| 1
High-Volume
Accounts Payable
Achieving Long-Term Growth
Through Automation
May 2022
High-Volume Accounts
Payable: Achieving Long-Term
Growth Through Automation,
a
PYMNTS and Routable
collaboration, examines how
businesses use technology
to manage large volumes
of monthly payments. We
surveyed 204 executives from
companies with annual sales
ranging from less than $10
million to more than $250
mil ion about why they believe
automated payables platforms
are
so important to their ability
to grow and manage growth.
© 2022 PYMNTS.com All Rights Reserved
| 3
Acknowledgment
High-Volume Accounts Payable: Achieving Long-Term Growth
Through Automation was produced in collaboration with
Routable,
and PYMNTS is grateful for the company’s support
and insight. PYMNTS.com retains full editorial control over the
following findings, methodology and data analysis.
Table Of Contents
18
10
04
Introduction
Part I: Preparing
for the payments
volume surge
Part II: Managing
the surge in
payments volume
26
Conclusion and
methodology
High-Volume Accounts Payable
| 5
© 2021 PYMNTS.com All Rights Reserved
5
year. Their concerns about rising payables vol-
umes and the limits on their growth if they
cannot handle
the higher volumes appear to
be spurring them to act. Sixty-nine percent of
the companies surveyed that are innovating
their accounts payable (AP) platforms or plan-
ning to do so in the next year to improve their
overall AP capabilities believe their ability to
achieve their desired growth would be “very”
or “extremely” inhibited if they were
unable to
handle their projected AP volumes.
These are some of the key findings in
High-Volume Accounts Payable: Achieving
Long-Term Growth Through Automation, a
PYMNTS and Routable collaboration, which
examines how businesses use technology to
manage large volumes of monthly payments.
We surveyed 204 executives from compa-
nies with annual sales ranging from less than
$1
million to more than $250 million in four
industries — transportation, logistics and ship-
ping; online marketplaces; the gig economy;
and virtual events management. The survey
was conducted from Feb. 15 to March 2 and
gathered information about companies’ expe-
riences addressing growing monthly volumes
of payables. We also sought information from
these executives about why they believe auto-
mated payables platforms
are so crucial to
their ability to grow and manage that growth.
Introduction
Businesses of all sizes experience ineffi-
ciencies when dealing with a high volume of
payables, or “mass payouts.” Regardless of the
actual volume of payables a company pro-
cesses each month, organizations that lack
the solutions and infrastructure to efficiently
manage this aspect of their operations
will
soon run into obstacles that limit their growth.
PYMNTS research reveals that with the right
technology, businesses can optimize workflows
and improve integration between payments
processes and enterprise resource planning
systems. Technological improvements are
helping companies cut back on labor-intensive
tasks such as manual data entry. This change
is
helping companies conserve resources
when the pace of digitization throughout the
economy is accelerating alongside the num-
ber of payments businesses make to their
vendors and contractors each month. Online
marketplaces and companies in virtual events
management, the gig economy and transpor-
tation, logistics and shipping are among those
coping
with rising payments volumes and that
are under great pressure to handle more pay-
ments quicker.
Most of the companies PYMNTS recently sur-
veyed from these four industry segments
say their growth will be limited if they are
unable to sufficiently handle the increase in
payments volume they are anticipating. Forty-
one percent of these companies processed,
on average, 2,500 or
more monthly payables
with an average value of $211 during the past
Introduction | 7
This is what we learned.
Ninety-eight percent of businesses
that send out large numbers of pay-
ments each month believe they wil
fal short of their goals for growth if
they are unable to handle increases
in their monthly AP volumes.
Forty percent of businesses surveyed
say innovations to their AP systems
are more important than some other
innovation efforts.
Just 8.8% of the
businesses surveyed say innovation of their AP systems and pro-
cesses is the least important of their technology investments. Larger companies
seem more determined to innovate their AP platforms. Fifty-five percent of the sur-
veyed companies with more than $250 million in annual revenue say AP innovation is
more important than some of their other initiatives, and 43% of companies with less
than $1 million in
annual revenue say the same.
