Accounts Payable (AP)
Accounts Payable (AP) refers to a business’s financial obligations to suppliers for goods and services received. Efficient AP management is critical for cash flow optimisation and supplier relationship management. With the rise of automation, businesses increasingly use virtual accounts and API-driven payment solutions, such as those provided by Modulr, to streamline AP processes and gather useful financial insights. Many businesses rely on Enterprise Resource Planning (ERP) software systems to process their business payments, such as supplier bills or payroll. ERP systems such as Xero or Sage can be integrated with embedded payments such as Modulr AP, able to automate business payments at scale and help minimise fraud, reduce errors, and streamline accounting.
Applications
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
Advantages
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
Challenges
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
