Tips to navigate the top four customer payment portals

In an era where digital transactions reign supreme, customer payment portals have emerged as a convenient and efficient way for businesses to manage receivables and streamline payment processes.

However, while the benefits of customer payment portals are undeniable, their implementation and maintenance come with their own set of costs and considerations for credit departments.

Why it matters: Customer payment portals are here to stay, so credit departments must create a strategy to best approach each portal.

Some credit managers approach payment portals by assigning one credit manager to those special accounts so they can become an expert. But each portal also requires a specialized strategy depending on how they operate.

Here are the top four most-used customer payment portals and tips to navigate each:

#1 SAP – Ariba

System Applications and Products in Data Processing (SAP) Ariba is a cloud-based solution that allows suppliers and buyers to connect and do business on a single platform. It aims to improve an organization’s vendor management system by providing less costly ways of procurement and making business simple.

“Every one of our customers sets up Ariba differently for just what they need and what they want to pay for,” said Christian Pedersen, CCE, corporate credit manager at Emcor Services Aircond (Smyrna, GA). “It is the most flexible in set-up and if everybody uses it correctly, it’s a very strong system.”

For some credit professionals, Ariba is their number one preference for customer portals. With several features created to simplify invoice processes, Ariba makes it easy for credit managers to favor.

“It allows you to upload invoices via a CSV template, which reduces the need for manual data entry and enhances the accuracy of submissions,” said Yenny Garcia, senior billing manager at The Imagine Group LLC (Grayslake, IL). “It also provides excellent reporting tools to track the status of invoices and payments and detailed insights into invoice rejections. The portal is a user-friendly interface, and I highly recommend leveraging its available widgets that track invoicing cycle times, on-time payment rates, and invoice volumes.”

#2 Coupa

Coupa is an AI-driven, cloud-based spend management platform developed to meet all business needs across procurement, supply chain, finance, and more. It also offers numerous options for streamlining processes. For instance, you can upload invoices via cXML, and your ordering system can be integrated with the portal, facilitating order processing for your company.

“Coupa is very easy to use because of its format,” said Sondra Thornhill, CBA, national account credit manager at H&E Equipment Services, Inc. (Baton Rouge, LA). “You can see all invoices along with the dollar amount and all information on the front-end. Though we also use Ariba, if we have too many customers using it all at once, we venture out to a third party. However, Coupa is the most user-friendly.”

Garcia said she recommends participating in the onboarding process between the customer and your company to understand the invoice submission requirements thoroughly. “Customers may have varying needs,” she said. “Some may require extensive information like a copy of the invoice and ASN (tracking) details, while others may only require basic information like invoice numbers and the billed amount, which will ensure smooth payment processing for your organization without any delays.”

#3 Corrigo

Corrigo allows its users to stay connected to their customers and team, including techs and subcontractors, all in one place. Credit professionals who use Corrigo as a payment portal say that the system provides an easy way to collaborate with the option of having small chats on the side.

“If there’s something going on with a particular invoice, the billing agent can see what’s going on with the customer and chat back and forth until it’s resolved,” said Pedersen. “We have very few disputes or problems with the Corrigo portal, but other portals offer less automatic communication. If someone on the customer’s end wants to communicate, it can happen, but it’s not automatically part of the workflow.”

Pedersen also said many banks and retailers use the type of software needed for Corrigo. “They’ll submit the order to us, then we complete the order and upload the invoice, and then later on, the collection department looks at the progress to see when the payments are going to be issued,” he said. “I think the best part is that there’s a workflow and if you don’t answer your group chat, there’s a reminder and vice versa—the other side gets that same type of reminder. It’s very effective, and that communication flow helps reduce bottlenecks and delayed invoices.”

#4 Taulia

Taulia is a financial technology business that provides supply chain finance and discounting services. Taulia is also part of SAP, which is the world’s largest B2B network. It provides a complete working capital solution for forward-thinking operations. The biggest benefit of any portal is the amount of visibility.

“We can see exactly what’s going on with invoices at any given time from the time they are uploaded into the portal until the time it is paid,” one credit manager said. “Taulia is one we use a lot to see a kind of forecast of what dollars will be coming in and when. Invoices on our side go in, the customer’s orders on their side also go in, they pair up, they match and that’s how they get processed. So, at the end of the day, most portals all provide the same function.”

Yes, but: The integration of automation varies across each portal—and catering to all of those differences across all platforms can be difficult for credit managers. “For anyone who is using portals, I would say start to look at and take into account what the invoice status is and then focus your time and energy that way,” said one NACM member.

For those who are new to exploring portals, it may seem intimidating at first. However, once becoming acquainted with the functionalities available, it can be a seamless process. One of the most important takeaways is building a strong foundation with the customer to understand the different functions and capabilities offered through the portals they use. “The customer will feel validated and that you are using the portal to its fullest potential,” said Garcia. “This will result in improved accuracy, time savings, and, ultimately, a reduction in your DSO.”

The bottom line: Despite the varying levels of challenges created by customer payment portals, credit managers can ease the burden by strategically approaching each platform.