The mass-payout companies that make large numbers of small-dollar-value pay-
ments each month have seen their average number of monthly payables surge during
the last year. Ninety-five percent of surveyed firms saw their average monthly pay-
ables increase, and 93% expect monthly payables to increase in the next three years.
Fifty-five percent of surveyed firms say they expect to see an increase between 11%
and 30% in the
number of payments through their AP systems, and 20% of firms
expect to experience a 31% to 50% increase. The companies with the most pro-
nounced concerns about their ability to process payables sufficiently are also more
likely to be upgrading or planning to upgrade their payments platforms.
High-Volume Accounts Payable
© 2022 PYMNTS.com All Rights Reserved
Introduction | 9
The larger the number of payouts a firm manages, the more likely it is that the firm
will recognize the necessity of
increasing its capacity to manage its payables volume.
Sixty-seven percent of businesses that process at least 2,500 payables a month say
automated systems are “very” or “extremely” important to increasing the number of
payables. Fifty-six percent of the businesses that process 1,000 to 2,499 payables
each month say automated AP systems are “very” or “extremely” important for han-
dling greater volumes of payables.
Six out of 10 surveyed firms say it is
vital to automate their AP processes to
handle greater volumes of payments.
Just 10% of the businesses
surveyed say they would adapt
“very” or “extremely” well to a
100% increase in monthly AP volume.
Some businesses may face such large increases in the payables they process monthly
that the growth
in volume will exceed their processing capacity. The good news is
that when growth is at a less extreme pace, companies are better situated to handle
it. Forty-seven percent of companies surveyed say they can handle 50% growth in
their AP volume “very” or “extremely” well, and 40% say they can handle 50% growth
“moderately” well.
67%
Share of businesses that
process at least 2,500
payables a month that say
automated systems are “very”
or “extremely” important to
increasing the number of
monthly payables processed
through AP systems
/home/convert-studies-to-html/html/pdf-html.htmlHigh-Volume Accounts Payable
© 2022 PYMNTS.com All Rights Reserved
Ninety-seven percent of surveyed firms say
their goals for increasing sales and earnings
would be hindered if they were unable to
han-
dle the necessary AP volume: 31% say they
would be “very” or “extremely” inhibited.
Companies in the virtual events management
industry are more likely than businesses from
other industries to believe their growth goals
would be significantly inhibited because of an
inability to handle the necessary volume of
payables. Forty-six percent of virtual events
management businesses say their growth
goals
would be “very” or “extremely” inhib-
ited. The same is true for 36% of gig economy
companies, 26% of transportation, logistics
and shipping companies and 18% of online
marketplaces.
Preparing for
the payments
volume surge
Managing
payables,
preparing for
growth
Part I
Preparing for the payments volume surge | 11
Monthly Payments
Industry
Size
Share of companies experiencing different levels of growth inhibition,
by average monthly payables, annual revenues and industry
33.3%
65.5%
1.2%
31.4%
66.2%
2.5%
34.4%
60.7%
4.9%
22.4%
73.8%
3.7%
25.5%
70.6%
3.9%
0000000033
0000000031
0000000034
0000000022
0000000026
2,500 or more
Sample
500 to 999
Between $10 million and $250 million
Transportation, logistics and shipping
25.4%
72.9%
1.7%
41.8%
58.2%
0.0%
46.0%
52.0%
2.0%
40.0%
56.7%
3.3%
18.0%
82.0%
0.0%
35.8%
60.4%
3.8%
0000000035
0000000042
0000000046
0000000040
0000000018
0000000036
1,000 to 2,499
More than $250 million
Virtual events management
Less than $10 million
Online marketplace
Gig economy
Figure 1A:
The link between payables and growth
0000000073
0000000002
0000000058
0000000052
0000000002
0000000057
0000000003
0000000082
0000000060
0000000004
0000000066
0000000001
0000000066
0000000003
0000000061
0000000005
0000000074
0000000004
0000000071
0000000004
Source: PYMNTS.com | Routable
High-Volume Accounts Payable Report
N = 204: Complete responses
Very or extremely inhibited
Slightly or somewhat inhibited
Not inhibited
/home/convert-studies-to-html/html/pdf-html.htmlHigh-Volume Accounts Payable
© 2022 PYMNTS.com All Rights Reserved
Preparing for the payments volume surge | 13
The companies with the most pronounced
concerns about their ability to process pay-
ables
sufficiently to handle their growth are
also more likely to be upgrading or planning
to upgrade their payments platforms. Sixty-
nine percent of the companies that say their
goals for increasing sales and earnings would
be hindered if they were unable to handle the
necessary AP volume are either developing
innovations for their payments platforms or
planning to invest in innovative systems during
the
next year.
