B2B Accounts Payable: Send Payments Quickly with One Tool

If you’re scaling an international business with vendors and suppliers from around the world, your B2B accounts payable team may be facing these challenges:

• You’re never sure of the full cost of your international business transfers until you receive your billing statements. This makes budget forecasting complicated as your overseas transactions increase.
• Large payments can take weeks to send to vendors and suppliers because of daily or weekly transfer limits. This delay can slow down and threaten to halt your business operations. 
• Payments fly into and out of corporate accounts at different times, making cash payments tricky even when revenue is growing fast.
• Multiple local and international payment types create an accounting and reporting nightmare. This leaves your B2B accounts payable department tied down in manual reconciliation, which takes time and leads to human errors.

We’re founders of fast-moving global companies, so we know the delicate balancing act of paying suppliers on time in multiple countries and currencies while protecting cash flow and expanding into new markets.  

We created Jeeves Pay to solve the exact problems we’ve faced (and you may encounter as your business scales). In this article, we’ll go into detail on how Jeeves can help you bypass many of them:

• How Jeeves’ business-to-business accounts payable solution works
• Simplify and automate your accounts payable with Jeeves Pay
• How Jeeves Pay helps a startup in Latin America grow their business

How Jeeves works as a B2B accounts payable solution 

We’re Jeeves, an all-in-one payment platform and spend management solution for scaling international companies looking to:

• Reduce cross-border administrative roadblocks
• Complete monthly reports on time
• Protect available cash regardless of its location or currency 

As founders of global companies, we know first-hand the challenges of running a fast-moving company in multiple countries and currencies. It’s why we’ve created the global business payments solution, Jeeves Pay, to help your accounts payable team settle your domestic and international supplier and vendor invoices on time, without using up the available cash in your corporate accounts. We’re unique because our B2B payments service is part of our full suite of financial services, including multi-currency corporate credit cards and a global spend management system. With Jeeves, you can track total corporate spend and expenses in one centralised account, without the need for local bank accounts and credit cards in each country.

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For example, you can check up-to-date Jeeves Pay data in real time on the Jeeves platform. Then you can download all your Jeeves transactions to your accounting software, reconcile business payments, and complete monthly reports from multiple countries and currencies in record time (instead of the extra two to four weeks it might require by using manual processes and multiple tools).   

How to simplify and automate your accounts payable with Jeeves Pay

Invoice processing is time consuming and slow when you’re using several tools. You may be dealing with a variety of payment methods, from ACH payments and paper checks to wire transfers through various financial institutions. 

Here’s how your finance team can streamline the AP process with a single digital payment system for both international and domestic B2B transactions, Jeeves Pay:

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Know the exact cost of B2B transfers before you pay

You can stop guessing how much your local and international wire transfers will cost with Jeeves Pay. As an electronic payment service, we use the daily mid-market exchange rate to calculate your currency conversion. Then we'll show you the total cost of your transfer before you press send with no extra charges to surprise you later.

When you’re ready to pay, you can hit the send button (or cancel the payment). We want you to make decisions with full transparency at Jeeves.

You can send any amount of money (up to your full line of Jeeves credit) to most bank accounts in 140 different currencies. If you don’t have a Jeeves account yet, you can sign up for one in five minutes and get a response to your application in as little as 24 hours.

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Keep vendors and suppliers happy with fast, on-time payment processing

Your AP team can build good relationships with vendors and suppliers without breaking up large payments over time and jumping through the many hoops of traditional B2B payment processing. Payment via Jeeves Pay can settle instantly, in 24 hours, or up to three business days max, depending on the recipient’s country. 

Once the money is in transit, both you and the receiver will get email notifications. Then, as soon as the payment settles in your recipient’s accounts, you’ll both receive a second email (so supply shipments or your vendor’s start-of-service can move forward).  

Know-Your-Customer (KYC) and Know-Your-Business (KYB) compliance checks happen instantly during our B2B payment processing, which means your supplier payments won’t get stuck in five to seven days of red tape. They’ll arrive on time or early, so your business can keep moving forward thanks to the quicker payment cycles Jeeves Pay provides. 

Send large and small payments in a few clicks, without limits

We designed Jeeves Pay to be easy to use without barriers to slow you down. You can send domestic or international transfers from the same tool in the same way, without having to decide between multiple B2B payment methods.

It takes only a few minutes to enter your recipient’s payment information in Jeeves Pay, like:

• The receiver’s legal name and country.
• Which currency to send.
• The recipient’s bank details.
• The payment amount.

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You can then send any amount of money (up to your available Jeeves credit limit). Jeeves Pay doesn’t have daily or weekly limits on payment amount or the number of payments, so you’ll never need to schedule multiple smaller payments to one recipient.

Here’s an example:

If you have a Jeeves balance of $100,000, you can send it all to a single supplier in one online payment or you can make small payments to 500 suppliers and vendors in 24 hours. 

You can sign up for a Jeeves account in 5 minutes and get a response to your application in as little as 24 hours. 

Accelerate your accounts payable admin with spend management

When you’re paying local and international invoices on the Jeeves platform, you automatically get our spend and expense management program at no additional cost. Inside your account, you can:

• Integrate your data with ERP and accounting software, such as Xero, QuickBooks, SAP, and NetSuite, to automatically match Jeeves Pay payments with invoices and purchase orders and speed up reporting.
• View and track all payments regardless of country or currency in one centralised location instead of multiple local bank accounts in different countries.
• Drill down into detailed analytics, such as specific dates, country, currency, or statements, for faster analysis. 
• Consolidate your increasing costs as your business scales (with larger numbers of international supplier and vendor payments) by managing them with one provider.

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Additional benefits of using Jeeves Pay

When you use Jeeves Pay, you also have a Jeeves account. This means you have a global payment stack that protects your available cash as you scale, including: 

• Partner discounts worth over $100,000.
• An online application and a fast approval process.
• Unlimited physical and virtual corporate credit cards in different currencies, with no annual fee (Visa or MastercardⓇ available depending on your location).
• Free global spend management software inside your Jeeves account.
• Employee profiles that connect to issued physical and virtual cards where they can attach invoices and notes to speed up reconciliation for your finance team.
• Global payment rails. 
• Accounting integration with accounting programs and ERP like Xero, QuickBooks, SAP, and NetSuite.
• Both mobile and desktop versions are available.
• Coming soon: more automation functionality, such as automatic expense approval workflows.

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How Jeeves Pay helps a startup in Latin America grow their business

Here’s how the online marketplace for pet supplies Laika uses Jeeves Pay:

Supercharge your B2B accounts payable with Jeeves Pay

Jeeves Pay can help you skip the slow-moving admin of traditional B2B payment options, so your accounts payable team can pay your suppliers, vendors, and contractors on time. Your finance team can:

• Pay high-value invoices instantly, in 24 hours, or up to three days max without blocking your cash flow.
• Process payments to 25 countries in 140 currencies, with transfers to North America, South America and Europe arriving as quickly as the same day.
• Track your global payment data on one platform instead of separate accounts for each country.
• Send your transfer data to ERP and accounting software for more efficient reconciliation and report creation each month regardless of currency or country.

With Jeeves Pay, you’ll get the functionality you need to streamline your accounts payable process and have more time and control over your business financials. 

‍Ready to remove the unnecessary headaches from your B2B accounts payable? Get started and sign up for Jeeves Pay today.