For businesses all over the world, the most prominent strain in their accounting department revolves around payment processing.
Payments to employers, payment to vendors, payments to the government and even servicing of loans.
This process is even further encumbered by the diverse taxation laws and regulations effective in different countries.
So if you are dealing with international clients or your business scope crosses your home country’s borders, that’s more work for your bookkeepers.
While you can’t wish away all this work, who says you couldn’t attempt to automate them.
Say hello to Tipalti!
So What Exactly is Tipalti?
Think of it as a 21st-century solution to a 21st-century problem. Tipalti is a revolutionary payment automation and management software.
It is designed to help take away most of the burden of payment processing, documentation, and completion from your accountants. This way, they can focus on more critical company functions like expansion into more markets for instance.
The beauty of it all is the ability of the software to handle, late payments, non-compliance and other payment processing bottlenecks without hitches. Also, you get the bonus of eliminating human error too.
How Does Tipalti Work
Tipalti is a cloud accounting solution and aims to reduce as much of human intervention in payment processing as possible. The company claims to eliminate nearly 80 percent of the payment workload for your organization, and it seems like they aren’t joking about it either.
After you register your business to use Tipalti’s service, you will proceed to integrate Tipalti into the payee registration process on your website.
Tipalti will create an account for you, and then you can start using their services. Next, you should get all your existing vendors, partners and employees to sign up on your site and choose their preferred payment method.
Tipalti then collects these details and proceeds to sort them independent of one another. When payments are due, all you have to do is upload a payment instruction file to Tipalti. Now, the rest of the job is completed by the software without any further interference on your part.
The process is simple for the heft of work they do behind the scenes. Transfers to foreign countries are also carried out pretty quickly.
Currently, Tipalti is capable of making payments to over 190 countries and supports 120 currency denominations.
With this broad reach, it is easy to see why they attract the clientele of many top companies today boasting of over 250,000 payees globally.
Note that, even though payment is the core services offered by Tipalti, there is plenty more that the software does in the background.
Features of Tipalti
1. Secure Payment
Given the experience of the team behind Tipalti, payments are made according to the best standards available. You are guaranteed safe payment to your payee. And if for any chance, the payment fails to go through, you’ll be notified speedily.
2. Ad Network Performance Tracking Integration
If part of the reasons you need Tipalti is to help you track ad campaigns and process affiliate payments, Tipalti is the solution for you. It provides excellent ad network tracking and also allows you to make payments to your affiliates in record time.
3. Affiliate Program Management Integration
Managing affiliate programs and monitoring performance is another feature that Tipalti provides out of the box. You can follow the progress of your affiliates easily from within the Tipalti dashboard. This eases the process of modifying the affiliate programs on the fly.
4. Customer and Vendor Payment Processing
Payments to customers, vendors, and partners are swiftly carried out by Tipalti to prevent any business downtime. Tipalti also provides dashboards to follow every individual, vendor/partner to allow monitoring of payment disbursement.
5. Global Payment Processing
With support for over 190 countries and 120 currency denominations, Tipalti makes international payment seem like a walk in a park. The technology utilized allows for you to make payment to anyone, anywhere on Earth in record time.
Tipalti’s invoice processing is one of its greatest features. With state of the art OCR technology, it can extract information from invoices sent to your business for payment.
This information is now used to populate payment sheets for approval and disbursement. This eliminates nearly human intervention.
7. Payment Fraud Detection
Tipalti boasts of access to databases of blacklisted individuals, groups and associations. This information is used to screen all payments you make to your payees without any required interference from your business. This protects you from unknowingly paying fraudulent groups and criminal organizations.
8. Payment Processing Regulatory Compliance
Different countries, platforms and payment solutions have different regulatory compliance guiding payment processing. Tipalti abstracts all this information and handles all the payment in the background, letting you focus on other essential business responsibilities.
9. Payment Reconciliation and Tax Reports
Tipalti’s analytics is a powerful tool that allows you to monitor payment disbursements. This information can also prove to be valuable during payment reconciliation and the generation of tax reports. Well, Tipalti helps you generate these too.
10. Payment Risk Management
Payment processing is a risky business, and a wrong transaction can ruin a growing business. Tipalti takes away this risk management burden off you and shoulders it instead. With its advanced payment processing technology, there’s a slim chance anything can go wrong. But if it does, you know you’ve got your back covered.
11. Paypal Mass Payment Processing
Paypal is the most popular payment platform in the world. Tipalti integrates seamlessly with Paypal to effect payments to your payees without any stress and speedily too.
12. Tax Form Compliance
Designed by industry experts, all compliances and regulations for tax in different countries are easily covered by Tipalti. All you have to do is give the payment instructions, Tipalti handles the rest with ease.
Other features include:
- Payment currency selection
- Payment processing issue resolution
- Payment processing method selection
- Online payment solutions for pay-out processing
- Payment clearinghouse
Benefits of Tipalti To Your Business
1. Seamless Payment Processing and Transaction
Do you want to pay a payee who is an adventure-seeking traveler?
