Hyphen Wallet: The Supplier Experience Using Standard ACH
At Hyphen Solutions, we set out to understand our customers’ needs, then develop exceptional solutions to help them achieve their goals, in good times and times of uncertainty. The goal of our comprehensive suite of software solutions is to help all stakeholders achieve streamlined efficiency during every step of the residential building journey. While pandemic-related supply chain issues have finally started to ease in Texas and the rest of the country, our customers have shared how Hyphen Solutions helped them through these trying times.
One of our most popular solutions is Hyphen Wallet, a secure platform that streamlines the relationship between Builders and Suppliers by creating efficiency and security for real-time payments. There is no better way to demonstrate the value of our products than speaking to the companies who use them. We recently interviewed Dallas-area Supplier Nix Door & Hardware about the benefits they get from Hyphen Wallet.
Improved Efficiency
Hyphen Wallet: The Supplier Experience Using Standard ACH
With manual processes, it is necessary to gather payments, invoices and remittances from different sources, which is an inefficient use of time. Using different portals and getting checks in the mail subjected the company to lost, stolen or delayed payments and potential fraud. Before transitioning to Hyphen Wallet, it was necessary to frequently check bank accounts, credit cards and wires to ensure everything was aligned and allocated correctly. The one-stop platform provided by Hyphen Wallet makes it easy to go back and check records and remittances without having to dig through stacks of paper or remember multiple passwords.
Flexible and Timely ACH Payments
According to Nacha, the modern ACH Network safely and efficiently processed 30 billion payments valued at $76.7 trillion in 2022. Businesses continued to move away from paper checks in 2022, as evidenced by an 11.8% year-to-year increase in ACH Business-to-Business (B2B) payments. Furthermore, adoption of Same Day ACH for B2B payments increased 44% in 2022. Hyphen Wallet offers Suppliers the choice of same-day ACH, in addition to standard ACH. The latter is the payment method of choice for Nix, yet they said it’s reassuring to know they can switch to same-day ACH, real-time payments, wire transfers or virtual cards whenever they wish. Transitioning from paper checks to one of these safer methods results in faster processing, as well as reduced overall costs.
Decreased Risk of Errors and Fraud
In 2022, the FBI received more than 21,800 complaints of a type of cyberattack known as a business email compromise scheme, with a total of $2.7 billion in reported losses. Of this total, Texas ranked third in the nation with 1,900 complaints and about $260 million in losses. A recent case involving a U.S. citizen living in Brazil involved sending fraudulent emails to many companies (including two in Houston) requesting changes in payment information using company vendors, but the new accounts weren't the vendors' actual banks. Some Nix Builder partners expressed concerns about paying with paper checks due to the possibility of identity theft, but this is no longer an issue with Hyphen Wallet’s secure, password-protected portal.
Enjoy the Many B2B Benefits of Hyphen Wallet
Hyphen Wallet for Suppliers provides a window into payments made by Builders with real-time payment status via a secure, dedicated portal. Instant reconciliation within Hyphen Wallet ensures a fast, accurate financial close cycle, improves cash flow visibility and working capital management. Safe, 24/7 access to 100% paperless transactions provides complete control, real-time messaging and transparency and greatly enhanced security. Be in charge of how you get paid by scheduling a demo.
