Category: News & Trends

As of April 2025, Visa officially launched the Commercial Enhanced Data Program (CEDP), introducing a new model that adds a 0.05% participation fee on eligible B2B U.S. commercial and small business card transactions submitted with Level 2 or Level 3 data for validation—while also reducing interchange rates by 7–10% for businesses who consistently submit accurate Level 3 data.

This is more than just a rule change. It signals a new era—where data quality isn’t optional; it’s the currency for lowering costs and building trust across the B2B ecosystem.

What Changed 

• Visa will review B2B transactions using advanced validation technology to verify data quality. Businesses are classified as Verified or Non-Verified based on data quality. 
• Scope matters: CEDP applies to U.S. B2B purchases made with commercial and small business cards  
• Level 2 & Level 3 are being phased out and replaced with Product 3 rates. 
  • Level 3 is phased out 10/17/25  
  • Level 2 is phased out April 2026 
• Verified businesses win big. Those consistently providing accurate data qualify for lower interchange—for example, some Product 3 (formerly Level 3) rates move from 1.90% + $0.10 to 1.75% + $0.10—netting an overall 7–10% savings after the 0.05% fee. 
• Businesses who don’t adapt will see new CEDP line-item fees on their statements but won’t realize the interchange savings—resulting in higher effective costs. 

Why Visa Is Moving in This Direction 

The old Level 2/3 model rewarded businesses who submitted more detailed transaction data, but quality was inconsistent. Some issuers received clean data; others received partial or error-prone records. 

Visa’s answer is to set a higher bar. Auto-populated enhanced data fields that were often inaccurate are no longer supported. Now, only businesses who submit complete, validated data fields qualify.  

CEDP aligns cost savings with data accuracy. That means businesses that invest in complete, validated transaction detail now gain both economic and operational advantages. 

For businesses, this marks a turning point in B2B payments: smarter data practices directly translate into competitive advantage.

The Bigger Picture: B2B Payments Modernization 

CEDP isn’t happening in isolation. It reflects a larger trend: 

• Businesses demand real-time visibility into spend. 
• Finance leaders want automation in reconciliation and reporting. 
• Suppliers expect smarter controls around purchasing and invoicing. 

Visa’s program doesn’t just lower fees for good data—it encourages businesses to modernize their financial infrastructure for the decade ahead.  

CEDP is not just about compliance. It’s about building a payments foundation that enables growth, efficiency, and resilience. 

What Businesses Should Do Now 

1. Evaluate your data capture. Are you reliably sending invoice numbers, line-item details, and tax information? If not, you’ll lose out. 
2. Ask your payments partner how they’re supporting CEDP. While other providers stop at compliance, Fortis helps you transform compliance into a growth advantage—automating enhanced data capture so you consistently qualify for the lowest rates and unlock smarter business insights. 
3. Monitor your statements. Starting April 2025, new CEDP line-item fees will appear on eligible Visa transactions. Make sure your processor is applying reduced interchange correctly, without padding old rates. 
4. Think beyond compliance. The same data that unlocks lower interchange can also fuel stronger decision-making across finance, procurement, and supplier relationships. 

The Fortis Perspective 

At Fortis, we see CEDP as an opportunity—not just to reduce costs, but to modernize how businesses approach payments.

We’ve built integrations that make compliance seamless, automating the capture and validation of enhanced data inside the transaction flow—ensuring our partners and their customers stay ahead.  That means reduced manual effort, consistent qualification for the lowest Product 3 rates, and actionable insights that extend far beyond interchange savings. 

CEDP is here. Costs are changing. The question isn’t whether your business will have to adopt—it’s whether you’ll treat this shift as a burden or as a chance to strengthen your payments strategy. 

We believe it’s the latter. And we’re here to make sure our partners capture every advantage. 

The future of B2B payments belongs to those who adapt—and Fortis is committed to leading the way. 

Ready to see how CEDP can benefit your business? Connect with Fortis today to learn how we can help you stay compliant, lower costs, and unlock the next level of B2B payments efficiency. 

Read time: 4 minutes 

Navigating the Microsoft partner ecosystem can be complex. As a consultant, systems integrator, or implementation specialist, your role extends beyond ERP installations. Clients increasingly expect complete, seamless financial experiences that not only improve efficiency but also support stronger business outcomes. 

One area that’s often overlooked? Embedded payments.  

By embedding payment solutions directly into Microsoft Dynamics 365 Business Central (BC), partners have an opportunity to create more connected financial workflows, improve client operations, and differentiate their services.

Why Embedded Payments Matter for Microsoft Partners 

For Microsoft partners, payments aren’t just about processing transactions. When thoughtfully embedded, they become a tool for simplifying workflows, reducing manual effort, and increasing financial accuracy. Within Business Central, integrated payments can help partners: 

• Expand service offerings → Move beyond core ERP implementations to deliver end-to-end financial solutions. 
• Enable recurring value → Create ongoing opportunities through managed services and continuous support. 
• Strengthen client relationships → Help clients accelerate cash flow, streamline AR, and reconcile with ease. 
• Differentiate in the market → Provide solutions that have a direct, measurable impact on client outcomes. 

In other words, embedding payments reframes partners as not just implementers, but as trusted advisors in their clients’ long-term growth journeys.

Real-World Advantages for Microsoft Partners  

Deliver A Unified Financial Workflow  

Disconnected financial systems lead to errors, delays, and frustration. Embedding payments within Business Central creates a seamless experience—minimizing redundancy, reducing risk, and delivering the automation clients expect. 

Establish Ongoing Engagement 

Unlike project-based services, integrated payments support a more continuous relationship. Whether through subscription models, transaction facilitation, or support services, partners can stay engaged with clients well beyond go-live. 