Tipalti has found a way to breach that gap. Local transactions are the easiest to handle as the software can route payments to the banks of the payee rather efficiently.
The trick is in international transactions. Tipalti eliminates the need for multiple bank portals and the attendant cost overhead. The system claims to utilize a real-time custom payment engine to verify payee details without needing redundant information such as email, Iban, etc. to be filled every time.
Next, leveraging a trusted bank in each country, it can complete currency conversions and forward the payment in a timely fashion.
The system also logs all payment statuses. So if a payment fails, you are alerted immediately, and a solution is effected asap.
2. Multiple Payment Methods Available
This is another excellent feature of the software solution. Part of the reason for Tipalti’s success is its broad reach across 190 countries. This reach, demands that flexible payment systems be put in place to cater for the diverse banking requirements in all these countries.
Tipalti provides a myriad of payment options, and it does an excellent job of bridging this divide.
Currently, the app supports:
- US ACH,
- Global ACH,
- Wire transfer,
- Paper check, and
- Prepaid debit payment options.
All these options conform to international payment processing standards. Hence they work in almost all countries of the world.
Another benefit is the convenience it affords payees. They get to select the payment methods that work best for them without hassles.
3. Automated Tax Regulations Compliance – Local and International
Tax laws and regulations are very touchy topics in the international community. The reason is apparent – the government generates revenue from tax after all.
Tax rules and regulations can differ markedly even between neighboring countries. Talk more of the numerous nations of the world!
Now imagine what it would mean to study all these laws and incorporate them into your payment system.
Tipalti has done all that work for you; it offers to take away all that burden. Their payment engine holds over 26,000 bank rules to eliminate errors and aid compliance. You can stop worrying now and work on other business goals.
Tipalti is also KPMG-certified and can withhold payment for non-compliant payees, using its incorporated banking rules and the relevant tax laws.
4. Background Checks on Payees
To prevent abuse of its platform, Tipalti conducts a thorough background check on all payees to ensure that they are not using the platform to finance criminal activities.
It achieves this by cross-checking the details of all the payees against international records for blacklisted individuals, groups, entities, and corporations.
The benefit to your company in this regard is enormous. You get protection from making payments to terrorist groups or other underworld entities and businesses in real-time.
You also get protection from court summoning and its attendant legal fees. A good name is vital for business. The app was built to help you keep yours.
5. Ease of Scaling Your Business
Processing payments manually can take a toll on company operations. You also have to get a considerable staff size if you are going to meet deadlines.
All this traps funds and creativity too. In other words, there’s a constraint on how quickly your business can grow.
Leveraging Tipalti eases this process and allows you to focus squarely on improving your company growth records and scaling your business to compete in your niche.
6. Tipalti Analytics
Using conventional payment solutions can impede your ability to understand your company’s payment records.
Understanding your payment records can aid in your business decision making and stimulate growth eventually.
Tipalti analytics is a powerful analytics tool that helps to show your company’s payment processing profile. And compare various variables against one another to assist you in charting your next business course.
It also allows you to generate Tax reports and annual payment reports for your company automatically.
Downsides of Tipalti
No product is an ideal solution to all problems, but Tipalti does a splendid job. There are some downsides though, but overall, the payment processing solution is stellar.
1. Available Only in the English Language
Tipalti is currently only offered in the English language. This impediment means that while it’s services are applied worldwide; the language restriction limits how the number of customers who can use their solution.
2. The Absence of Live Support
While Tipalti is very intuitive and easy to navigate some users may find it difficult to understand the more complex features. But because of the absence of live support, it is impossible to have your issues resolves in real time. This delay can impact business operations.
3. It Requires Quite a Bit of Onboarding
To get the best out of Tipalti, you need to understand a lot of its core features. And notwithstanding its brilliant user experience design, it still requires some onboarding and training to get a good hang of it.
Platforms Supported by Tipalti
Tipalti is a modern cloud hosted payment processing solution and hence integrates well with all popular PC and mobile platforms. These includes:
- Windows OS
- Linux OS
- Android OS
- Apple iOS
- Apple Mac OS
- Web-based Chrome OS
Currently, the only language supported is English although foreign users can use online translation tools to access its features.
Businesses That Can Use Tipalti
Almost all types of businesses can use the Tipalti app for payment processing. The list below categorizes them according to scale.
- Small Business
- Large Enterprises
- Medium Business
- E-commerce business
Pricing and Fees
Pricing of Tipalti requires that you submit a quote. So you should contact the Vendor to inquire about their pricing system. You can also take the free product tour to get an idea of their services and see if it a good fit for your business.
Currently, Tipalti doesn’t offer live support, but you can send in a support ticket to their customer support details located on their contact page. Tickets are resolved speedily, so you can rest assured you’ll get a reply as soon as possible.
Tipalti is a reliable option for an online payment processing solution. Because it gives you the reach of nearly all the countries of the world, there’s little that can stop you from growing on a global scale.
The few drawbacks the product suffers is more than compensated for by its numerous features. If you are in need of a payment solution, you can check out their offering and decide afterward.