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How Small Businesses Can Improve Their Payments Processes Valjean Sanchez Senior Vice President, Union How Small Businesses Can Improve Their Payments Processes Valjean Sanchez Senior Vice President, Union Bank Claudia Swendseid Senior Vice President, Federal Reserve Bank of Minneapolis Lyle Wallis Vice President of Research, Credit Research Foundation September 12, 2012

Today’s Objective Problem: Small businesses don’t receive adequate support from banks & other providers Today’s Objective Problem: Small businesses don’t receive adequate support from banks & other providers to enable them to use efficient & cost‐effective electronic payment processing, & related electronic invoicing & account reconciliation services Presentation’s Objective: Provide SBDC staff with information to use to educate small business customers about electronic payments & related processes, as well as available services to improve this aspect of their business © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 2

Today’s Agenda 1. Introduce Ourselves 2. Discuss Each Step in the Business-to-Business Purchase to Today’s Agenda 1. Introduce Ourselves 2. Discuss Each Step in the Business-to-Business Purchase to Pay Process & How to Make These Steps Electronic • Electronic Invoicing • Electronic Payments • Electronic Remittance Information 3. Remittance Coalition – Getting Involved 4. How Small Businesses Can Leverage Bank Services More Effectively to Support Electronics Discussion: How to Explain & Promote EP to Small Biz Disclaimer: The views expressed are those of the speakers and not their employers. © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 3

Who We Are Claudia Swendseid Senior Vice President Federal Reserve Bank of Minneapolis, MN Who We Are Claudia Swendseid Senior Vice President Federal Reserve Bank of Minneapolis, MN Member of the Bank’s Management Committee & provides executive oversight to Fed. ACH Support Services, Electronic Access Customer Contact Center (CCC), Federal Reserve Consumer Help, Fed. Line Channel Products, Information Technology Department, National IT Service Desk, Enterprise Program Management Support Office, & Payments Information & Outreach Office Conducts industry relations on behalf of the Federal Reserve System, serving as a liaison to selected national banking associations & corporate payments groups Represents the Federal Reserve to the Accredited Standards Committee (ASC) X 9 & serves as the vice chair of the X 9 Board of Directors © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 4

Who We Are Valjean Sanchez, AAP, CTP Senior Vice President Payment System Operations Union Who We Are Valjean Sanchez, AAP, CTP Senior Vice President Payment System Operations Union Bank Monterey Park, CA 30 years experience in Banking & Treasury Management Currently working on special payment related projects based on 16 years of product management for receivables, payables, ACH, wires, image checks, lockbox, account reconcilement & positive pay Focuses on products to service the needs of various markets including small business, middle market & large multinational corporations Participated on various National Automated Clearing House (NACHA) work groups & served as the Business to Business Payment (B 2 B) co‐chair on the NACHA Council for Electronic Billing & Payment for 4 years; served on the Western Payments Education Committee © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 5

Who We Are Lyle Wallis, CCE Vice President of Research Credit Research Foundation Westminster, Who We Are Lyle Wallis, CCE Vice President of Research Credit Research Foundation Westminster, MD Has 39 years experience in the commercial credit field Joined CRF in 1998 after previously being associated with London Fog, Euler Hermes ACI, & General Electric Capital Corporation Focuses on project development & education at the CRF Serves as the executive editor of CRF’s quarterly trade journal, The Credit and Financial Management Review Graduate of The Graduate School of Credit & Financial Management at Dartmouth College © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 6

Electronic Invoicing 7 Electronic Invoicing 7

Electronic Invoicing & Billing Solutions Common abbreviations: EIPP ‐ Electronic Invoice Presentment & Payment Electronic Invoicing & Billing Solutions Common abbreviations: EIPP ‐ Electronic Invoice Presentment & Payment EBPP ‐ Electronic Bill Presentment & Payment © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 8

Purchase to Pay Process We’ll Discuss Back office: üERP üPO initiation ü Invoice matching Purchase to Pay Process We’ll Discuss Back office: üERP üPO initiation ü Invoice matching üA/P Purchase Order Goods Invoice Make Payment & Provide Remittance Info Buyer Supplier Back office: üERP üPO Receipt üA/R ü Payment matching Initiate Payment Clearing Initiate Payment Buyer’s Bank Notify of Payment Processor Supplier’s Bank © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 9

