This post was originally published on The FinTech Times
Ninety-two per cent of organisations are facing significant risks, including non-payment, legal disputes, and reputational damage as they do billable work without the assurance of being an approved supplier as Taulia, the capital management solutions provider, reveals its latest research.
The research, done in partnership with payments provider, Mastercard, found that without clear terms as approved suppliers, firms lack financial protection and legal recourse. Taulia also revealed that 20 per cent of businesses report they ‘always’ do billable work without the assurance of being an approved supplier, while 29 per cent ‘usually’ do this.
When asked about the most painful aspects of starting a business relationship with a new customer, registering on a new supplier portal was the most commonly cited problem (50 per cent), mentioned twice as often as due diligence (24 per cent).
Obstacles like data-sharing issues, system complexity, and difficulty integrating with existing Enterprise Resource Planning (ERP) systems contribute to this frustration and often lead to delays in payment for new suppliers.
For new suppliers, simplifying these processes is crucial. Payment solutions with a seamless ERP integration can play a key role in making the payment quick and frictionless. One example of a solution like this is Taulia’s Virtual Cards. However,
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