At the other end of the range of responses,
60% of executives who do not believe their
company’s growth plans would be inhibited
have not decided if they will innovate their AP
platforms or processes. Forty percent have
decided that they will not make innovations
with their AP platforms and believe that their
goals for growth will not be inhibited.
Share of companies with plans to innovate
automated systems, by levels of growth
inhibition
Figure 1B:
The link between
payables and growth
Source: PYMNTS.com | Routable
High-Volume Accounts Payable Report
N = 204: Complete responses
Very or extremely inhibited
Slightly or somewhat inhibited
Not inhibited
10.9%
1.5%
0.0%
26.6%
14.1%
0.0%
9.4%
20.0%
40.0%
0000000011
0000000027
0000000009
Currently innovating
Will start innovating in the next 12
months
Decided not to innovate in the next three
years
31.3%
7.4%
0.0%
14.1%
10.4%
0.0%
7.8%
46.7%
60.0%
0000000031
0000000014
0000000008
Will start innovating in the next six
months
Will start innovating in the next three
years
Have not decided if they will or will not
innovate
0000000007
0000000010
0000000047
0000000060
0000000002
0000000014
0000000020
0000000040
98%
Share of firms that
say their growth
goals would be
hindered if they were
unable to handle the
necessary AP volume
/home/convert-studies-to-html/html/pdf-html.htmlHigh-Volume Accounts Payable
© 2022 PYMNTS.com All Rights Reserved
Companies that process large volumes of pay-
ables each month say their goals for growth
would be significantly inhibited if they do not
make innovations and
upgrades to their AP
processes and systems.
Eleven percent of these companies say they
are currently innovating or evaluating new
features for their payments platforms, 31%
plan to innovate their AP systems within six
months, and 27% plan to innovate in the next
year. These companies believe their ability to
achieve their desired growth would be
“very”
or
“extremely” inhibited if they were unable to
handle their projected AP volumes.
The companies that are making investments
in AP automation expect to avoid the trou-
ble of being overwhelmed by increased
payables volumes. They also expect to reap
substantial rewards that will improve their
operating performance. Ninety-eight percent
of the businesses surveyed will improve their
speed when managing payables as their AP
platforms
are automated, 91% will have the
ability to pay vendors in their local currencies,
and 90% say the visibility and transparency of
the payments they make will improve.
Why AP
innovation
matters
Monthly Payments
Industry
Size
Importance of AP innovations over other innovation efforts, by size, industry and
average number of monthly payables
42.9%
52.4%
4.8%
40.2%
51.0%
8.8%
44.3%
44.3%
11.5%
29.9%
56.1%
14.0%
41.2%
54.9%
3.9%
0000000043
0000000040
0000000044
0000000030
0000000041
2,500 or more
Sample
500 to 999
Between $10 million and $250 million
Transportation, logistics and shipping
32.2%
55.9%
11.9%
55.2%
43.3%
1.5%
44.0%
46.0%
10.0%
43.3%
50.0%
6.7%
28.0%
66.0%
6.0%
47.2%
37.7%
15.1%
0000000032
0000000055
0000000044
0000000043
0000000028
0000000047
1,000 to 2,499
More than $250 million
Virtual events management
Less than $10 million
Online marketplace
Gig economy
Figure 2A:
Benefits of
AP automation
0000000056
0000000012
0000000043
0000000001
0000000046
0000000010