Deepen Client Trust 

Process improvements such as faster cash flow, more accurate reporting, and reduced reconciliation challenges give clients tangible value—strengthening trust and confidence in your expertise. 

Differentiate Your Practice 

In a crowded ecosystem, specialization sets you apart. Offering embedded payments demonstrates foresight and innovation, qualities that resonate with clients and lead to stronger retention and referrals.

How Fortis Supports Microsoft Partners 

Whether you’re exploring embedded payments for the first time or are reevaluating your strategy, Fortis offers a collaborative, partner-centric approach. Our solutions are: 

• Flexible and scalable → Designed for smooth integration with Business Central. 
• Hands-on and supportive → Backed by technical expertise and partner enablement support. 
• Tailored for growth → Built to help deepen client value and evolve your service model. 

Our goal is to empower partners with the knowledge, resources, and support to make embedded payments a natural extension of the services you already provide. 

Rethinking Payments as a Growth Strategy 

Embedding payments isn’t about adding another layer of software—it’s about enhancing the solutions you already deliver. By incorporating payments into your Business Central practice, you can: 

• Provide clients with modern, connected financial experiences. 
• Unlock recurring engagement opportunities. 
• Drive operational improvements that build long-term trust. 

With ERP clients increasingly seeking integrated financial workflows, the partners who adopt this mindset today will be best positioned to lead tomorrow.

Want to Learn More? 

If you’re curious about how embedded payments can fit into your Microsoft practice, Fortis offers resources, guidance, and collaborative support to help you explore the possibilities.

Read time: 4 minutes 

Chargebacks are more than a back-office nuisance—they directly impact cash flow, customer trust, and platform reputation. With fraud on the rise, businesses across industries like hospitality, healthcare, and professional services are feeling the strain. 

Understanding how chargebacks work—and how to reduce them—can protect your revenue and strengthen customer relationships. 

What Are Chargebacks? 

A chargeback occurs when a cardholder disputes a transaction through their issuing bank. While the claim is under review, the bank typically issues the cardholder a provisional credit and pulls the funds from the business’ account (commonly referred to in payments as the “merchant account”). 

Sometimes disputes are legitimate, triggered by fraud or billing errors. But often they’re the result of “friendly fraud” (a customer disputes a valid transaction) or “criminal fraud” (a purchase made with stolen card data). 

For businesses, the consequences go beyond the immediate financial loss. High chargeback ratios raise red flags with processing banks, leading to penalties, higher fees, or even restrictions on your ability to accept payments.

Types of Chargeback Fraud 

While some chargebacks are unavoidable, fraudsters frequently exploit the system. The most common types include: 

• Friendly Fraud: A customer disputes a purchase even though the goods or services were received. This is especially common in recurring-service models or hospitality, where services can’t be “returned.” 
• Criminal Fraud: Purchases made with stolen card details, often detected only after the transaction has cleared. 
• Business Error: Disputes caused by unclear refund policies, duplicate charges, or misrepresented services.

How the Chargeback Process Work 

The chargeback lifecycle involves multiple players—cardholders, issuers, networks, and businesses—and can stretch weeks or even months. 

Typical flow:

1. Cardholder dispute – The cardholder files a claim with their issuing bank. 
2. Issuer review – The bank validates the request. 
3. Bank notification – The claim is sent to the merchant’s processing bank. 
4. Funds withdrawn – The merchant’s account is debited. 
5. Merchant response – The business can accept or contest the claim, typically within ten days. 
6. Issuer decision – The bank reviews evidence and rules on the case. 

This process can take three to four weeks. Cardholders often have up to 120 days to file a dispute, and in cases involving ongoing service agreements, that window may extend up to a year. 

Businesses typically have just ten days to respond with compelling evidence, which makes preparation and recordkeeping critical. 

If disputes escalate further, the case may move to arbitration with the card brand. If the ruling favors the cardholder, the business may face additional arbitration fees on top of the lost revenue.

Common Causes of Chargebacks 

Chargebacks can result from fraud, error, or customer dissatisfaction. Frequent triggers include: 

• Unauthorized or fraudulent transactions 
• Duplicate charges or incorrect billing amounts 
• Misleading product or service descriptions 
• Poorly communicated refund or cancellation policies 
• Service disputes (goods not delivered as promised) 

How to Minimize Chargebacks 

The best defense is prevention. Businesses can reduce disputes by: 

• Set clear expectations – Publish transparent refund and cancellation policies. 
• Ensure accurate billing – Verify transaction details and avoid duplicate charges. 
• Strengthen fraud protection – Use tokenization, CVV checks, address verification, and fraud detection tools. 
• Maintain detailed records – Keep receipts, delivery confirmations, and customer communications. 
• Resolve issues quickly – Offer fast, accessible support to prevent escalations. 
• Audit regularly – Identify and fix recurring issues that trigger disputes. 

Why it Matters for Platforms & Businesses 

 For software platforms embedding payments, helping businesses minimize chargebacks isn’t just risk management—it’s a value driver. Lower chargeback ratios mean improved cash flow, stronger customer trust, and sustainable revenue. 

At Fortis, we work with partners and businesses to simplify chargeback management, combining fraud prevention tools with hands-on dispute support. Our goal: make it easier to focus on growth, not back-office battles.

By the Numbers: Chargebacks at a Glance 

What This Means for Your Business 

Chargebacks can’t always be avoided—but they can be managed. By understanding how disputes arise, strengthening fraud prevention, and prioritizing clear communication, businesses can keep ratios under control and protect long-term revenue. 

Fortis partners with platforms and businesses to turn payments into a strategic advantage—reducing chargebacks, safeguarding relationships, and ensuring smoother operations. 

Interested in learning more about how chargebacks can affect your industry? Book a demo with our team of payment professionals today. 

Getting a customer to the checkout page is only half the battle. The last step of the buyer journey is often the hardest—and where revenue is won or lost. 

