11 Global Payment Formats: The Treasurer’s Guide to a Preferred Payment Mix


This ebook outlines the 11 most widely used global payment formats a treasury team should be aware of and accept to constitute a healthy payment mix

Contents

Chapter 01

Executive Summary

Chapter 02

11 Global Payment Formats

Chapter 03

Arriving at a Preferred Payment Mix

Chapter 04

Standardized Cash Application Process

Chapter 05

About HighRadius
Chapter 01

Executive Summary


The Wave of Change in Payment Mix

According to a CRF survey, 79% of the business organizations are shifting towards a global business model.

It is important for the treasury team to support the most prevalent payment formats to ensure:

  • Low-cost payment acceptance
  • Successful cross-border deals and business expansions
  • Better customer experience
  • Standardized cash posting

Payment Format Distribution over Several Years
“Inability to process newer payment formats could direct your prospects to your competitors”

Thus the treasury teams should be specifically aware of the 11 most
-used payment formats to accept, process and also recommend them to a customer looking for payment recommendations

Chapter 02

11 Global Payment Formats


ACH Payments
ACH Payments

 

Wire Payments
Wire Payments

 

Check Payments
Check Payments

 

Credit Card Payments
Credit Card Payments

 

Virtual Card Payments
Virtual Card Payments

 

Real-Time Payments

 

BACS Payments

 

SEPA Payments
SEPA Payments

 

CHAPS Payments
CHAPS Payments

 

SWIFT Payments
SWIFT Payments

 

E-wallet Payments
E-wallet Payments

Chapter 03

Arriving at a Preferred Payment Mix


Payment Acceptance : Factors to Consider
Payment Acceptance : Factors to Consider

Chapter 04

Standardized Cash Application Process


Cash application cloud ensures seamless cash posting. It ensures the following:

✓ 95% Zero-Touch Cash Posting for Checks, ACH, Cards
✓ Eliminate 100% of Lockbox Key-In Fees
✓ Artificial Intelligence-Enabled Data Capture

Cash Application Cloud

The key features of this product include:

✓ Check remittance capture
✓ Email remittance capture
✓ Web remittance capture
✓ Invoice matching
✓ Discounts and Deductions handling
✓ Remote deposits and mobile payments

Chapter 05

About HighRadius


HighRadius is a Fintech enterprise Software-as-a-Service (SaaS) company. The HighRadiusTM Integrated Receivables platform reduces cycle times in the order-to-cash process through automation of receivables and payments across credit, electronic billing and payment processing, cash application, deductions and collections.

Powered by the RivanaTM Artificial Intelligence Engine and FredaTM Virtual Assistant for order-to cash teams, HighRadius enables organizations to leverage machine learning to predict future outcomes and automate routine labor-intensive tasks. The radiusOneTM B2B payment network allows suppliers to digitally connect with buyers, closing the loop from supplier receivable processes to buyer payable processes.

HighRadius solutions have a proven track record of optimizing cash flow, reducing days sales outstanding (DSO) and bad debt, and increasing operational efficiency so companies may achieve strong ROI in just a few months

HighRadius’ Integrated Receivables Platform

Integrated Receivables optimizes accounts receivable operations by combining all receivable and payment modules into a unified business process. The Integrated Receivables platform provides solutions for credit, collections, deductions, cash application, electronic billing, and payment processing – covering the entire gamut from credit-to-cash.

The HighRadiusTM Integrated Receivables platform stands out by enabling every credit and A/R operation to execute real-time from a unified platform with an end goal of lower DSO, reduced bad-debt, and faster dispute resolution while improving efficiency and accuracy for cash application, billing, and payment processing.

HighRadiusTM Integrated Receivables leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes. The Integrated Receivables platform also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier Accounts Receivable process to the buyer Accounts Payable process.

Chapter 01

Executive Summary


The Wave of Change in Payment Mix

According to a CRF survey, 79% of the business organizations are shifting towards a global business model.

It is important for the treasury team to support the most prevalent payment formats to ensure:

  • Low-cost payment acceptance
  • Successful cross-border deals and business expansions
  • Better customer experience
  • Standardized cash posting

Payment Format Distribution over Several Years
“Inability to process newer payment formats could direct your prospects to your competitors”

Thus the treasury teams should be specifically aware of the 11 most
-used payment formats to accept, process and also recommend them to a customer looking for payment recommendations

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HighRadius Cash Application Software enables the end-to-end automation of the cash application process that covers major benefits such as AI-enabled data capture for remittances, auto-linking of payments with open invoices, cost-cutting on lockbox fees and easy compatibility with any system due to its ERP-agnostic Saas infrastructure. Apart from the major benefits that it has, there are some key features which can not be missed out, some of them are Email Remittance capture, Discounts and Deductions Handling, Check Remittance Capture, Web Remittance Capture, Invoice Matching, and RDC & Mobile Payments.