Enterprise payment software helps large and multinational companies streamline and optimize payments processing. Through the use of this type of software, companies can increase the efficiency of their payment activities by reducing errors, preventing fraud, automating the processing of large numbers of transactions, and transferring funds from customers to suppliers in multiple currencies. This software can also assist in processing payments from different sales mediums, such as retail, e-commerce, and on the go. Enterprise payment software is used by accounting departments to match invoices with payments for bank reconciliation and payment tracking. Accountants also use this type of software to consolidate payment information from multiple sources and analyze payment performance at the enterprise level. The software can also be used by managers from departments such as procurement and sales to track which customers paid invoices and which suppliers were paid by the company.
This type of software should integrate with any other products that are used for financial purposes, such as ERP systems and accounting software.
To qualify for inclusion in the Enterprise Payment category, a product must:
Deliver workflows to automate payment processing
Support multiple payment methods such as ACH, wire, and debit and credit cards
Provide portals or mobile apps for users to submit invoices for payment
Consolidate payment data from multiple sources
Comply with security standards to protect sensitive information
Allow batch processing and scheduling of payments
Provide APIs and plugins for integration with enterprise software