How Electronic Invoicing Solutions Work 1. Billing information generated by seller & transmitted to How Electronic Invoicing Solutions Work 1. Billing information generated by seller & transmitted to buyer 2. Customer receives & reviews for accuracy 3. If information is correct, customer approves bill for payment 4. If information fails to match, a change (e. g. , deduction) can be created & sent to the seller 5. Payment & supporting remittance detail are transmitted to seller Steps 1‐ 5 above are conducted electronically/on‐line © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 10

Invoice Costs: Paper vs. Electronic Invoice Issuer Printing & Mailing Payment Reminder Remittance & Invoice Costs: Paper vs. Electronic Invoice Issuer Printing & Mailing Payment Reminder Remittance & Cash Mgmt. Archiving Total $5. 66 Paper Electronic $0. 73 $6. 53 $3. 19 $16. 11 $0 $0. 58 $4. 35 $1. 45 $6. 38 Receive Codify Invoice Recipient Paper Validate & Match Dispute Mgmt. Payment Archiving Total $1. 59 Electronic $4. 35 $5. 80 $3. 63 $6. 96 $3. 19 $25. 52 $0 $0. 58 $1. 74 $2. 90 $4. 21 $1. 16 $10. 59 Source: Billentis, 2009 cited in Customer Self-Service in B 2 B Order to Cash, Genpact, 2012 © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 11

Payments Processing Is Costly for Small Biz The cost of processing payments is higher Payments Processing Is Costly for Small Biz The cost of processing payments is higher for small businesses compared to the industry average: Using electronic payments & remittance information, the cost could be reduced by 71‐ 77%, or $3. 08 to $3. 30 per payment Sources: 2006/2007 Study of Small Business Payment Preferences by Dove Consulting/Hitachi Consulting; Aberdeen Group, SMB: High Costs Aren’t the Only Problem, September 2008; Small Business Payables & Receivables Survey, Cash Edge/Fiserv, January, 2011 © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 12

Federal Gov’t Leading the Way Small businesses that want to do business with the Federal Gov’t Leading the Way Small businesses that want to do business with the federal government need to get on board with electronics: Federal Government is pushing EIPP & EBPP implementation on trading partners In 2011, the U. S. Financial Management Service: ― Disbursed more than $2. 1 T non‐defense payments; 84% of which was via electronics ― Collected more than $3. 06 T; 96% of which was via electronics • Pay. gov offers tools for small businesses to use to pay federal agencies Source: U. S. Dept. of the Treasury, Financial Management Service, Key Statistics 2011 © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 13

EIPP: A Win‐Win for Buyer & Seller Productivity is improved as entire payment process EIPP: A Win‐Win for Buyer & Seller Productivity is improved as entire payment process is automated Benefits to buyers: Can validate every invoice received automatically Knows who/what the payment is for as key invoice information is attached Eliminates/reduces past due payments Maximizes rebates & incentives Gets remittance info sooner © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 14

EIPP: A Win‐Win for Buyer & Seller Benefits to sellers: • Can capture data EIPP: A Win‐Win for Buyer & Seller Benefits to sellers: • Can capture data on customer spending & buying habits more easily • Accelerates cash flow & reduces days sales outstanding • Saves time on billing • Reduces postage Benefits to both: • Can store payment history automatically in electronic repository & retrieve easily • Go green; less paper © 2012 Federal Reserve Bank of Minneapolis. Materials may not be used without consent. 15

Stumbling Blocks to EIPP Adoption EIPP solutions can be expensive to implement Integrating EIPP Stumbling Blocks to EIPP Adoption EIPP solutions can be expensive to implement Integrating EIPP technology into existing systems & processes can be hard Some accounts payable software doesn’t support Internet‐ based invoice payment solutions Some businesses are reluctant to adopt new technology Some trading partners don’t want to use EIPP solutions aren’t standard Banks & other service providers don’t provide the education, support & services that businesses need to use EIPP © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 16

Small Business Payments - An Overview 17 Small Business Payments - An Overview 17

Small Biz Touches 7 out of 10 U. S. Payments Source: Cited in BAI’s Small Biz Touches 7 out of 10 U. S. Payments Source: Cited in BAI’s Small Business Payments in 2006 report distributed at its Trans. Pay Conference May, 2006 © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 18

#1 Method Used by Small Biz: Checks Source: Visa Small Business Payment Panel Study, #1 Method Used by Small Biz: Checks Source: Visa Small Business Payment Panel Study, 2007 © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 19