For businesses and platforms alike, clunky checkout experiences don’t just frustrate customers—they also create friction that increases cart abandonment, delays cash flow, and drains internal resources. According to the Baymard Institute, nearly 70% of online transactions stall before completion, with friction in the payment step being among the top culprits.  

The good news? Embedded payments change the story. By making checkout seamless, integrated, and secure, they help businesses speed up transactions, strengthen customer relationships, and unlock new growth opportunities.

Why Embedded Payments Matter 

Embedded payments transform checkout from a technical hurdle into a growth driver: 

• For customers → Faster, easier, more secure checkouts build trust and encourage repeat purchases. 
• For businesses → Streamlined operations, faster cash flow, and fewer abandoned carts. 
• For platforms and partners → Stronger retention, new monetization opportunities, and higher customer satisfaction. 

Instead of viewing payments as an afterthought, leading platforms and mid-market businesses now see them as a core part of customer experience and long-term growth.

For Software Platforms: Retain More Users, Unlock More Revenue 

Checkout isn’t just a back-end function—it’s a brand moment. For platforms managing complex catalogs, omnichannel fulfillment, and high expectations, embedded payments eliminate fragile plug-ins and third-party redirects. 

With embedded payments, platforms can: 

• Offer faster checkout options like one-click repeat purchases and stored payment methods 
• Support multiple payment types—cards, ACH, and digital wallets like Apple Pay 
• Provide native subscription billing and seamless compliance tools 

The result: platforms differentiate their offering, improve user retention, and gain new upsell opportunities.

For Partners: Deliver Value Without the Headaches 

Agencies, system integrators, and developers know the pain of dealing with outdated plugins, constant troubleshooting, and compliance issues. Each support ticket eats into margin and erodes client trust. 

With embedded payment solutions, partners gain access to: 

• Pre-built extensions for top platforms like Adobe Commerce, Magento, BigCommerce, WooCommerce, and Shopify 
• Robust APIs and sandbox environments for customization 
• Ongoing technical support and enterprise-grade scalability 

That means faster go-lives, fewer maintenance calls, and stronger client relationships.

For Mid-Market Businesses: Faster Cash Flow, Less Manual Work 

For B2B and service-driven companies, payment processes don’t stop at checkout—they touch invoicing, fulfillment, and accounting. Manual reconciliation wastes time and slows down revenue recognition. 

Embedding payments into ERP systems like Sage, NetSuite, Microsoft, and Acumatica helps businesses: 

• Automate reconciliation and cash application 
• Shorten Days Sales Outstanding (DSO) 
• Simplify complex billing cycles and credit terms 
• Gain unified reporting across sales channels 

The impact is tangible: According to Gartner, automation can save finance teams up to 25,000 hours of avoidable rework annually, translating to potential savings of nearly $878,000 for a 40-person team.

The Omnichannel Advantage 

Today’s buyers don’t think in channels. They expect to start a transaction on one device and finish it on another without re-entering details or losing their history. 

Embedded payments make that possible—enabling unified pricing, stored payment methods, and loyalty programs that follow customers wherever they shop, whether online, in-app, or in-store. The result is a consistent, loyalty-building experience across every touchpoint.

Smarter Insights, Stronger Decisions 

Every transaction generates data, but without embedded payments that information is often fragmented and underutilized. 

By connecting payment activity with order and customer data, embedded payments help businesses: 

• Spot high-value customer segments 
• Reduce chargebacks and failed transactions 
• Forecast cash flow with confidence 
• Optimize pricing, bundles, and promotions 

These insights translate into smarter decisions that strengthen both operations and growth strategies.

Built-In Security and Compliance 

Managing PCI DSS compliance, tokenization, and fraud prevention in-house is both expensive and risky. 

Embedded payments handle that responsibility at the infrastructure level—protecting sensitive data while reducing the operational burden on your team. Businesses can focus on growth, not audits, knowing their payment systems are secure and compliant.

Don’t Let Checkout Hold You Back 

Customer expectations are rising fast. Subscription commerce, digital wallets, and omnichannel journeys are no longer “nice to have”—they’re the new standard. Businesses that modernize their payment strategy today will build the foundation for loyalty, efficiency, and growth tomorrow. 

At Fortis, we partner with software platforms, partners, and mid-market businesses to make payments not just seamless—but strategic. 

Ready to turn your checkout into a competitive advantage? Contact Fortis to learn how embedded payments can transform your business. 

Embedded Payments aren’t just another fintech buzzword—they’re transforming how both software platforms and the businesses they serve connect commerce with experience. For software platforms and businesses, integrating payments directly into their technology stacks opens up new ways to create smoother interactions, reduce friction, and deepen customer relationships. 

Instead of routing users to third-party sites or making them re-enter payment details, embedded payments keep the entire transaction experience within your platform. Users never leave their environment, creating a seamless flow that eliminates friction, boosts conversion rates, and enhances user satisfaction. That level of integration is no longer a competitive edge; it’s the standard.  

According to Bain & Company, financial services embedded into e-commerce and other software platforms accounted for $2.6 trillion, or nearly 5% of total U.S. financial transactions in 2021. By 2026, that figure is expected to exceed $7 trillion. Embedded payments are at the core of that growth.

What Are Embedded Payments? 

Embedded payments allow users to pay for products or services without leaving the application or platform they’re already using. The checkout experience becomes native to the software—whether that’s a vertical SaaS platform, a patient portal, or a specialty retail app. 

Here’s a typical flow: 

The result? A faster, simpler experience for the end customer and a more efficient, revenue-generating solution for the business and the platform.

Why Embedded Payments Matter 

Embedded payments create value across the ecosystem—both for the platforms that deliver them and the businesses that rely on them. 

