Versapay Weekend Digest – July, 2021

With July now in the rearview, we'd like to share some of the top stories we read from the world of B2B payments and accounts receivable in July, 2021.

3 Ways to Modernize Cross-Border B2B Payments

The first article on display comes from Bai.org . In this article, Dan Drees, Chief Growth Officer for AvidXchange, paints a picture of how our world has been changed due to COVID-19. More specifically, how the pandemic has impacted cross-border payments for B2B companies, and how despite a boom in online sales (39% growth in Q1 2021 vs. Q1 2020), cross-border B2B payments have all but been left behind.

As Drees writes, when it comes to cross-border payments, remote work has created noticeable challenges for legacy processes, creating a greater need for solutions that enable faster international payment facilitation and enhanced security.

The article delves further into three unique pain points felt by business leaders in charge of executing cross-border payments, and the solutions?that could help resolve these issues.

Read them for yourself in this article .

Ways CEOs Are Rethinking Accounts Receivables

This next article was initially published back in mid-February, but it remains important to understanding the critical role accounts receivable (AR) play for all B2B organizations.

In this piece, Sonia Dorais comments on how the accounts receivable function has previously been cast aside as an afterthought for some businesses –?something we at Versapay have written about ourselves (see here ). However, executives all the way up to the CEO's office now see how important AR is to company performance, the benefits of managing it well, and the consequences of getting things wrong.

Check out this article for yourself to learn?four ways?CEOs are rethinking their accounts receivable?to accelerate?their cash flow and deliver?higher?quality customer experiences. Read more .

How The Digital Shift Is Coming To College Financial Offices

The final article we've pulled from the month of July comes from PYMNTS.com . In this piece, PYMNTS writes how the digital shift that is currently being seen in companies across industries like commercial real estate (CRE) and wholesale distribution, may soon be making its way to educational institutions.

The article is a preview to a wider body of research done by PYMNTS for their "Smart Receivables Playbook: Rethinking Tuition Payments In A Time Of Transformation." According to PYMNTS, 72% of U.S. schools' finance leaders consider their payments operations only somewhat or slightly effective. Using statistics like these, PYMNTS raise important questions over whether schools have the tools necessary to create seamless and flexible payment experiences for their students.

As PYMNTS writes, integrating digital technology into schools' legacy accounting and financial processes is not merely about eliminating?barriers preventing quick and easy payments, but also to help these institutions make a concerted effort to achieve important strategic goals.

Take a read through this article and learn more about the digital shift coming to higher education.

That's all we have for July, but stay tuned in early September as we'll have a few more highlights to share with you from the month of August!