Collecting Payments is Small Biz Priority • About 1/3 of small businesses say collecting Collecting Payments is Small Biz Priority • About 1/3 of small businesses say collecting payments is their top business challenge Source: The Next Payments Frontier: Electronic Payment Acceptance & the Small Business Market, May 2008 © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 20

Small Biz Reasons for Accepting Payment Methods Source: The Next Payments Frontier: Electronic Payment Small Biz Reasons for Accepting Payment Methods Source: The Next Payments Frontier: Electronic Payment Acceptance & the Small Business Market, May 2008 © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 21

Business to Business (B 2 B) Electronic Payments 22 Business to Business (B 2 B) Electronic Payments 22

B 2 B Electronic Payment Options Wire transfers ACH Cards ― Credit Cards ― B 2 B Electronic Payment Options Wire transfers ACH Cards ― Credit Cards ― Debit cards ― Corporate ― Procurement cards ― Fleet cards © 2012 Federal Reserve Bank of Minneapolis. Materials may not be used without consent. 23

Wire Transfers Credit payments only Each individual transaction is processed immediately (RTGS) Once posted Wire Transfers Credit payments only Each individual transaction is processed immediately (RTGS) Once posted or acknowledged, transactions are final & irrevocable Mainly used for time‐critical &/or large‐value domestic payments, & international payments © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 24

ACH (Automated Clearing House) The ACH is a batch processing, store & forward system ACH (Automated Clearing House) The ACH is a batch processing, store & forward system used for payments & information (e. g. , remittance) 1. Businesses & consumers (originators) send ACH payment instructions (credits & debits) to their financial institution (FI) for processing (Originating Depository Financial Institutions or ODFI) 2. ODFIs create & send electronic files of similar types of ACH payments to an ACH operator for processing & routing 3. Operator routes ACH payments to the appropriate receiving FI (RDFI) who applies payments to customer accounts & notifies customers of transactions 4. ACH payments settle in 1 or 2 days © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 25

ACH Examples of Common ACH Payments • Direct deposit, e. g. , payroll & ACH Examples of Common ACH Payments • Direct deposit, e. g. , payroll & social security • Preauthorized debits, e. g. , mortgage, utility, taxes • ACH “E‐Check” ‐ check to ACH conversion ‐ Account Receivable Conversion (ARC) ‐ Point‐of‐Purchase (POP) • Web (WEB) & Telephone (TEL) • Business‐to‐business (CCD, CTX) © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 26

Steady Growth in B 2 B Wires & ACH 18. 4% Grown 18. 4% Steady Growth in B 2 B Wires & ACH 18. 4% Grown 18. 4% growth since 2007 Source: Federal Reserve Bank statistics Source: NACHA website, June 2012 © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 27

Cards Source: Federal Reserve Bank of Philadelphia, Payments Card Center, March 2011; based on Cards Source: Federal Reserve Bank of Philadelphia, Payments Card Center, March 2011; based on data from First Annapolis Consulting, Commercial Card Market Landscape, December 2009 © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 28

B 2 B Electronic Payment Adoption Issues 29 B 2 B Electronic Payment Adoption Issues 29

Which Small Biz Accept More Electronic Payments? Characteristics of Small Businesses. . . That Which Small Biz Accept More Electronic Payments? Characteristics of Small Businesses. . . That Accept Electronic Payments That Do Not Accept Electronic Payments • Mainly in healthcare & retail • Mainly in consulting, services & construction • Multiple employees & annual revenues of >$1 M • Small/sole proprietorships with revenues of <$1 M • Primarily B 2 B with low typical transaction amounts (<$200) • Primarily B 2 B with high typical transaction amounts (>$500) • Report delays in payments & higher rate of bounced checks • Report higher overall failure to pay rate • Transact over web • Do not transact over web Source: The Next Payments Frontier: Electronic Payment Acceptance & the Small Business Market, May 2008 © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 30

Benefits of B 2 B Electronic Payments Adoption Top Three Benefits of Electronic Payments Benefits of B 2 B Electronic Payments Adoption Top Three Benefits of Electronic Payments Annual Revenues less than $1 B Cost savings Improved cash forecasting Straight through processing to A/P or A/R Fraud control More efficient reconciliation (enables this) Working capital improvement Better supplier/customer relations Ability to take early payment discounts Reduction in days sales outstanding 55% 42 38 37 36 26 20 20 18 Source: 2010 AFP Payments Survey © Federal Reserve Bank of Minneapolis. Materials may not be used without consent. 31

