discounting
• Integrated payment methods (e.g., cards, direct debits, transfers, etc.)
• Factoring
• Early payment discounts
• Payment information verification
“And this is just the beginning,” says Jean-Michel Bérard, CEO at Esker. “We will continue to enrich Esker Pay through technology developments and future partnerships to further optimise customer and supplier B2B payments, reduce risk exposure, and improve back-office efficiency.”
Esker Pay is available across the globe to all customers and prospects.
Supplier Payment Automation
To delve into each part of the Procure-to-Pay cycle, payment automation operates as the final stop along the supplier invoice automation journey.
This means that there is a faster invoice cycle time; suppliers are paid on time without errors, cementing businesses’ relationships with their suppliers; ensured compliance and more time for Accounts Payable teams to focus on other objectives and value added tasks.
Automating your vendor payments process is an essential step towards completing an effective end-to-end AP automation process and can offer your organisation a range of benefits both tangible and intangible.
“We’ll no longer be missing out on early payment discounts. That’s a huge value,” Novatech.
“30% in additional savings each month thanks to more early payment discounts captured,” Partstown
Customer Payment Automation
All along the Invoice-to-Cash cycle, payment automation facilitates the process of getting paid, making things easier for both the supplier and its customers and thereby enhancing the Customer Experience.
Customers can schedule or auto-pay their invoices online; ensure correct and on time payment; suppliers benefit from reduced DSO, and faster invoice settlement.
“Offering an e-payment tool went hand in hand with our use of Esker and e-invoicing delivery.” Toshiba Business Solutions
“Lowered past-due percentage by 4%, reduced average DSO and improved cash flow.” Trek
Key Takeaways
- Esker Pay is part of Esker’s global positive sum growth vision to facilitate supplier and customer payments
- Esker Pay offers a unified user experience that integrates seamlessly into the customer journey and strengthens relationships
- Esker gives our customers a new set of payment capabilities thanks to new strategic Fintech partnerships
Learn more on the Esker website, or contact us today for more information.