0000000050
0000000007
0000000066
0000000006
0000000038
0000000015
0000000052
0000000005
0000000051
0000000009
0000000044
0000000012
0000000056
0000000014
0000000055
0000000004
Source: PYMNTS.com | Routable
High-Volume Accounts Payable Report
N = 204: Complete responses
More important than at least some
More important than few others
The least important
Preparing for the payments volume surge | 15
/home/convert-studies-to-html/html/pdf-html.htmlHigh-Volume Accounts Payable
© 2022 PYMNTS.com All Rights Reserved
Preparing for the payments volume surge | 17
Innovation’s impact on select areas
Figure 2B:
Benefits of AP
automation
Source: PYMNTS.com | Routable
High-Volume Accounts Payable Report
N = 204: Complete responses
Very or somewhat noticeable
improvements
Moderate or very low level of
improvement
0000000091
0000000081
0000000090
0000000077
0000000089
0000000077
0000000087
0000000063
0000000054
Ability to pay vendors in their local
currencies
Data security
Visibility and transparency of payments
Real-time integration of AP data to the
enterprise resource planning system
Processing of large payout volumes
Costs
Ability to pay vendors using their
preferred payment methods
Working capital
Use of human resources
0000000009
0000000019
0000000010
0000000022
0000000011
0000000024
0000000013
0000000037
0000000046
0000000096
0000000087
Speed of payments
Relationships with vendors
0000000002
0000000013
98.0%
2.0%
89.8%
10.2%
90.8%
9.2%
88.8%
11.2%
86.7%
13.3%
86.7%
13.3%
80.6%
19.4%
77.6%
22.4%
76.5%
23.5%
63.3%
36.7%
54.1%
45.9%
98%
Share of businesses that
believe automated AP
platforms will improve
their speed when
managing payables
/home/convert-studies-to-html/html/pdf-html.htmlHigh-Volume Accounts Payable
© 2022 PYMNTS.com All Rights Reserved
Managing the surge in payments volume | 19
The share of businesses that recognize the
necessity of having
increased system capac-
ity for handling payables is most pronounced
among companies with large numbers of
monthly payables. Sixty-seven percent of
businesses that process at least 2,500 pay-
ables each month say automated systems are
“very” or “extremely” important to sufficiently
increasing their ability to process a growing
number of payables.
The pace of the increase
in monthly pay-
ables volume that companies are experiencing
also factors into how a company regards the
importance of innovating with its AP plat-
forms. Seventy-three percent of businesses
that experienced a 31% to 50% increase in
their monthly payables volumes during the
last year say automated AP systems are “very”
or “extremely” important if they are to handle
greater payables volumes.
The payment methods that companies pre-
fer also affect the importance they attach
to automating their AP platforms. Forty-
two percent of the companies surveyed that
mostly use checks and 26% that mostly use
PayPal consider automated systems “very” or
“extremely” important for hitting their growth
targets. Forty-four percent of surveyed com-
panies that primarily use checks and 29% of
surveyed companies that mainly use
PayPal
have automated most of their payments
functions.
The surveyed companies that rely on cash for
a larger portion of their AP volumes are less
likely to consider automation essential and
have made fewer investments in automating
their payments functions.