Electronic Remittance Information 32 Electronic Remittance Information 32

Remittance Data Defined Information shared between a buyer & seller to give a detailed Remittance Data Defined Information shared between a buyer & seller to give a detailed accounting of what the payment is for Buyer initiates remittance data to: • Inform seller of payment details • Justify amount being paid Seller uses remittance data to: • Close an open accounts receivable entry • Acknowledge that payment was received • Determine other liabilities (e. g. , adjustments, rebates, promotional efforts, special pricing, etc. ) © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 33

Exchanging Remittance Data Electronically: Typical Problems Complete remittance data isn’t provided – lack information Exchanging Remittance Data Electronically: Typical Problems Complete remittance data isn’t provided – lack information needed to reconcile Too many alternatives for remittance exchange & too many variations of remittance data standards Matching payments to remittances may be difficult when received separately Payments & accounting systems aren’t integrated Trading partners won’t/can’t accept electronic remittance data © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 34

Why Automate Remittance Data? Benefits of automating processing of payments & remittance information: • Why Automate Remittance Data? Benefits of automating processing of payments & remittance information: • Enable more efficient automated reconciliation of payments & remittance data • Identify & resolve discrepancies faster • Achieve cost savings • Maximize rebates & incentives • Reduce fraud risk © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 35

Small Biz E‐Payables Capabilities Lag Industry Average Source: Aberdeen Group, SMB: High Costs Aren’t Small Biz E‐Payables Capabilities Lag Industry Average Source: Aberdeen Group, SMB: High Costs Aren’t the Only Problem, September 2008 © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 36

Remittance Coalition 37 Remittance Coalition 37

Remittance Coalition What it is National group of associations, small & large businesses, financial Remittance Coalition What it is National group of associations, small & large businesses, financial institutions, vendors, standards development organizations, & others Formed in 2011 100 members & growing ASBDC is a member Mission Work together to solve problems related to processing remittance info associated with B 2 B payments in order to promote use of electronic payments & straight through processing © 2012 Federal Reserve Bank of Minneapolis. Materials may not be used without consent. 38

Remittance Coalition How? Promote more unified standards, processes, & automated tools that support: B Remittance Coalition How? Promote more unified standards, processes, & automated tools that support: B 2 B electronic payments for all sizes/types of businesses Originating & delivering electronic remittance information that can be associated easily with the payment Straight through processing © 2012 Federal Reserve Bank of Minneapolis. Materials may not be used without consent. 39

Current RC Projects 1. Survey of business practitioners Identified pain points related to remittance Current RC Projects 1. Survey of business practitioners Identified pain points related to remittance processing Evaluated proposed solutions to remittance‐related problems SBDCs participated in survey 2. Create glossary of remittance‐related terms 3. Implement “best practice” processes to use existing standards more effectively – e. g. , simplify & standardize use of discount & adjustments codes © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 40

Current RC Projects, continued 4. Educate businesses, especially small ones, on how to adopt Current RC Projects, continued 4. Educate businesses, especially small ones, on how to adopt electronic payments & streamline remittance processing 5. Inventory existing standards & their use; & develop new technical standards to address gaps 6. Work with vendors to support electronic remittance formats in order to enable automatic reconciliation with electronic payments © 2012 Federal Reserve Bank of Minneapolis. Materials may not be used without consent. 41

Current RC Projects, continued 7. Support effort to develop ISO 20022 extended remittance information Current RC Projects, continued 7. Support effort to develop ISO 20022 extended remittance information standard 8. Promote information about & use of newly available standards, such as wire ERI & the Balance & Transaction Reporting Standard (BTRS) 9. Future: Develop standards to create interoperability among proprietary B 2 B directories that list businesses & how to pay them © 2012 Federal Reserve Bank of Minneapolis. Materials may not be used without consent. 42

RC Survey Highlights Issue: Despite the benefits of using electronic payments & remittance alternatives, RC Survey Highlights Issue: Despite the benefits of using electronic payments & remittance alternatives, B 2 B checks remain popular. Why? Methodology: Online survey of AFP, CRF, IFO, NAPCP, & ASBDC members Data collected June 5 ‐ July 6, 2012 612 respondents Objectives: 1) Assess perception of major obstacles or “pain points” hindering use of electronic payments & remittance processing 2) Find out most effective solutions to encourage adoption of electronic alternatives to checks © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 43

Common Pain Points with Remittance Processing Source: 2012 Remittance Coalition Survey © 2012 Federal Common Pain Points with Remittance Processing Source: 2012 Remittance Coalition Survey © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 44

