In our first best practices guide of the series, ‘Accounts Payable Approval Workflows’, we took a deep dive into evaluating a client’s end-to-end payments process, how to track progress using key performance indicators (KPIs), and how to determine and implement a process that can save them time and money.
Now, it’s time to look deeper into the business to business (B2B) payment methods your clients are using and the processes (or lack thereof) in place to keep their payments organized, efficient, and reduce risk to fraud. This guide will walk you through the steps of client analysis, help you understand payment method pros and cons, and assist you in determining the right payment method(s) for your individual clients’ needs.
In this guide, we’ll share a step-by-step approach and best practices that will help you recommend scalable payment options for your clients, including how to:
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Evaluate your clients’ current payment methods
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Manage vendors and their payment terms
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Explore various available payment methods
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Determine the right payment method(s) for your client
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Implement a scalable payments process into their approval workflow
