Coupa provides a simple and powerful ‘last mile’ solution as part of a comprehensive business spend management strategy
Coupa Software, a leader in business spend management (BSM), unveiled its vision for a business-to-business (B2B) payments solution that aims to put an end to the complex, manual, and inefficient payment processes that companies currently use. Called Coupa Pay, this industry-first offering spans a set of payment and financing solutions that empower businesses to spend smarter at every transactional step of their business spend management strategy.
Research shows that nearly one-in-four companies originate payments with eleven or more banks, and one-in-two companies make at least half of their B2B payments manually. Add to that the fact that payment times to suppliers around the world are getting longer, and it’s clear that companies are in need of a more agile, modern, and efficient solution to manage payments.
“While we’ve seen innovation across many different payment rails, buyers and suppliers are still left with fragmented solutions that are inefficient, error-prone, and lack end-to-end visibility and control across all business spend,” said Ravi Thakur, Senior Vice President of Business Acceleration at Coupa.
Ravi added, “Coupa Pay is a natural step in our journey to help companies spend smarter. It inherently offers a two-fold advantage. Our customers get value by extending payments as part of their overall business spend management strategy, and their suppliers get a more efficient and inclusive experience throughout the process.”
Coupa Virtual Cards for Purchase Order (PO)
The first payments solution from Coupa is Coupa Virtual Cards for PO, which bring more visibility and control into the business spend. Finance departments often waste resources to reconcile payments for low-value, high-volume transactions and onboard suppliers to pay one-off transactions. To reduce the need for manual processing, Coupa Virtual Cards for PO produce a unique, one-time-use credit card number for authorized suppliers that automatically reconciles credit card charges and statements to the PO. Coupa Virtual Cards for PO streamline the payment reconciliation process and make these low-value, high-volume payments both more efficient and secure for buyers and suppliers.
Coupa Virtual Cards for PO is the first of a number of different payment solutions that Coupa expects to roll out in the future.
Coupa Supply Chain Finance
The Coupa Supply Chain Finance (SCF) solution provides suppliers with access to third-party payment financing within Coupa, making it simpler for suppliers to get better rates and giving buyers additional flexibility to extend their payment terms. To get paid faster, suppliers today use multiple financing solutions that require multiple integrations, which are a hassle for both companies and their suppliers. Coupa SCF brings businesses, their suppliers, and financial institutions together on the Coupa BSM Platform to reduce complexity, offer a unified user experience, and consolidate reporting while optimizing working capital and financing decisions.
Coupa SCF comes on the heels of Coupa Accelerate, which provides early payment discount solutions to buyers that want to pay suppliers early and receive greater returns on their cash investment. Coupa Accelerate leverages the Coupa BSM Platform to bring discount terms directly into the PO to optimize working capital.
“Coupa has defined what it means to deliver a comprehensive business spend management platform,” said Mickey North Rizza, program vice president at IDC. The company’s unified, market-leading approach to Source-to-Pay uniquely enables them to deliver payments and financing seamlessly tied to every transaction. The launch of Coupa Pay brings efficiency and more value to B2B payments and financing. This will help companies and suppliers transact more efficiently, manage cash more effectively, and maintain full visibility and control over payments.”
“We’re excited about the vision that Coupa has set for Coupa Pay, said JR Miller, Senior Vice President Finance and Controller at Leukemia and Lymphoma Society.
JR Miller added, “We already have greater tracking, compliance, and management of our spend with Coupa’s current solution, and the ability to extend that same level of visibility and control into payments and financing puts us in an even greater position to focus on helping save the lives of the millions of people affected by blood cancer.”
Currently, Coupa Software is the leading provider of BSM solutions. We offer a comprehensive, cloud-based BSM platform that has connected hundreds of organizations with more than four million suppliers globally. Our platform provides greater visibility into and control over how companies spend money. Using our platform, businesses are able to achieve real, measurable value and savings that drive their profitability.