“Common Business Practices” Seen as Most Effective Solution Source: 2012 Remittance Coalition Survey © “Common Business Practices” Seen as Most Effective Solution Source: 2012 Remittance Coalition Survey © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 45

Next Steps with SBDCs Remittance Coalition & SBDCs can work together to address payment Next Steps with SBDCs Remittance Coalition & SBDCs can work together to address payment & remittance processing issues of small businesses: Educational materials for use by counselors to assist clients in choosing best options for making & receiving payments, exchanging information, & reconciling payments Webinars on payment & remittance topics © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 46

Join the Remittance Coalition! To join the Remittance Coalition, send an email to: Deb. Join the Remittance Coalition! To join the Remittance Coalition, send an email to: Deb. [email protected] frb. org You will receive a new member welcoming packet by email, with information on how to get involved in our work © 2012 Federal Reserve Bank of Minneapolis. Materials may not be used without consent. 47

Small Businesses & Banks 48 Small Businesses & Banks 48

Small Biz Payments & Remittance Integration Needs Not Addressed Existing banking & vendor solutions Small Biz Payments & Remittance Integration Needs Not Addressed Existing banking & vendor solutions don’t address small biz needs adequately E. g. , Intuit’s “Quick. Books” doesn’t integrate readily with NACHA ACH formats Insufficient information & education about existing solutions &/or new initiatives Many banks don’t educate small biz customers effectively about best services & solutions Small biz may not know how to approach bankers for help © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 49

What Small Biz Want from Banks Payment/Banking Services that Small Businesses Want % of What Small Biz Want from Banks Payment/Banking Services that Small Businesses Want % of Small Biz Straight‐through processing of payments from business to bank 70% Identity‐management platform that safeguards business identity & protects accounts when conducting business electronically 70% Electronic payments package integrating accounts payables, accounts receivables, & expense tracking 65% Bank services that are easily integrated into payroll & HR systems 60% Live intraday financial position information 55% Automated card‐based, expense‐processing system that ties in key partners 50% Source: BAI Study, 2006 © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 50

How Some Banks Address Small Biz Market Web Designed for Small Business Secure & How Some Banks Address Small Biz Market Web Designed for Small Business Secure & convenient access via web & mobile Single Portal Vendors employed by bank; Banks work with vendors employed by small business Internet Help yourself/ Self service Back Office Integration Transmissions to & from the bank through the web; formats being addressed Vendors © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 51

Know Your Business Who? • Who pays me? Who do I pay? • Consumer? Know Your Business Who? • Who pays me? Who do I pay? • Consumer? Businesses? Both? Why? • Ad hoc purchase? • Scheduled recurring: fixed/varied amount? How? • Checks? • Electronics? For: Taxes? Utilities? Rent? Payroll? • Have business partners requested other payment methods? © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 52

Know Your Business, continued Posting? Costs? • Need remittance data? • Simple data? Complex Know Your Business, continued Posting? Costs? • Need remittance data? • Simple data? Complex data? • Employee time spent? • Costs related to fraud? • Costs related to payment process? • Know your pain points Solutions? • Research opportunities © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 53

More about Solutions Ask • Consulting support • Associations • Web research Connect • More about Solutions Ask • Consulting support • Associations • Web research Connect • Treasury services/ Cash management services Demo • Does this meet your needs? • Ask for alternatives, ask about support © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 54

Discussion 1. How can electronic invoicing, payment & remittance solutions best be explained & Discussion 1. How can electronic invoicing, payment & remittance solutions best be explained & promoted to small businesses? 2. How can we work with the SBDCs to improve education & services to small businesses? © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 55

QUESTIONS? 56 QUESTIONS? 56

Valjean Sanchez Claudia Swendseid Senior Vice President , Payment System Operations Union Bank Monterey Valjean Sanchez Claudia Swendseid Senior Vice President , Payment System Operations Union Bank Monterey Park, CA Senior Vice President Federal Reserve Bank of Minneapolis, MN Phone: (323) 278‐ 4780 Email: Valjean. [email protected] com Web site: www. unionbank. com Phone: (612) 204‐ 5448 Email: Claudia. [email protected] frb. org Web site: www. frbservices. org Lyle Wallis Vice President of Research Credit Research Foundation Westminster, MD Phone: (443) 821‐ 3000 Email: [email protected] org Web site: www. crfonline. orgine. w. crfonline. org © 2012 Federal Reserve Bank of Minneapolis. Materials are not to be used without consent. 57