Tipalti
4 Reviews 5/5 ★ ★ ★ ★ ★Global partner payment automation system to manage, execute and reconcile the entire process of making outbound payments to partners and suppliers.
Product Overview
Tipalti is an accounts payable software that manages complex payment setups, supporting multiple currencies and international tax compliance. The platform streamlines invoice recording, approval workflows, and global payment processes. Its OCR (Optical Character Recognition) capability and automated invoice processing reduce the risk of errors. Tipalti automates and speeds up the accounts payable and closing processes.Pros
- Handles multi-entity
- Integrations with popular accounting software
- Invoice-based and performance-based workflows
Cons
- Can't add bills to scheduled payment order
- Lengthy setup
- No VAT or GST functionality between all available integrations
Target Market
Mid-sized to large businesses in tech, eCommerce, and advertising that deal with global payment operations.Tipalti is a software designed for handling accounts payable. It efficiently manages intricate payment arrangements and is capable of dealing with various currencies, adhering to international tax laws. This system simplifies recording invoices, streamlining approval processes, and facilitates the execution of global payments.
Tipalti Key Features
Global Payment Capabilities
- Enables payments in multiple currencies to partners worldwide.
- Offers a variety of payment methods including wire, ACH, and PayPal.
- Collects country-specific banking details for efficient payment remittance.
- Minimizes costs through optimized mass-payment methods based on the payee’s location.
Diverse Payment Options
- Supports over seven payment methods for global partners.
- Includes a self-serve dashboard for payees to register and select their preferred payment method.
- Automates payment remittance, reducing manual entry errors.
Automated Payment Processing
- Reduces up to 80% of the accounts payable workload.
- Automates collection of bank information and payee tax forms.
- Features automatic validation to minimize payment errors.
- Integrates with ERP systems for streamlined payment reconciliation.
Tax and Regulatory Compliance
- Gathers tax documentation like W-9s and W-8s during registration.
- Provides year-end 1099 services for federal and state reporting.
- Scans payees against global blacklists for compliance with various regulations.
Cost Reduction in Payment Transactions
- Claims to reduce direct payment costs by more than 25%.
- Offers flexible transaction cost absorption options between payer and payee.
- Built-in fraud detection mechanisms for additional security.
Simplified Implementation
- Features a white-labeled IFRAME for easy integration into websites.
- Maintains brand consistency while handling payment complexities.
- Regularly updates tax, regulatory information, and product enhancements on its SaaS platform.
Product Overview
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User Reviews of Tipalti
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A simple and efficient tool for capturing all of our purchasing processes and generating better POs
The UI is by FAR better than any other financial system we’ve used
The price of the solution could be lower given they’re new to market
With Approve.com we can maintain a valid procurement process while keeping it simple and straightforward.
My pain was mid-management were buying products without an organized approval workflow, and without them having transparency as to how much of their budget is left on a monthly basis. I was afraid of implementing a process using our ERP as it’s not friendly enough and I want to be an enabler of my peers - Approve.com definitely hit my sweet spot with their offering. Approve.com must have saved us hundreds of email threads a month.
Approve is the game-changer we were looking for in our quest to relieve several pain points - we didn’t have a clear requisition flow and as the company grew it became an issue. Approvals by email, lack of visibility into available budgets and not being able to know your Budget status on the spot created a lot of problems. Our previous attempts to implement requisition/procurement solutions failed either due to the over-complexity of the widely familiar tools or due to lack of features in “lighter” products. Approve is just the right solution for us - it’s SaaS, it’s easy to use, it’s intuitive. Their start-up,“can do” approach made them a great partner for us.