Managing the surge
in payments volume
Large
volumes and
the need for
speed
Part II
66.7% 0000000067
2,500 or more
58.8% 0000000059
Sample
50.8% 0000000051
500 to 999
63.3% 0000000063
Less than $10 million
72.5% 0000000073
Between 31% and 50%
60.0% 0000000060
Online marketplace
55.9% 0000000056
1,000 to 2,499
55.1% 0000000055
Between $10 million and $250 million
66.7% 0000000067
Between 11% to 30%
49.0% 0000000049
Transportation, logistics and shipping
62.7% 0000000063
More than $250 million
38.5% 0000000039
Less than 10%
62.0% 0000000062
Virtual events management
64.2% 0000000064
Gig economy
Figure 3A:
Where the importance of AP automation is understood
Firms that think automated systems are “very” or “extremely” important to increasing the
number of payables processed through AP systems, by select characteristics
Monthly Payments
Increase in the average number of
monthly payables
Size
Industry
Source: PYMNTS.com | Routable
High-Volume Accounts Payable Report
N = 120: Firms that believe automated systems
are “very” or “extremely” important
/home/convert-studies-to-html/html/pdf-html.htmlHigh-Volume Accounts Payable
© 2022 PYMNTS.com All Rights Reserved
Managing the surge in payments volume | 21
69.0% 0000000056
2,500 or more
56.4% 0000000056
Sample
36.1% 0000000023
500 to 999
40.0% 0000000040
Less than $10 million
65.0% 0000000016
Between 31% and 50%
56.0% 0000000056
Online marketplace
59.3% 0000000030
1,000 to 2,499
54.2% 0000000054
Between $10 million and $250 million
56.9% 0000000021
Between 11% to 30%
51.0% 0000000051
Transportation, logistics and shipping
67.2% 0000000067
More than $250 million
50.0% 0000000023
Less than 10%
60.0% 0000000060
Virtual events management
58.5% 0000000059
Gig economy
Figure 3B:
Where the importance of AP automation is understood
Firms that are very or extremely satisfied with how their AP systems handle monthly payables, by
select characteristics
Monthly Payments
Increase in the average number of
monthly payables
Size
Industry
Source: PYMNTS.com | Routable
High-Volume Accounts Payable Report
N = 115: Firms that are “very” or “extremely” satisfied with how
their AP systems handle monthly payables
42%
Share of companies
that primarily use
checks that consider
automated systems
“very” or “extremely”
important to hitting
their growth targets
/home/convert-studies-to-html/html/pdf-html.htmlHigh-Volume Accounts Payable
© 2022 PYMNTS.com All Rights Reserved
| 23
The pace of monthly AP volume growth is a
challenge for the companies PYMNTS sur-
veyed, but it is
hardly the only stress they
face. Fourteen percent of the companies sur-
veyed cite an insufficient number of payment
options as the top issue faced with their AP
systems, 15% say inefficient communication
with vendors and 9.3% say their biggest chal-
lenge is their inability to make payments in the
currencies their vendors use.
The challenges companies with which find
themselves saddled can vary
significantly
by
industry. Among online marketplaces, for
example, 10% say the inability to make pay-
ments in currencies used by vendors is the
biggest challenge. Twenty percent say the
same about their lack of a sufficient number
of payment options.
Chal enges
faced when
processing
payables
Online marketplaces and gig economy com-
panies have more confidence in their AP
systems’ capabilities than other compa-
nies
PYMNTS surveyed. Fifty-five percent of
gig economy companies and 54% of online
marketplaces say they would adapt “very” or
“extremely” well to a 50% increase in AP vol-
ume. They report they would struggle with
more substantial increases, however, such as
a doubling or tripling of volume.
Very or extremely well
Moderately well
Not so well/could not accommodate
it at all
Companies’ projections of their ability to
adjust to growth in payables volume, by rate
of growth
99.0%
1.0%
0.0%
47.1%
39.7%
13.2%
1.5%
14.7%
83.8%
0000000097
0000000047
0000000002
AP payments grow by 10%
AP payments grow by 50%
AP payments grow by 200%
93.1%
6.4%
0.5%
9.8%
42.6%
47.5%
0000000093
0000000010
AP payments grow by 25%
AP payments grow by 100%
Figure 4A:
Growth and the
challenges it brings
0000000006
0000000001
0000000043
0000000048
0000000001
0000000040
0000000013
0000000015
0000000084
Source: PYMNTS.com | Routable
High-Volume Accounts Payable Report
N = 204: Complete responses
Most important challenge
Experienced, but not the most
important challenge
Total
Top 10 challenges with AP systems
