Tipalti scaled our financial operations without needing additional hires for 3 years
September 23, 2015
Tipalti scaled our financial operations without needing additional hires for 3 years
Score 10 out of 10
Vetted Review
Verified User
Overall Satisfaction with Tipalti
We use Tipalti as a our automated accounts payable system for all of our product vendors that we work with. We add hundreds of new vendors each month which makes it very difficult to keep up with on a manual basis. Basically when a new vendor agrees to work with us, they complete their financial information in a Tipalti iFrame as well as their tax information, allowing us to automatically set up payments when we receive invoices from them. When vendors enter incorrect financial information which happens frequently, Tipalti is able to catch this and help our vendors correct it with minimal interruption to our business.
For retail, it is incredibly important to maintain accurate records of our accounts payable to vendors. Because we have millions of dollars moving each day, removing the human element from accounts payable allows us to eliminate the risk of human error, greatly improving accounting accuracy and efficiency. In addition, automating the accounts payable element helps the company scale its finance team more efficiently as we do not require additional headcount in processing invoices as we work with additional vendors.
For retail, it is incredibly important to maintain accurate records of our accounts payable to vendors. Because we have millions of dollars moving each day, removing the human element from accounts payable allows us to eliminate the risk of human error, greatly improving accounting accuracy and efficiency. In addition, automating the accounts payable element helps the company scale its finance team more efficiently as we do not require additional headcount in processing invoices as we work with additional vendors.
- The most important thing to look for when selecting an enterprise partner is customer service. The support team at Tipalti is extremely prompt and helpful when responding to questions, no matter how dumb they might be. Their executive team also monitors support inquiries for broader account questions so the are able to handle them promptly with the right perspective. Being able to get a quick response for any question is exceptionally valuable.
- Tipalti's core feature is enabling payments in a very streamlined manner. They were the first provider that we found that was able to process payments in any currency across any payment method, allowing us to provide the maximum convenience to the vendors that we work with. Because of this, Touch of Modern is known as one of the easiest retail partners to work with.
- A feature we didn't even realize would be so valuable is the tax compliance piece. When we started the company, we had no idea that we needed to collect tax information for every vendor we sent a payment to. Tipalti's platform requires this and ensures no payments are sent without the proper compliance.
- One frustrating problem we've had with payments is when payments bounce. Now this is not necessarily a problem with using Tipalti vs. using any payment processor, but sometimes it takes 1-2 weeks to even find out a payment has bounced and then another week or so for the payment to return to our account. It would be incredibly valuable to know as soon as possible when a payment has bounced so we can take the proper corrective action.
- The functionality that I would love to see is the ability to send a credit card payment token, with the idea of generating individual single use credit card numbers to pay our vendors by that method. With this payment method, Tipalti would be fully complete in my mind in the ability to send money.
- Paper checks are a little slow to send out, but then again, it's called "snail mail" for a reason.
- Tipalti has increased department efficiency by allowing us to scale without building up a large accounts payable team. We issue hundreds of payments a month without the need for any accounts payable associates at this time.
- Our vendor customer service has improved with Tipalti's new payment report, because we can instantly provide information related to a wire or payment sent to a vendor in case they did not recognize receiving it on their end. When you are having a dispute of whether or not you paid, having detailed records is very key.
- When tax season rolls around, we already have all of the information collected so we do not need to spend as much time as before reaching out to collect tax forms.
- AFEX and Payoneer
We looked at Payoneer and AFEX. AFEX was more focused on foreign currency and is able to distribute payments faster because of a broad network of financial institutions around the world. However, they do not have any compliance regarding foreign payments.
Payoneer looked like a leader in the space, but they did not offer the comprehensive payment methods, particularly related to foreign currency that Tipalti did when we did our search three years ago.
Payoneer looked like a leader in the space, but they did not offer the comprehensive payment methods, particularly related to foreign currency that Tipalti did when we did our search three years ago.