For platforms, embedded payments unlock powerful monetization opportunities. What was once a back-end function becomes a growth engine—driving revenue, increasing platform retention, and creating a more integrated, value-added experience for users. 

For the businesses using these platforms, embedded payments streamline day-to-day operations and improve the customer journey. By embedding payment capabilities directly into their workflows—whether online, in-app, or in-person—businesses can simplify transactions, speed up checkout, and deliver a more professional and consistent experience to their customers.

Why Fortis? 

Fortis partners with software platforms to embed payments in ways that feel intuitive to the end user—and powerful for the platform. Our goal is simple: turn payments into a revenue engine that strengthens customer relationships, drives platform retention, and accelerates growth. 

What sets us apart is how we work. Unlike providers that take a transactional approach, Fortis leads with a “high service, high growth” mindset. We take an active role in helping our partners succeed—offering deep expertise, hands-on support, and flexible solutions tailored to your software and the businesses you serve. 

Fortis equips you with the tools and partnership to turn payments into a growth engine—helping you scale smarter, retain more customers, and unlock new revenue streams. 

Accounts receivable (AR) automation is no longer just a finance tool—it’s a growth engine. With increasing pressure to enhance efficiency and improve cash flow, businesses of all sizes are turning to automation to streamline processes, reduce human error, and accelerate collections. 

According to the 2025 Amex Trendex, 91% of U.S. business decision-makers agree that secure and seamless payment experiences drive growth. Yet, only 17% of companies have fully automated their AR systems, despite well-documented benefits like improved cash flow visibility and reduced error rates.

Let’s explore five types of AR automation that are helping modern businesses stay competitive. 

5 High-Impact AR Automation Strategies

1. Invoicing Automation  

Manually sending, processing and following up on invoices takes a significant amount of time for accounting departments. A 2024 report by Bottomline Technologies found that organizations implementing invoice automation achieved 82% faster invoice processing times—reducing the average from 17.4 days down to just 3.1 days to process a single invoice.

Automation tools can generate invoices based on triggers, route them through approval workflows, and deliver them digitally via email or a portal. This significantly cuts cycle time and removes friction—ultimately reducing days sales outstanding (DSO) and accelerating cash conversion. 

2. Payment Processing Automation  

Slow, outdated payment options can frustrate customers and delay collections. Today’s automation tools remove that friction by making it easy for customers to pay how—and when—they prefer. Modern payment portals allow users to view and settle invoices in one place, with flexible options like credit cards, ACH transfers, and digital wallets. This user-first approach leads to faster payments and a better customer experience. 

Automation goes beyond just collecting the initial payment. One of the most impactful features is automatic follow-up—sending smart reminders for overdue invoices so your team doesn’t have to. This reduces manual tasks, cuts down on errors, and ensures nothing slips through the cracks. In fact, a 2025 blog post by PYMNTS cited 77% of CFOs say AR automation improves invoice tracking speed and accuracy.

3.  Cash Application Automation 

Cash Application, the process of matching incoming payments to outstanding invoices, is a slow and mistake-prone process when done manually. A 2025 PYMNTS study even estimates that manual AR practices have cost mid-market firms an average of $19 million annually, largely due to slow reconciliation and delayed posting. 

Automation uses intelligent matching logic—based on invoice number, amount, and date—to reconcile transactions instantly and flag exceptions for review. This cuts down on mismatches, eliminates posting delays, and provides real-time clarity on outstanding receivables.

4. Credit and Collections Automation 

Manually running credit for your customers is no longer an option when scaling. As customer bases grow, finance teams need tools that can manage risk dynamically and prioritize collection efforts efficiently. Automation platforms can assess customer creditworthiness, rank delinquent accounts, schedule follow-up based on overdue days, and assign escalation paths.  

By focusing resources on accounts that require immediate attention, AR teams can work more effectively and increase collection rates. As a result, businesses reduce DSO, improve cash predictability, and maintain healthier customer relationships without relying on ad-hoc or manual follow-ups.

5. Reporting & Analytics Automation 

Spreadsheets can only take you so far. As businesses grow, real-time visibility into accounts receivable becomes critical. According to a 2025 PYMNTS study, fully automated AR systems enable companies to reduce collection times by 67% and improve forecasting through real-time insights. 

These automation tools help finance teams spot issues early, like consistently late payers or rising delinquency trends, and respond with data-driven strategies. With automation, reporting becomes proactive instead of reactive—enabling smarter decisions, faster forecasting, and greater confidence in cash flow management.

Turning AR into a Strategic Asset 

Automation isn’t just about cutting costs—it’s about converting your AR function from an operational burden into a growth engine. With manual AR still dominating in 83% of firms and delinquency rates hitting ~30% based on PYMNTS Intelligence research, it’s clear: modern AR automation is no longer optional—it’s imperative.

How Fortis Powers Intelligent AR 

Fortis helps transform AR from a manual burden into a streamlined, strategic advantage. With our platform, businesses can eliminate inefficiencies and gain greater visibility into the entire receivables process—all without relying on external tools or fragmented systems. 

Key features include: 

• No external integrations—access all of your data in one place 
• Reduced risk by eliminating manual data entry 
• Complete AR visibility through NetSuite’s native dashboard integration 
• Automated invoicing and follow-up to drive faster payments and improved cash flow 

Whether you’re just beginning to automate or scaling a high-volume AR process, Fortis equips your finance team with tools that simplify operations and accelerate growth. Let us show you how payments can become a strategic asset in 2025 and beyond with our AR automation features. nd discover how Fortis can take your eCommerce business to the next level. 

For eCommerce merchants, the future is bright as 85% of global consumers shop online—but scaling your eCommerce business, regardless of industry, offers new challenges. Juggling revenue, efficiency, and cost-reduction requires the right infrastructure. And that includes your payments system.  

