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The Esker Story: An Innovative Solution that Puts Customers First

When Esker started looking to add payments to its cloud-based TermSync platform, the company needed a trusted partner that would treat its customers fairly and deliver an innovative solution. Esker chose Wind River Financial, and here’s why.

About Esker
First things first, a little background on Esker. Esker is a leader in cloud-based document process automation. The company’s cloud-based TermSync platform is a product developed to help improve customer communication and payment experience around accounts receivable (AR) and collections management processes.

The need
Esker found that many business-to-business (B2B) suppliers were looking to get paid faster (i.e., reduce their DSO) and enable their customers to make payments more efficiently and without expensive custom development projects.

With the growing prevalence of B2B credit card payments, Esker knew the business case for adding payments to their TermSync platform was compelling.

The challenges
In the company’s search for the right partner to lead them through the process of adding payment to TermSync, a few challenges emerged:

Minimizing risk for loss of card data – Software vendors have increasingly become a high-profile target for credit card breaches and theft. Loss of payment information would severely impact both Esker’s bottom line and its brand reputation.
Avoiding confusion around rules, regulations and compliance – Esker was looking for a hands-on approach. Many providers offered APIs and various integration methods with little guidance as to how to effectively utilize the technology. Unfamiliarity with the credit card industry and nuances associated with integrating B2B credit card payments led to confusion and frustration.
Enabling clients with a solution to manage costs – Many B2B credit card-accepting suppliers were looking for a way to manage their ongoing credit card fees.

Wind River’s solution
Wind River Financial’s solution started with a custom integration project plan specific to Esker’s objectives. Wind River and Esker worked together to outline the scope and then develop a plan to address each challenge. The final result represented a unique and innovative solution, the likes of which had never been seen before in the B2B payment world.

WRF created a hosted page, which eliminated payment information from being transmitted on Esker’s TermSync platform or their customers’ networks. Tokenization was utilized for secure card storage to ensure safety and adherence to best practices.

WRF also implemented key B2B features to manage costs, including:

Surcharge Strategy – Key rule changes in 2013 enabled B2B merchants to pass on the full amount of the fees charged to the cardholder.
Level 3 Qualification Program – Automated passing of key elements to ensure the lowest interchange rate from the card associations.
Ongoing program reviews to ensure satisfaction and program growth – Ongoing reviews are a place to discuss key ongoing service questions, identify potential resolutions and provide marketing support. By engaging in regular joint calls, WRF could consult and relay emerging payment topics and introduce new best practices.

Don’t take our word for it
Here’s what Steve Smith, Esker’s US Chief Operating Officer, had to say:

“Wind River has been a fantastic partner that we have built our AR and collections management product with. We leaned on their expertise in the world of B2B payments to create several payment features that gave our platform a leading edge over some of our competitors. Their approach to treating customers and delivering value aligns exactly with what we were looking for in a strategic partner.”

Read the full story
To learn more about the Esker-WRF partnership and read the full case study, click here.

Learn more
We’d love to add your success story to our file of satisfied customers. Contact us today to learn how WRF can provide your company with solutions that are both innovative and customer-centered.

April 2017 Interchange and Network Fee Notification for Payment Processing

There are a number of new and revised fee structures effective April 1, 2017 being implemented by VISA, MasterCard, Discover Card, PULSE and NYCE. Wind River Financial believes in transparency of all association fees applicable to your merchant processing costs, so we will be passing through these new fees with no mark-ups or changes. There are hundreds of fee structures and not all are applicable to all card types or to all merchants, so detailed below are the few that will affect most merchants’ day to day transaction processing costs. For a full listing of these new fees please go to our website in our Merchant Portal and Resource Library, Pricing and look for the title April 2017 Interchange Modifications.

VISA Interchange Fee Program Additions and Revision  Visa will introduce new interchange programs for both B2B Virtual Payment and U.S. Government categories as well as revise the interchange rate for the Private Label Premium product. Click here for details.

MasterCard Interchange Fee Program Additions and Revisions – MasterCard is introducing new interchange programs for Refund transactions from Regulated debit cards as well as within the Large Market category. MasterCard is revising several Commercial Card interchange rates as well as revising both the fee descriptors and rates for two existing Large Market programs. Click here for details.

Discover Card Fee Program Increases – Discover will revise the rates for several consumer credit card interchange programs. Click here for details.

PULSE Merchant Participation Fee Increase– The PULSE Network will raise their annual Merchant Participation Fee from $9.00 to $12.00. This increase will be reflected on our statements for all merchants accepting PULSE PIN debit cards in the past 12 months.

NYCE Merchant Participation Fee Increase– The NYCE Network will raise their annual Merchant Participation Fee from $10.00 to $12.00. This increase will be reflected on our statements for all merchants accepting NYCE PIN debit cards in the past 12 months.

Need help with Account Receivables? Wind River and TermSync are new partners

“How do I bring simplicity to the chaos that is the invoice collection process?”
“How do I ensure my invoice is on the top of the stack, and is paid first?”
“I need to make changes to my accounting procedures. How do I collect & organize data to make better strategic decisions?”
“When, how and who is responsible for managing our company’s A/R?”

You probably aren’t the only one who has wondered these questions. Wind River Financial is pleased to announce a new partnership with TermSync; a software company with answers. CEO Mark Wilson started the company with the insight and experience he has gained as a CPA for some of Madison’s up-and-coming start-ups. TermSync issues its cloud-based software for the use of its customers (primarily B2B Suppliers) during collection of accounts receivable. TermSync’s platform, combined with Wind River’s credit card integration allows several key benefits to suppliers and vendors.
– A vendor can engage their B2B customers by automatically issuing bundled payment reminders for every open invoice. Pushing out electronic reminders to customers pings them to a due invoice and then proactively requests action from the purchasers. The customer can pay for the invoice at that time with a credit card (a Wind River powered transaction) or ACH payment, schedule payments for a future date, submit questions to vendors or even dispute the invoice.

– Additionally, TermSync helps put structure around the follow-up of the collection process. Suppliers can now optimize their staff by assigning tasks, logging calls, managing activity and tracking results by employee or customer. Think of it as a CRM for accountants and finance professionals.

– Lastly, when the invoices are paid, customers can use their dashboard to track key metrics, run custom reporting and use data to make more strategic decisions about A/R collection in the future.

While the value that TermSync is providing to its direct users is undeniable, even more innovation is seen through the “network of payers” that is created. In buying from a supplier that uses TermSync, you are offered new efficiencies for no additional cost. Paying multiple invoices to several vendors with one click saves time and operating costs. Last week, TermSync just flew past the 100,000 mark of customers who use the TermSync platform to pay and manage invoices with vendors.

Wind River Financial is helping TermSync deliver on their promise of “getting paid faster” by speeding up the entire collection process. Having the cash on hand quicker is the ultimate benefit that TermSync delivers. The faster and more efficient collection of cash allows flexibility on spending initiatives and dramatic benefits that drop directly to the bottom line. Listen to Business Credit Radio to hear more about how TermSync is changing the way businesses pay each other. Also, please contact Pete Uselman to see how Wind River is bringing value that exceeds the scope of payment processing.