When it comes to paying your contractors, suppliers and remote employees, knowing that your funds reached their destination in full and on time is critical for maintaining a healthy relationship with your service providers. Effectively tracking payments, however, requires a robust and transparent solution that gives you a birds-eye-view as to where your funds are at any given time, and that’s where Payoneer comes in.

Here, we’re going to dive into the importance of payment tracking as it relates to your overall business strategy, including:

• How late or lost payments can damage your business
• The payment methods that are most easily tracked
• How Payoneer helps you manage and track your outgoing payments

The Dangers of Late or Lost Payments

Simply put, late or lost B2B payments are a massive problem for global businesses that lead to missed revenues, strained service provider relationships and reputational damage. 11% of invoices sent out by small businesses aren’t paid on time, amounting to an astronomical $1 trillion a year. If your service providers don’t have surplus cash flow, delayed payments can be detrimental to their bottom line.

They can also negatively impact your business, as seen in a recent survey of UK procurement professionals, in which 73% of respondents said their late payments have damaged supplier relationships. The same survey found that 62% of suppliers withheld goods until their invoices were paid, which should be a wakeup call for anyone doubting the importance of payment tracking.

Ensuring Your Payments Arrive on Time with Payment Tracking

While it might be tempting to say that you just need to send your payments far enough in advance to ensure they arrive on time, unfortunately that isn’t always the case. Whether we’re talking about checks that get lost in the mail or wire transfers that need to be routed through multiple banks, delayed payments are a fact of life that need to be taken in account.

At Payoneer, we address the issue of late payments with our payment tracker. When you make your B2B payments with Payoneer, we provide you with a view of where your funds are from the moment they leave your account to when they arrive at their destination. As a result, you’ll see when your receiver gets your payment, helping to ensure you can maintain a long-term working relationship.

Additionally, with Payoneer your service provider can invoice you through our request a payment service. You’ll then be able to send your payment with just a few clicks of your mouse, without even having to fund your Payoneer account. Payments are either debited from your bank account or charged to your credit card.

When you pay with Payoneer, you’re able to choose the payment method that best suits your business needs. To further simplify the process, your service providers can take advantage of multiple payment options, like credit card, ACH bank debit and local bank transfer.