Over the past two decades, online payments have changed dramatically. From evolving technology to new regulations and security considerations, merchants must carefully consider payment partners. All too often, it appears easier to stick with legacy systems. This approach causes businesses to leave serious money on the table—and limits the potential for growth. 

In this article, we’ll cover some of the challenges related to scaling your eCommerce business and how integrated plugins can help you overcome these roadblocks and boost your business.

How Your Payment System Affects Revenue Growth 

Your revenue can be linked directly to your payment system. The easiest example of this link is cart abandonment, which averages at 70.19%. Common reasons for cart abandonment are high extra costs (shipping, fees, etc), not trusting the website with credit card information, being forced to create an account, and a complicated checkout process. 

We can see that on a basic level it’s difficult to scale your business without a streamlined payment experience. Too much friction encourages consumers to drop off and seek out another merchant. 

But cart abandonment isn’t the only challenge. There are many accounting issues, too, that stem from a poorly implemented payment system. 

Consider manual reconciliation for payments and purchase orders. Without an automated solution, accounting professionals must review and match these items by hand, which wastes time, exposes the process to errors, and can create other problems, such as duplicates or replicated effort.  

But even with a payment solution, there can be issues. Outdated technology or payment systems with little support can become a security risk—putting your business and your customers at risk. Older or smaller systems also cannot easily adapt to changes in payment infrastructure.  

Finally, legacy payment systems also lack payment processing fee optimization. As a result, you are paying more for less.  

But you can use payments to foster healthy cash flow. And it all starts with integrated plugin solutions.

First: What Are eCommerce Plugins?  

Your eCommerce plugin is the surface payment system. Most merchants use one of the top three plugins: 

• WooCommerce is one of the most popular plugins, powering 31% of the top one million eCommerce WordPress based sites worldwide. Many consumers consider this option perfect for balancing affordability with customization. This solution is free, although there are many paid plugins.
• Adobe Commerce and Magento Opensource offers an integrated solution with other Adobe products. While it serves both B2C and B2B industries, Adobe Commerce offers a self-service B2B portal functionality, as well as both cloud and cloud-as-a-service options. Pricing for this option is customized. 
• BigCommerce also offers B2C and B2B commerce options, shop localization, and a suite of eCommerce features. Pricing plans and custom plans are available depending on revenue.

These major eCommerce plugins have their own set of payment integrations that optimize their features. Integrated or embedded payment plugins available from Fortis, streamline these systems and offer an additional layer of customization for merchants.  

5 Benefits of Integrated Plugins 

Embedded payment plugins improve the functionality of your underlying eCommerce platform, whether it’s WooCommerce, BigCommerce, or Adobe Commerce. For example, the right integrated plugin can help with: 

1. Frictionless Transactions: These solutions reduce cart abandonment by streamlining and simplifying the checkout process. 
2. Lower Processing Costs: Optimized payment solutions help merchants reduce payment processing fees, and depending on the state, introduce convenience fees and similar charges to offset costs. These savings can make a significant difference as you grow your business and make more sales. 
3. Seamless ERP and POS Integration: An integrated plugin can automate reconciliation. This both accelerates financial reporting and makes it more accurate. All without extra effort from your team, making it easier to scale. 
4. Scalability: A best-in-class solution will include several features such as automation, industry customization, and simplified processes to make your payments strategy scalable.
5. Enhanced Security and Compliance: Furthermore, a sound integrated plugin will provide PCI-compliant transactions with robust fraud protection, which boosts customer trust and secures credit card data.

A Payment System That Works for You 

Your payment system can either be just another expense, a source of lost business —or a revenue driver. The right integrated payment solution provides eCommerce businesses with the ability to scale—without sacrificing customization or exacting more time from the accounting team. Automation, enhanced reporting, ironclad security, and lower processing costs make it possible to not only reduce costs but identify and drive sales.  

But what is the right partner for your business? 

The payment system with all these features, plus an award-winning API and extensive customer support, should be in the running. 

As a leader in the payment space, Fortis has provided eCommerce businesses across industries with the payment system they need to grow. Its straightforward integration and available plugins  enables businesses to jumpstart their payment strategy. From accepting multiple payment methods to reconciliation automation, ERP integrations, secure transactions, and an omnichannel payment experience—Fortis has it all. 

Book a demo with our team of payment professionals today and discover how Fortis can take your eCommerce business to the next level. 

Construction billing is anything but simple for most companies. Complex projects, from flooring to roofing and everything in between, require multiple moving parts and lengthy invoicing details. Without a comprehensive and effective billing system, it’s too easy to hemorrhage money. In fact, 82% of businesses cite poor cash flow management as a reason for failure.  

And healthy cash flow begins in accounts receivable (AR). A sound payment collection process is the cornerstone for a thriving construction company. Not only can an efficient and automated AR system ensure you get paid faster, but it also gives you the funds to maintain good relationships with suppliers and contractors, as well as funnel revenue into growth opportunities.  

This is where finding the right technology stack comes in. This step is critical for construction companies, which requires a nuanced and customized approach to billing. While there are some green flags all industries should look for in a payment solution, such as PCI Compliance and timesheets, there are essential features specific to construction-billing. 

To make your search criteria simple, we’ve curated a list of the top six must-have features for construction payments:

1. Granular Customization 

Construction is one of the most nuanced industries when it comes to billing. Project specifications are extremely detailed, and one minor error or complication can lengthen payment time.  

The best construction payment platforms offer high-degrees of customization. A tailor-made process that makes sense for your company and your customers reduces the likelihood of error, simplifies project coding, and enables you to get paid faster.  

Customization can include project-specific fields for billing, accepted payment methods, alternative payment options such as loyalty programs, and similar settings. And with the right platform, these tailor-made processes are scalable.  

