California-based Tipalti, a company known for its automated payout services, has launched the Supplier Portal, a tool designed to help Accounts Payable (AP) departments streamline their payment processes for suppliers, vendors, contractors, or employees.
The Supplier Portal simplifies the payment process for various expenses such as raw materials, rent, utilities, office supplies, and payments to independent contractors and employees. It features a user-friendly web dashboard where suppliers can choose their preferred payment method and provide necessary banking details. The portal also allows AP departments to add suppliers and manage their payment preferences directly.
Additionally, the Supplier Portal can collect necessary tax forms from suppliers, further easing the administrative load. Chen Amit, founder and CEO of Tipalti, emphasizes that this new service significantly enhances efficiency by shifting suppliers to electronic payments, thereby reducing the operational and IT burden typically associated with such transitions.
“The Supplier Portal offers the AP department an effortless route to fully automate supplier payments, which not only helps in migrating to electronic payments but also reduces the instances of rejected payments and overall workload,” Amit stated. The system operates on the cloud, minimizing the need for extensive infrastructure changes and requiring minimal IT involvement from the payer’s side.
Leah Rogerson, VP of Finance at the technology company PulsePoint, shared how Tipalti has transformed their payment processes. Initially used for publisher payments, the benefits seen have led PulsePoint to expand its use to traditional vendor payments within their AP operations. “Seeing the efficiencies gained by using Tipalti, we are now expanding its use to our traditional Accounts Payable vendor payments,” she mentioned, highlighting the reduction in time, paperwork, and error rates.
Ellie Dautner, a finance postgraduate from the University of San Diego, is an expert journalist in fintech and mobile payment technology. She specializes in writing about fintech, mobile payments, startup funding, and acquisitions.