Figure 4B:
Growth and the challenges it brings
Source: PYMNTS.com | Routable
High-Volume Accounts Payable Report
N = 204: Complete responses
14.2%
9.3%
23.5%
4.4%
8.3%
12.7%
14.7%
3.9%
18.6%
4.9%
5.4%
10.3%
4.4%
5.4%
9.8%
8.8%
6.4%
15.2%
0000000014
0000000004
0000000015
0000000005
0000000004
0000000009
Insufficient payment options
Visibility and transparency with payments
Insufficient or inefficient communication
with vendors or service providers
Slow processing due to manual handling
of tasks
Lost or missing invoices
Inefficient process to onboard new
vendors
9.3%
10.8%
20.1%
3.9%
8.3%
12.3%
4.9%
11.3%
16.2%
6.9%
6.4%
13.2%
0000000009
0000000004
0000000005
0000000007
Inability to make payments in currencies
used by vendors
Inefficiency due to lack of automation
Slow payment options
Inability to get invoices approved for
payment
0000000011
0000000020
0000000008
0000000012
0000000011
0000000016
0000000006
0000000013
0000000009
0000000024
0000000008
0000000013
0000000004
0000000019
0000000005
0000000010
0000000005
0000000010
0000000006
0000000015
/home/convert-studies-to-html/html/pdf-html.htmlHigh-Volume Accounts Payable
© 2022 PYMNTS.com All Rights Reserved
Shopping with cryptocurrencies | 25
20.0%
10.0%
22.0%
0.0%
8.0%
12.0%
2.0%
2.0%
4.0%
4.0%
2.0%
6.0%
2.0%
4.0%
0.0%
0.0%
0.0%
2.0%
12.0%
2.0%
6.0%
10.0%
12.0%
2.0%
8.0%
4.0%
6.0%
6.0%
8.0%
10.0%
4.0%
8.0%
0.0%
0.0%
2.0%
0.0%
13.2%
11.3%
17.0%
5.7%
9.4%
5.7%
1.9%
5.7%
3.8%
1.9%
1.9%
3.8%
3.8%
3.8%
3.8%
5.7%
0.0%
1.9%
11.8%
13.7%
13.7%
3.9%
5.9%
7.8%
5.9%
3.9%
5.9%
5.9%
2.0%
2.0%
2.0%
3.9%
3.9%
0.0%
2.0%
5.9%
• Insufficient payment options
• Inability to make payments in currencies used by vendors
• Insufficient or inefficient communication with vendors or service providers
• Slow payment options
• Inefficient process to onboard new vendors
• Inability to get invoices approved for payment
• Visibility and transparency with payments
• Inefficiency due to lack of automation
• Slow processing due to manual handling of tasks
• Lost or missing invoices
• Inability to integrate AP with enterprise resource planning systems
• Inability to accurately and securely collect vendor data
• Inability to integrate and reconcile with enterprise resource planning systems in real time
• Insufficient resources to support business growth
• Delayed payments to vendors or service providers
• Inability to make payments using the vendor’s preferred payment methods
• Inaccurate payments to vendors or service providers
• Payments made before receipt of goods or services
Virtual
events
management
Transportation/
logistics/
shipping
Online
marketplace
Gig
economy
Top challenges experienced with AP systems, by industry
Growth and the challenges it brings
46%
Share of online
marketplaces that
believe they would
not adapt “very” or
“extremely” well to a
50% increase in
AP volume
Source: PYMNTS.com | Routable
High-Volume Accounts Payable Report
N = 204: Complete responses
/home/convert-studies-to-html/html/pdf-html.htmlHigh-Volume Accounts Payable
| 27
© 2022 PYMNTS.com All Rights Reserved
Conclusion
The rising volume of AP presents significant
problems to many companies across multi-
ple
industries, some of which process more
than 2,500 invoices each month. A significant
share of executives PYMNTS surveyed fear
that growth may exceed their ability to han-
dle payments and will prove to be a significant
obstacle to long-term growth. A growing num-
ber of companies recognize that automating
their AP platforms can help them meet the
challenges this growth presents. Our survey
found that 66% of
companies say it is “very”
or “extremely” important for their automated
AP platforms to handle increased payables
volumes and 98% of businesses believe they
will fall short of their growth goals if they are
unable to handle increases in AP volume.
Methodology
High-Volume Accounts Payable: Achieving Long-
Term Growth Through Automation, a PYMNTS and
Routable collaboration, is based on a survey of 204
executives that was
conducted between Feb. 15
and March 2. We surveyed companies generating
less than $1 million in yearly revenue to more than
$250 million from four industries: transportation,
logistics and shipping; online marketplaces; the gig
economy; and virtual events management. Respon-
dents process 500 to more than 50,000 payables
each month.
© 2022 PYMNTS.com All Rights Reserved
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