2. Click-To-Pay 

Click-to-pay functionality has already transformed payment transactions. A recent study from Mastercard found that the checkout conversion rate for click-to-pay transactions was a whopping 96% and the average checkout time was only 1.17 minutes.  

But what is “click-to-pay”? Rather than wasting time and resources on paper invoicing, click-to-pay enables you to send an invoice via email or SMS. And your customer only has to click “pay” to get started. The best payment solutions will enable you to securely save a customer’s payment data—so it really becomes a one-click transaction.  

It’s clear that this capability is an effortless way to accelerate payment time while improving the payment experience for your customers.

3. Recurring Billing 

There are multiple ways to bill your construction projects—but none are quite as effective for both a construction company and their client as recurring or progress billing. Many construction projects take weeks or months to complete. Clients may be unwilling to pay for such projects all at once. A recurring billing cycle allows you to automate the billing process over time, making it easy to build a consistent invoicing process and build trust with these larger-project clients.  

But recurring billing can streamline smaller projects, too. This method can be an alternative payment strategy for clients with smaller budgets who may need space out payments. Conversely, you can use recurring billing features to better collect retainer-based services, such as contracts for regular maintenance or repairs.  

4. Invoice Alerts 

What if a customer doesn’t pay immediately? The right accounts receivable (AR) software will make it simple to send alerts, whether that’s a reminder for an upcoming payment deadline or for delinquent payments. 

This seems like a simple feature, but it’s often outsourced to collection agencies or email software. Having invoice payment reminders and alerts built into your payment solution will save time and streamline the process.  

5. Detailed Reporting 

It’s impossible to improve what you don’t track, which is why an automated reporting dashboard can make it easier than ever to spot bottlenecks and opportunities for revenue growth. The best construction AR software will provide you with enhanced reporting tools.  

In particular, a robust reporting feature tracks authorizations, transaction history, transaction summaries, day-sales-outstanding (DSO), and late payments. Every report should be automatically generated and accessible online. 

Fast and accessible reporting will make it easier than ever to make critical business decisions, from determining which suppliers to stick with to how to optimize your cash flow.  

6. Integrations 

You will most likely be using your AR software in conjunction with your ERP or other accounting solution. That’s why one of the most key factors to a successful adoption of a new AR tool is seamless integrations. Your AR tool should be able to plug-in and sync data from your other construction project software, whether that’s Sage, NetSuite, or another accounting tool.

Take Your Construction Billing to the Next Level 

From customizing your invoices and AR process to implementing consistent recurring billing, invoice alerts, and click-to-pay links, there are several ways to maximize your revenue without adding more work for your billing team. These six features offer the fastest route to improving your AR process and creating a healthy construction company cash flow. The only question left is which payment platform can you trust?  

As an award-winning API, Fortis offers these features and more. With an incredibly versatile AR system, industries from construction to manufacturing and hospitality can streamline their revenue, get paid faster, and improve reporting.  

Book a call with one of our guides today to learn more. 

Accounts receivable (AR) automation has become a crucial tool for businesses aiming to improve cash flow and reduce time spent on manual tasks. We will explore some known and some overlooked strategies you can consider when your business is scaling up. 

An extensive study from PYMNTS found that 91% of mid-sized firms that have fully automated their AR process have experienced increased cash flow, savings, and growth. Investing in AR automation also enables businesses to say goodbye to chasing late payments, long payout times, and shallow data collection. 

With different types of automation tools available, companies can streamline invoicing, payment collection, and cash application to enhance overall financial efficiency. In this article, we’ll cover five types of AR automation and how they can benefit your business.

The 5 Main Types of AR Automation

1. Invoicing Automation 

Manually sending, processing and following up on invoices takes a significant amount of time for accounting departments. According to Ardent Partner’s Account Payable Metrics that Matter in 2023 report, processing invoices can take almost 20 days—but with automation, it can take as little as 3.7 days.  

Automation eliminates these manual repetitive tasks, ensuring that accounting professionals only have to focus on unique cases and have more time for other responsibilities. For example, you can automatically send invoices based on customer preferences, such as an email or a one-click payment portal. Recurring payments further streamlines the process, ensuring that you always receive payments on time.

2. Payment Processing Automation 

When your business needs to collect on a payment, providing antiquated payment options can drag out the collection process and cause dissatisfaction. Payment collection automation uses technology to simplify the payment process. The solutions-providers who are thinking about user interaction first and foremost often incorporate payment portals where customers can view and settle their invoices all in one place. These platforms allow businesses to offer various payment options, such as credit cards, ACH transfers, and digital wallets. All of these options make it easier for customers to pay on time.  

However, this use case for automation doesn’t end with the initial invoice. One of the most important features is automatic reminders for overdue invoices, which reduces the time AR teams spend on follow-up. As a result, they reduce or eliminate human error and improve accuracy.  

3. Cash Application Automation 

Cash application, the process of matching incoming payments to outstanding invoices, also lends itself to automated tools. Cash application inaccuracies or simple human error can cost accountants mental anguish and will take unnecessary time from the more important functions of the finance team. These solutions match payment transactions to invoices and apply cash to the correct accounts.  

Human error, in particular, is a frequent and costly challenge businesses face. In one study, 78% of finance professionals believe employees make mistakes with manual processes. Automating cash applications significantly reduces manual touchpoints for processing, enabling the AR team to avoid expensive mistakes without slowing down payment processing.  

4. Credit and Collections Automation 

Manually running credit for your customers is no longer an option when scaling. Credit and collections automation includes tools that assess customer creditworthiness and prioritize collection efforts. Automated credit assessment tools analyze data points to determine a customer’s ability to pay, while collections tools identify high-risk accounts and automate follow-up actions. These solutions allow AR teams to focus on accounts that need the most attention rather than depending on random spot checks.  

