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.
- 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.