At its annual conference, Insight, Deltek announced Deltek Payments a solution that enables US businesses to both make and receive payments digitally. The new feature is available across several of its solutions including: Deltek Costpoint, Deltek Vantagepoint and Deltek + ComputerEase.
Accounts Payable and Receivable are some of the most manually intensive processes for finance teams. Today, US-based project-based businesses can automate some of those processes by adopting this new solution.
Melanie Charles, Accounts Payable Manager at UIC commented, “We process a very large number of invoices each month – enough that when we saw Deltek Payments, we immediately saw the value of their AP automation platform when integrated with Deltek Costpoint.
“This integration with Costpoint was exciting because it fits into our AP approval workflows and payment run processes, which allows quick and easy deployment of the integrated solution. We’re also looking forward to going entirely electronic for our vendor payments and gaining visibility into the payment process that we don’t have today.”
What is Deltek Payments?
Deltek partnered with Infintech, an i3 Verticals company. Infintech already provides i3 Bill & Pay on the Deltek Marketplace. Deltek Payments is a suite of financial tools that help PSO firms manage their AR and AP cash flows by combining native financial functions in the Deltek ERP with Partners that understand the needs of project based businesses.
Deltek is also working with NvoicePay as well as Infintech
Deltek Payments is a complete invoicing and payment solution developed for professional services. It enables PSOs to make or receive payments using ACH, credit and debit card payments. Deltek Payments is PCI compliant and has layers of security with tokenization, encryption and fraud protection. The new solution, fully integrated into Deltek offers several advantages:
- Lower your Days Sales Outstanding (DSO) by offering customers an electronic payment option.
- Provide a modern payment experience for your customers through a branded payment portal.
- Automating AP and AR processes frees up time to work on more valuable tasks or enable growth without further hiring.
- A rapid ROI on Automating AP and AR processes, lowing costs from efficiency savings.
Pete Mann, SVP of Corporate Development and Product Alliances at Deltek commented, “Deltek Payments is an integral part of our Deltek ERP offerings, and as such, can offer unique capabilities like payment portals, improving end-customer’s digital payment experience, dramatically reducing reconciliation, reducing DSO, and saving money.
“In partnership with our Deltek Marketplace partners, Deltek Payments is a natural evolution for us and for our customers. Our customers want digital payments, their customers want digital payments, and we are very excited about the future for Deltek in this area of purposeful innovation.”
Enterprise Times: What does this mean
While Deltek Payments is launched with the Infintech solution and NvoicePay, Mann stated “partners”. Does this mean there is an opportunity for other AP/AR automation vendors to become a part of Deltek Payments? This would provide further options for customers. Will companies such as CLIENTPAY have a chance of adding their solutions to Deltek Payments?
Regardless, this is a smart play by Deltek. It will have seen the rapid emergence of AR and AP automation companies such as Tipalti, MineralTree and Bill.com. By launching Deltek Payments, companies are more likely to trust the addon that is embedded within Deltek rather than a third-party solution, regardless of whether it is on the marketplace. It is also the latest addition to the Deltek ecosystem and one that is seeing it continually extend its capabilities through innovation and partnerships.
Deltek Payments is only available in the US. Will Deltek extend this internationally, if so will that be with other payment automation vendors?