For many businesses, Covid-19 heightened management's focus on cash, disrupted supply chains, and reduced sales. As a result, accounts receivable (A/R) departments faced increased pressure to facilitate faster receipt and application of payments. Caught off-guard, many patched together short-term fixes to automate their receivables workflows and accelerate cash application.
As the pandemic continued, many of those organizations turned their attention to payments activity. They evaluated their options for moving away from paper and manual processes toward electronic and automated solutions. As a result of this process, many companies accelerated their payment technology roadmaps, sometimes implementing technologies they had not even considered prior to Covid.
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