5. Reporting and Analytics Automation  

Reporting is essential and tracking with Excel is not usually the ideal path forward for growth. Reporting and analytics tools use data from AR processes to provide insights into payment patterns, customer behavior, and cash flow trends. By automating these reports, finance teams can quickly identify issues, such as customers who habitually pay late or trends in overdue invoices, and make data-driven decisions to improve cash flow management. 

Each type of AR automation brings efficiency gains to specific aspects of accounts receivable, allowing businesses to reduce costs, improve cash flow, and provide a more seamless payment experience for customers.

Turn Payments into a Strategic Asset 

Why automate accounts receivable? Beyond the reported cost and efficiency benefits, AR automation enables accounting teams to transform payments from an expense into a strategic revenue driver. With time saved from automating manual data-entry tasks, finance professionals can spend more time delving into payment strategy and finding new opportunities to improve cash flow. 

The right payment partner can help. 

With an award-winning payment API set, Fortis offers a robust solution for automating AR processes for businesses of all sizes. Merchants can leverage a number of features from Fortis, including: 

• No external integrations—see all of your data in one place 

• Eliminating risks associated with manual data entry 

• Complete AR Dashboard in NetSuite’s native dashboard 

• Automated invoicing and follow-up for faster payment 

Discover how Fortis can transform your payment process with our AR automation features.

The landscape of AI Payments has changed drastically over the years, and new challenges have emerged to drive innovation in finance.

According to the Payments Association, traditional AI has already made significant leeway in multiple sectors. Seventy percent of all financial services firms alone currently use machine learning to predict cash flow and detect fraud. We are seeing AI, especially in payments and business finance, drive down costs, boost compliance, and become a revenue driver.  

But what is next? 

As with any new and evolving technology, challenges and opportunities grow alongside it. To discover what AI in payments will look like in the near future, we first have to understand what the industry is working against today.

Key Challenges in the AI Industry 

Artificial intelligence, especially generative AI, has changed the way we work and utilize AI. Even considering the “Race to AI” between tech giants like Microsoft and Google, there are significant shifts in public opinion surrounding AI. 

While taking the tech to the next level is still a goal, many AI leaders are slowing down to focus on the ethical side of AI. And for good reason. 

Bad actors create confusion to enact fraud. The Identity Theft Resource Center reported a 118% surge in job scams in 2023, with many fraudsters using generative AI to sound authentic in fake job postings.

Another similar problem is cheating, although the education industry is still sorting through its relationship with AI. A survey from BestColleges found that 54% of students believe using AI is as good as cheating, and 58% report that their school has an AI policy. However, over half of students have been required to use AI as part of an assignment. Mixed signals from professors and school policies often create hurdles for students when it comes to discussing the ethical use of AI and create ambiguity around the concept of cheating.  

At the same time, the law clearly opposes the use of generative AI for commercial purposes. Multiple lawsuits, settled and in progress, have been filed related to copyright infringement and AI. In short, anything created with generative AI, from code to art, cannot be copyrighted.  

Looking at these events side-by-side, it’s clear that there are new risks related to using AI. Many of these can be sorted through regulation and clear policies. However, there is one threat that still hinges on the technology: Hallucinations. 

AI hallucinations are defined as mistakes. When an AI model generates a nonsensical or incorrect answer. This can result from insufficient training data, wrong assumptions made by the model, or biases in the training data. 

However, there is a solution to this problem, too.

The Future of AI in Payments 

One of the key reasons for developing artificial intelligence is people.  

AI is a tool meant to reduce repetitive workloads and improve productivity. What cannot be managed via policies can be by humans.  

Imagine this: Before AI and automation, back-office accounting staff had to tediously enter data into their ERP, manually reconcile invoices, and send out receipts one-by-one. Now, AI can essentially eliminate data entry, thus reducing processing and error correction time. It can automatically reconcile invoices and send accurate receipts upon payment.  

At the same time, you still need people to oversee the AI—to audit its work, handle complex or odd cases, and develop payment strategies. 

It’s clear that AI is creating opportunities for people to do more engaging work without slowing down growth.  

Going forward, AI in payments can be ethical, logical, and efficient.  

First, it’s possible to develop or use payment software that uses a proprietary AI system—one that is protected by copyright. Such a system would reduce potential risks and enable you to leverage its primary features.  

AI can already be used for fraud detection, automating invoice matching, and customer service. Its role is bound to increase in these areas, with people at the helm. No matter how intelligent the technology becomes, it will remain a decision assistant, not a decision-maker.  

Above all, the impact of AI on the future of payments is empowerment.

Differentiate Your Business with Future-Looking Tech 

Artificial intelligence is just one aspect of modern payment technology. Payment software can now accomplish more than ever—all businesses need is the right solution to overcome their challenges.  

As a leader in embedded ERP and ISV payments, Fortis leverages cutting-edge technology to help businesses maximize revenue and get paid faster. Our award-winning API enables businesses and ISVs to: 

• Facilitate payments seamlessly 

• Leverage a comprehensive, easy-to-use virtual terminal 

• Accept mobile and alternative payments 

• Onboard suppliers 

• Manage inbound payments 

• Access real-time payment data 

• Automate tailored-made workflows 

• And more 

Connect with a Fortis Guide and discover how our technology can take your business to the next level.  

After decades of hypergrowth investment, payment and financial technology companies have entered a new era. Super-sized valuations, irrational business models, and free flowing investment funnels are in the rear-view mirror and not all organizations are ready to pick up the pieces and build sustainable, profitable, growing businesses.  In fact, some businesses may not have a real shot at success given their business models, management, or capitalization structures.

