Model N recently announced Payment Management, a new solution payment solution for high tech companies. I had the pleasure of discussing the industry, and Model N’s solution with Gloria Kee, VP, Product Management.
First, I recently read research from Jupiter Research and saw that the B2B payment challenge will be a $35T problem in 2022.
Why are B2B payments such a challenge for high tech companies?
B2B payments are a challenge for High Tech companies because the High Tech channel ecosystem is quickly evolving with an ever-shrinking sales cycle, emerging new channel players, and increasing demand for fast payment turnaround without sacrificing security, accuracy, and simplicity.
What are some of the incentives that companies are using to grow their business? (volume rebates, new customer bonuses, SPIFs, and market development funds)
There are many types of incentives companies are using to grow their business. Historically, companies who offered incentives often defaulted to volume or revenue performance rebates. In today’s dynamic channel, companies are now looking to create tailored incentives that are transacting and non-transacting to influence the behavior of the channel. Some examples of these include MDFs, initiatives, and SPIFs.
How are companies managing channel payments today? (in-house solutions, manual processes, etc.)
Many customers are using in-house solutions, excel, their ERP solution and multiple payment solutions that are often disjointed. This creates challenges for customers without a payment management solution in scaling appropriately in a dynamic High Tech ecosystem.
Tell us a little more about Payment Management?
To wrap things up, Model N Payment Management is a payment processing solution that makes global payments easy, efficient, and transparent for high tech finance teams and improves partner relationships and retention. Payment Management is a key component of Model N’s channel incentive management ecosystem and is integrated with Model N’s Rebate and MDF Management solutions.