Written by Frederik Kromann on 3/2-2023
Supplier payments must be resolved in the best possible way
The vast majority of our customers use CorpayOne to approve and post their supplier invoice.
If you're not using their solution, I think you should get started - it's really nice. You can read more here. Efficient bookkeeping 3 tips for easier bookkeeping
Around 80% of our customers use CorpayOne to manage their supplier invoices - and around 70% of our customers use CorpayOne's payment function too. And this figure appears to be falling. But why is that?
In this post, I'll take a closer look at when it's a good idea to ditch CorpayOne's payment feature and instead look at November First. It is also November First that is behind e-conomics SmartPay.
The 5 points below will give you an idea of whether it's for you
Top 5 reasons to consider economic payments to be handled by November First / Smartpay
1. Control cash flow
2. Better accounting of foreign supplier payments
3. Better security
4. Better authentication
5. Savings on fees and exchange rates
Cashflow
There's not always money in your account, so sometimes you need to hold back a few payments - or just pay some invoices in instalments. When you use November First, you can choose when invoices are paid in an easy and elegant way.
Bookkeeping
How to book a supplier invoice? Or more specifically - the payments themselves. Supplier invoice economics paid by November First will be put into drafts with the correct rate and charges so all you need to do is click "reconcile automatically" in e-conomics bank reconciliation. Unfortunately, in the case of foreign payments, CorpayOne cannot post the bank statement itself - yet.
Security
I know it's a bit annoying - but IT security and frauddetection is actually a thing and something we should all take more seriously. At November First, suspicious behaviour in your payments is constantly monitored. That is, if one of your suppliers suddenly changes their account number they will automatically be taken out for inspection - there may be owls in the nest.
The company is subject to the strictest requirements of the Financial Supervisory Authority so you can safely entrust your data and money to them.
Better authentication
If you need double authentication of payments, this is fortunately also an option in the system. Increasingly, we're seeing businesses wanting a bit more control over how payments are approved and by whom.
Money saved is money earned
The fees and exchange rates you have at the bank are replaced with those you get at November first. And both their fees and exchange rates are far better than what you normally experience. Therefore, you will often find that you save money if you use their solutions.
Summary
Although there are many different reasons why you would want your supplier payments to be handled by November first, in our experience reason number 1 - Cashflow and better control of payments is the predominant reason why our customers choose to use this solution.
The small print
There is a form of payment approval in CorpayOne that makes it easier for you to approve when you want to make your supplier payments. So it is indeed possible - however our experience is that this solution is more of a workaround and not an elegant solution to use unfortunately.