The past two years have been devastating for valuations in the payments and financial technology market. Even the fastest growing, highly-coveted, disruptive organizations have seen their valuations drop 50% from their highs in the early part of this decade (Adyen: $1500, high $2500; Affirm: $50, high $150; Shopify: $80, high $150). Scaled incumbent payments businesses are experiencing valuations at multiple lows not seen since 2009:  EV/EBITDA: FISV – 12.0x, FOUR – 11.5x, GPN – 10.5x, Nuvei – 8.5x, RePay – 7.5x (multiples and valuations based on early 2024 reporting).

Payments and fintech businesses are following general market trends that began a correction when interest rates started to rise in early 2022. Looking ahead to 2024, most experts believe we will not see further increases in interest rates. However, we may never return to the low interest rates of Q4 2021, and there is increased regulatory scrutiny on mergers (Adobe walking away from its $20 billion acquisition of startup Figma Inc. after clashing with regulators in Europe and the UK) and general investment sentiment in financial technology has soured. This means public multiples are unlikely to revert to 2021 levels anytime soon. What many don’t understand is that private investors benchmark from public multiples, and market dynamics (interest rates, growth, access to credit, etc.) don’t just affect public markets; they affect private markets as well.

Private equity and venture funds have had massive fundraising challenges. According to the Wall Street Journal, private-equity firms are preparing for an extended period of lean fundraising, with little indication that 2024 will be better for raising money than in the past year. Private equity fundraising was down 57.4% during the first half of 2023 at the top publicly traded firms, according to PitchBook. The toughest period for private equity fundraising since at least the 2007-09 financial crisis is likely to continue, as investors remain hesitant to invest more in the asset class. Those with capital are being very selective in their allocations. Venture equity isn’t any better. According to Ernst & Young, venture capital fund formation is off significantly from a record year in 2022, dropping 62% in 2023.  Furthermore, EY reports the 2023 venture capital market saw a 35% year-over-year decrease in investment dollars from 2022, the lowest level in four years. Venture capital backed startups raised just over $140 billion last year, and if not for several mega-deals fueled by artificial intelligence (AI), the venture capital market would have struggled to top $100 billion. This year may record a sub $100 billion year and deal with an overhang of more than 50,000 existing venture capital backed startups, which need to sort out high valuations and low liquidity.

So what’s next?

Just like the days, months and years after a hurricane – it’s time for the great restoration period. The weaker homes and businesses are wiped away, structures with solid foundations clean their yards and mend their fences, and go forward with a renewed respect for their infrastructure. Replacement homes are built to new and updated codes, and fortified to withstand the demands of the new world.

We have seen scaled incumbents shut down or shed non-core assets. In the payments world, Chase has all but shut down WePay as reported by The Information on January 10 (“JPMorgan’s WePay Abruptly Dumps Business Customers “). Similarly, FIS divested WorldPay at a valuation of $17.5 billion, a far cry from the $35 billion it was valued at just four years earlier. We have seen venture growth-backed future-stars literally dissolve, as TILL, once valued at $350M, sold to Nuvei for $30.5M after they were unable to keep the doors open. Similarly, Plastiq, after a failed attempt to go public via SPAC, filed bankruptcy and was picked up by Priority Payments. Many of the high-flying SPAC companies have reversed course and gone private at reduced valuations from their post-SPAC highs (e.g., BillTrust goes private at $9.50 per share; all time high of $19; Engage Smart goes private at $23 per share; all time high of $38). Even Stripe, after seeing their value drop by 50% (Stripe slashes valuation to $50 billion in new $6.5 billion funding round in 2023; Stripe had raised capital at $95B two years earlier), has changed its business and pricing models to expedite it’s path to profitability (November 2022, manually entered transaction fees were increased by 50 basis points; October 2023, currency conversion fees are no longer reversed for refunds); and according to Alternative Payments Baxter Lanius’ January LinkedIn post highlighting Stripe’s business changes of: ‘price increases, renegotiation of terms and a move upmarket’.

Similarly, on the back of higher costs of capital and increased regulatory scrutiny, San Francisco-based Affirm adjusted its own go-to-market plans, doing more interest-bearing, longer-term installment loan volume than shorter-term, fee-free lending. And its interest rate on the former could be as high as 36%. Pay-in-4 loans made up 19% of Affirm’s gross merchandise volume for the fiscal year that ended June 30, according to the company’s annual filing with the Securities and Exchange Commission.

We are only in the first period of this Great Restructuring, so what is in store for the next 12 – 18 months:

• More Cash Struggles – Thousands of cash-burning businesses will need capital, and there will be a huge board and investor push on companies for profitability. These companies will be forced to be prudent when managing their operating expense base while also looking for ways to squeeze more margin out of existing customers.  

• More Divestitures – Organizations will focus on their core business lines and, with limited equity or cash available, will be forced to divest non-core assets.    

• More Mergers and Acquisitions – As businesses are forced to make strategic changes, this opens the door to softer valuations and “relative value” discussions, and will open a window for mergers and acquisitions among strategics and sponsors alike.   

• More Failures – Organizations that don’t have a buyer or an investor once they are at the end of their cash reserves (and there will be many), will result in a shutdown of business operations. There can be only so many lifelines.  

• More Rational Business Models – The “growth at all costs” or “grab some users to get the next funding round” models will no longer be tolerated by boards and investors. Companies will need to launch business lines with a hard look at break-even and ROI.    

• More Focus – Payments and fintech businesses will focus on their core competencies and drive profitable models from core business operations before opening or acquiring new lines of business. Gone are the days of driving multiple sub-scale new lines of business simultaneously vying for capital and resources.

While the year ahead may sound ominous, it will lead to a “better” payments and fintech environment. Many of the organizations that were not built on solid foundations lacked the compliance and financial disciplines required for the long haul. There will also be huge opportunities for incumbents and new organizations to assemble assets in the right way, for not only long-term growth and stability, but for outsized returns.

Regardless, the Great Restoration is going to be fun to watch.