Adflex Unveils STP 3.0: A Game-Changer in Digital B2B Payments

Digital B2B payments expert, Adflex, has launched STP 3.0, a cutting edge virtual card reader technology designed to level the playing field in buyer-initiated B2B payments.

Streamlining Payments with STP 3.0

STP 3.0 allows for card numbers to be automatically read from within emails, enabling transactions to be processed without any additional input from the supplier. This new technology frees suppliers from the burden of manually processing card payments, a task which has traditionally been left to them. Instead, payments are processed through the STP platform, with buyers instructing Adflex to make a payment once an invoice gets approved. Suppliers then receive a branded remittance, indicating that the payment has been completed.

Pat Bermingham, Adflex’s Head of Product, suggests that STP 3.0 delivers benefits of prompt, secure, and pain-free transactions to both buyer and supplier. “Through commercial cards, buyers can access working capital, and suppliers that accept card can achieve preferred status and access new revenue streams,” Bermingham said.

Exploring New Business Partnerships

Adflex also allows businesses to use its STP database to search for partners that will accept and pay by card. This feature facilitates the discovery of potential matches, regardless of whether there’s a pre-existing relationship or not.

Improving Refund Processing

STP 3.0 incorporates a unique refund API module that lets buyers generate a refund request from their Enterprise Resource Planning (ERP) system, such as Oracle or SAP. This feature eliminates the need for suppliers to hold onto virtual cards for extended periods to manually process a refund. Instead, Adflex’s refund API can reference the original virtual card to process the refund, either in full or partial amount for the purchase, enhancing reconciliation without supplier interaction.

Expanding Supplier Options

For suppliers who prefer manual processes, Adflex has also introduced an off-the-shelf STP portal. The portal gives buyers full control of payments and removes PCI scope for the supplier. It can be set up quickly, within days, and doesn’t require any development work from either the buyer or supplier. Suppliers can use the portal to request payments, which are then settled in real-time by Adflex, once the buyer approves the invoice.

In conclusion, Bermingham believes that STP 3.0 redefines the virtual card process to improve efficiency and security, making B2B payments thoroughly digital and scalable.