Enterprise payment solutions for business-to-business’ (B2B) are designed to transform and streamline complex billing operations. For instance, Fiserv Inc.’s SnapPay is an automated, multi-channel enterprise payment solution that integrates directly with a firm’s AR/AP processes and enterprise resource planning (ERP) software, streamlining reconciliation across all payment channels.
Fiserv Inc., one of the world’s biggest payments and financial technology providers, and SAP have partnered to integrate their cloud-based enterprise payment solutions SnapPay and SAP digital payment add-ons for B2Bs to improve working capital and increase operating efficiency.
Suhas Gosavi, Senior Vice President, B2B Payments and eCommerce at Fiserv stated that for most businesses, the top priority is to improve the working capital. He added:
“To meet that need we innovated on our existing SnapPay integration with SAP solutions to make it even easier for clients to access payment services, reduce days sales outstanding, and automate back-office processes.”
SnapPay, Fiserv’s cloud-based AR solution from First Data and the firm’s flagship enterprise payment solution, will integrate with SAP digital payment add-ons to better the digital payment methods between B2B firms and their customers. SnapPay will be able to facilitate card, Automated Clearing House (ACH), and new digital payment methods upon the integration of SAP ERP Central Component and SAP S/4HANA. Furthermore, labor-intensive corporate treasury operations will be digitised into a real-time, automated, and secure experience through the new solution.
Best of Both Clouds
Credit card and other digital payment methods that are subject to the Payment Card Industry Data Security Standard (PCI DSS) utilises SAP digital payments add-on. Companies can integrate into certified payment service solutions with flexible access to multiple digital payment methods, including SnapPay, if ran on any variant of SAP order or sale-to-cash processes (B2B, B2C, point-of-sale, web).
On the other hand, built to serve the accounts receivable and accounts payable needs of large and mid-sized companies, SnapPay help B2B digitise invoice-to-pay processes. Fiserv’s cloud-based payment solution provides suppliers a secure, self-service portal that digitalises file transfers, protects bank information, and eliminates manual remittance.
In a SnapPay single client case study, it was shown that there was a 20% reduction of processing cost, 50% improvement of time-to-service with an increase in revenues and a 25% decrease in the number of routine calls. In terms of annual savings, data shared by Fiserv’s client has shown marked improvement such as days sales outstanding (DSO) down to 1.5 days resulting in $100,000 savings and a 30% increase in productivity resulting in $150,000 savings.
SnapPay and SAP in Action
Brewster Home Fashions, one of the largest global producers and distributors of home decor, is already reaping the benefits of the payment methods’ integration. While on SnapPay, the firm has successfully migrated to SAP S/4HANA and SAP ERP with SAP digital payments add-on.
Daoud Ali, Executive Director of IT at Brewster Home Fashions, shared:
“The real-time integration of SnapPay with the SAP solution is enhancing our process efficiency, reducing our overall cost of doing business, and simplifying payment card industry compliance.”
“The solution is flexible, efficient and has given our customer service team a new sense of empowerment,” Ali added.
Oliver Kroneisen, Vice President and Head of Financial Operations Development at SAP said:
“The SnapPay integration with SAP digital payments add-on helps meet the unique needs of B2B and B2C customers.”
According to Kroneisin, Brewster Home Fashions is one true example of SAP’s continued commitment in prioritising customer benefits.
Fiserv Inc., a global leader in payments and financial technology, continues its commitment to help clients achieve best-in-class results, much like SAP’s, through innovative solutions such as this recent partnership with the German company.