All bookkeepers know that using AP apps are all about their small business clients getting paid faster, perhaps they even use them themselves. The reality is, the best many can do is let you know the payment is processed and it will hit your client’s bank in a day or two or three. Makers of the Forwardly app are saying, that’s not the case with us.
Proponents of “instant payments” (as in minutes, not days), Forwardly has released its advanced Bill Payments system. Similar to their A/R solution that, thanks to FedNow and the Clearing House’s RTP Network, businesses can receive payments from vendors in the same day, within minutes.
In fact, according to the Clearing House, real-time payments have seen exponential growth and are in demand among businesses. The Clearing House’s RTP Network has reported that 150,000 businesses are sending payments over its network, a 50% increase since December 2022. It’s projected that real-time payments could replace up to $37 trillion in ACH and check-based B2B payments in the U.S. by 2028.
Now, Forwardly’s AP automation will allow small businesses in the U.S. to pay bills instantly. The enhanced technology integrates with Forwardly’s existing Accounts Receivable (AR) capabilities, offering businesses and accounting firms a suite of payment services that eliminates time-consuming manual data entry and fragmented legacy processes.
In short, with a single click, users can process the entire bill payment workflow in seconds and schedule payments for free using modern payment systems like the FedNow Service, the RTP Network, and same-day ACH. According to Forwardly’s press release, other features include:
Simple Payment Processes: Businesses can pay bills in one go. Vendor payments are settled and accurately with just one click through Instant payments.
A secure system for vendors to add their business and payment details without sharing them directly.
Seamless integration with popular platforms like QuickBooks Online and Xero for auto reconciliation.
Keeping businesses informed on scheduled payments and bill approvals.
The new bill payment functionality is now available for small and medium-sized businesses and accounting firms in the U.S.
My final two cents on this one company’s move is that I’d love to see more AP solutions on the market providing instant payments. With cash flow from small businesses still being a determining factor in their overall business health, being able to pay and get paid literally in minutes as one would with the likes of Venmo(which does take a percentage for instant delivery) or Zelle, I can’t imagine it wouldn’t help.