Buyers who make business purchases through AOC Solutions’ EnCompass platform will be able to securely transmit payment information to vendors using the AR-Exchange online portal—the result of a partnership between AOC and 3Delta Systems.
The portal is built on the 3DSI Payment WorkSuite platform. Suppliers will be able to manage and organize buyers’ historical payment and remittance information and produce reports for the transactions, thereby eliminating the need to receive sensitive information over unsecured channels.
“AR-Exchange solves several major headaches for buyers and their suppliers,” Todd King, the chief product officer for both AOC and 3DSI, said. “Until now, many vendors struggled with insecure methods for receiving and managing credit card information from their purchasers. Suppliers also accept payments from a myriad of buyers with different payment methods, which often leads to inefficient accounting processes. Now, more buying organizations will be able to connect with suppliers who accept electronic payments and reap the benefits of accounts payable automation. Suppliers will also have better reporting and payment reconciliation tools as well as more opportunities to generate sales from EnCompass buyers because they’ll be listed in a free merchant directory within the application.”
After a buyer invites a supplier to connect on AR-Exchange, the supplier must enroll and agree to connect with the buyer. Using the platform, the buyer then submits payment and remittance data to the supplier, who then processes a transaction using a payment terminal. The supplier reconciles the transaction and can run and view reports at any time.