Quick Overview of Tipalti
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What is Tipalti?
As far as cloud-based accounts payable solutions go, there are few more popular than Tipalti. This award-winning accounting platform is designed to streamline the process of invoicing, expenses and overall accounts, freeing up time and increasing in-house productivity for small and mid-sized businesses (SMBs) across the globe.
Tipalti’s overriding mission is to “liberate finance from the payables workload” and bringing an end to inefficiencies in payables that have the potential to thwart business growth. It all started in the U.S. in 2010, when Tipalti was established purely as a means of facilitating mass payments from digital media networks to global publishers.
As time elapsed, Tipalti’s founders quickly ascertained the challenges of remitting to publishers in the global digital economy. There was no technology available to help Tipalti negate the issue of cross-border B2B transactions and so, Tipalti took the mantle of attempting to solve the global payables conundrum.
The end result is a comprehensive global B2B payables automation platform that makes overseas transactions a breeze, giving SMBs the time and freedom to focus squarely on revenue growth and cash flow management as opposed to time-intensive back-office manual financial tasks. Some three million businesses across the globe have already put their faith in Tipalti to cut their payables workload by as much as 80%.
If you’re considering adopting Tipalti software and becoming their next business success story, read on for an in-depth Tipalti review from pricing and features to customer support.
Pros of Tipalti
Interested to discover how Tipalti invoicing software helps to eliminate payables friction for SMBs with an invoice-based workflow or a digital business model? Here are seven key benefits of the Tipalti platform:
Dynamic solution for SMBs
The Tipalti platform is designed to streamline the way SMBs make payments to partners, customers, vendors and affiliates in a staggering 190 nations worldwide. Prior to the arrival of Tipalti, SMBs struggled with the tax and regulatory requirements of cross-border transactions. However, Tipalti can handle this bureaucracy single-handedly, minimizing the need for human in-house intervention and allowing business owners to focus squarely on providing high-quality services.
Responsive mobile platform
Tipalti offers instant 24/7 mobile access to its clients’ invoice databases. This enables owner-managers to access invoices, check up on status updates on payments due and approve them on an at-need basis. The ability to maintain a quick, immediate overview of the accounts payable landscape from any mobile device means that small businesses can understand the bigger picture, helping them to grow and scale.
Time-saving auto-invoicing and recurring payments
The Tipalti platform is designed to automate over half of all pay-out operational processes. It has very quickly become a market leader for payment reconciliation, which has long been a barrier to improved cash flow for ambitious SMBs. When an invoice is emailed or uploaded, the Tipalti software scans and captures the data using optical character recognition (OCR) technology, helping to automate the population of data that would ordinarily have been a manual back-office task.
As we determined when carrying out our Tipalti review, the software makes it possible to manage the accounts payable process for companies with domestic and global subsidiaries and entities under a single platform. Managing payments to payees associated with separate subsidiaries no longer needs to be error-prone or time-intensive thanks to Tipalti. With end-to-end accounts payable capabilities, it’s also possible to report back directly into third-party ERPs, so Tipalti can centralize a company’s financial controls and reporting.
Speaking of reporting, Tipalti offers an advanced payment reporting system, featuring a string of out-of-the-box features that will capture the attention of SMBs. It’s possible to generate timely and accurate reconciliation reports ahead of deadlines and meetings, without finance managers having to deal with taxation rules, disparate payment methods or regional considerations.
The Tipalti platform allows businesses to name an unlimited number of invoice approvers and configure their own workflows through the accounts payable hub. This means that chasing down approvers face-to-face for their invoice sign-off can soon become a thing of the past. Approvers can get access to invoices that are pending review, awaiting accounts payable action or payment; as well as overdue invoices.
Tipalti caters best for SMBs and digital suppliers that need to send and receive payments at scale overseas. Within a matter of clicks, invoices can be paid quickly and accurately to some 190 countries in 120 currencies, via wire transfer, ACH, eCheck, PayPal and many other methods. The platform also incorporates an eye-watering 26,000+ inbuilt banking rules, designed to eliminate payment errors before they are allowed to happen, saving businesses time and limiting frustration.
- Fully secure payment portal
- End-to-end accounts payable solution
- Capable of processing payments for affiliates
- Generates 1099 forms at end of each tax year
- 1042-S tax reporting module
- Integrates with advertising network performance trackers
- Integrates with affiliate program management
- Detects fraudulent online payments
- Seamless payment reconciliation
- Dedicated payment clearinghouse
- In-built risk management for payments
- Issue resolution functionality for payment processing
- Accepted by various payment providers
- International bank and wire transfers available
- 100% compliant with tax documentation
- Vast selection of payment currencies
- Regulatory compliance with cross-border payment processing
- Digital solutions for pay-out processing
- Compliant with mass PayPal payment processing
- Processes payments for customers and vendors
At the time of writing our Tipalti review, there does not appear to be a free trial offered to prospective clients of the Tipalti software. This is because Tipalti has positioned itself in the marketplace as a more “bespoke” digital accounts payable solution. As such, the Tipalti cost to businesses can be scaled up or down depending on how many of the platform’s advanced features you need.
Tipalti pricing plans
Tipalti fees start from $299 per month for the platform, but seamless upgrades are available as and when your business requires any of the advanced capabilities we’ve listed above:
- Tipalti Express – Platform fees start from $299 per month
- Tipalti Pro – Platform fees start from $699 per month
- Tipalti Elite – Platform fees start from $1599 per month
It is possible to arrange for a free demo of the Tipalti software, where a member of the Tipalti team will take you through all the key components of the platform.
- Recurring monthly subscriptions only
- Digital freelancers
- Large enterprises
- Exclusively hosted in the cloud
All customers of the Tipalti invoicing software can lean on swift, expert responses from the Tipalti Support Team. Their customer service department is available via US-based telephone from 6:30am to 6:30pm Pacific time. As we can attest to from carrying out our Tipalti review, the team are also responsive via email during this 12-hour window. The Tipalti website states that its average first response time to client queries is under two hours.
As well as Tipalti’s Support Team, the platform also operates a 24/7 Knowledge Base that can enable users to troubleshoot their own issue or learn more about advanced features of the Tipalti software. Whichever way you need help, the Tipalti platform can typically keep your business moving. It has five-star customer satisfaction ratings, with users consistently rating the Support Team at 98% or higher for their effectiveness.
Today, Tipalti processes well over $5 billion per annum in international bank transfer remittance. It also boasts a high-profile array of clients, including Google, Amazon Twitch, Twitter and Nikon.
If you are a business that needs a simpler, more efficient way of paying people who live worldwide, our Tipalti review shows that it could be the invoice solution for you. All overseas payments are fully compliant with money transfer regulations, supporting a comprehensive choice of digital and traditional payment options. With the ability to capture payment details and tax forms without the issue of PCI compliance, you too can have a seamless accounts payable system, wherever you are in the world.