Tipalti is a global payment automation system and accounts payable software that helps you plan, carry out, and check the whole process of sending money to partners and suppliers. There is no more global, powerful, or complete system for you if you regularly need to pay 100 or more people, even those in other countries. More than 80% of the work needed to manage payments is taken care of by Tipalti. This makes sure that taxes and regulations are followed and improves the partner payment experience.
Tipalti’s solution is built around sending payments to people in 196 different countries. This is called “payment remittance.” Tipalti also makes it easier for businesses to manage all of their payments, from registering payees to processing invoices, making sure they follow tax and legal rules, sending money abroad, fixing payment problems, lowering the risk of fraud, and confirming payments and reporting payees.
The system handles all payment tax and regulatory compliance needs, such as collecting tax forms, processing 1099s and 1042-S, and checking that all payees are not on any international watch lists for terrorism, drug trafficking, or money laundering before payments are made. Tipalti also improves the partner payment experience to help you get and keep more partners. It does this by giving partners a choice of payment method and currency and by making payments more timely and accurate.
A payee is the person receiving funds and the payer is the one paying out to the payee. Depending on industry, terminology may vary:
Tipalti can pay in the local currency of over 196 countries. Payees may have a better experience if you send money in their own currency. This is because they will have ready-to-use funds when they receive payments, without having to go to a bank and pay fees to change US dollars into local funds.
Depending on country, Tipalti supports a variety of payment methods and is always adding more options. These include ACH (automated clearinghouse), wire transfer, Global ACH (eCheck), PayPal, prepaid debit cards, and live paper check. The person paying can choose which methods are available, but the person receiving the money can pick the one that works best for them.
When you have a lot of payees to manage, paying international partners can be challenging. There are many different requirements and regulations (banking, tax, security, etc. rules that each country must follow are very different, and the rules can change often based on government, technology, or other factors. To understand the issues around paying international partners, see the payment method reference.
In fact, Tipalti tracks over 26,000 rules and conditions to ensure that payments are executed legally and flawlessly. To keep up with these changing rules, businesses would need to do a lot of work by hand and have a payment compliance expert on staff.
The Single Euro Payment Area (SEPA) is an addition to the eCheck/Global ACH payment method that makes it cheaper for people in all Euro countries to receive direct bank transfers. In some countries (e. g UK, Sweden) the local currency is supported alongside the Euro.
France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, Spain, Denmark, Bulgaria, the Czech Republic, Hungary, Latvia, Lithuania, Poland, Romania, Sweden, the United Kingdom, Iceland, Liechtenstein, Norway, Monaco, Switzerland, Martinique, Guadeloupe, French Guiana, Reunion, Gibraltar, and the Aland Islands. This list was last updated in July 2013.
Tipalti gives the payer the freedom to choose whether to pay and how much to pay for transactions. Charges can also be based on payment method. For instance, you can get more people to use certain payment methods (like ACH over wire transfers) by offering to pay for one but not the other.
Tipalti offers a lot of value for those making payments to multiple payees in different countries. But Tipalti might still be right for you if your accounts payable team is having a hard time with all the domestic payments, if you just want to streamline and automate a cost center operation, or if you want to add a system that will grow with you if and when you go global. Some Tipalti customers are only in the United States, but they found that processing invoices, reporting on payment reconciliation, adding payees, and making communication easier were all very useful.
It’s only an accounts payable automation platform called Tipalti, and its only goal is to make it easier to pay partners, suppliers, and vendors.
“Tipalti” comes from the Hebrew word “טיפלתי”, meaning “I handled it. It’s in line with the company’s philosophy to take care of all the partner payment details, so customers don’t have to.
We’re able to work with most businesses, but because we work with top banks, we have to limit the amount of risk we take on. Because of this, we can’t work with companies in some high-risk industries, and all of our customers have to go through a due diligence approval cycle. For questions about whether your company is a fit, contact our sales team today.
All payees using the Tipalti platform are checked against US and international blacklists to make sure they are not on any of the lists that are for money laundering, terrorism, or other illegal activities. This is done to avoid sending money to people who are suspected of being terrorists, money launderers, or drug traffickers. In addition, every transaction is verified even if a payee has passed previous screenings. Tipalti’s database is regularly updated with the newest rules to make sure full compliance with OFAC (Office of Foreign Asset Controls), Anti-Terrorism, and Anti-Narcotics.
Tipalti has a risk module called Detect to help identify suspicious payees. They are flagged within the system and includes the situations where the transaction was deemed risky.
Tipalti gets all the contact and banking information it needs from the payee through our payee registration IFRAME web interface or supplier portal. It also makes sure that the payees are legal and able to be paid through the same process. The person being paid also chooses how they want to be paid and if they want to be paid in their own currency at that time. We then collect their tax forms (W-9 for US payees, W-8BEN for non-US payees working with US companies, and VAT ID specifications for European payees). For companies that already have a list of payees, we can import that list directly into Tipalti to make it easier for new payees to join.
The IFRAME portal can be embedded onto any web page. However, if a site is not available, you have the option of using the Tipalti Supplier Portal. It runs without an IFRAME and is hosted on our servers. The Supplier Portal also provides more communication options and reporting features for payees to engage the payer.
Yes – at any time. Those changes will go into effect during the next upcoming payment run.
For US payees working with US companies, an integrated W-9 form is collected on all taxpayer identifiers: e. g. Social Security numbers (SSN) or Employer Identification numbers (EIN). For non-US payees working with US companies, a workflow is available to facilitate W-8 series form submission. For businesses and payees that require VAT identification, upload capabilities are provided. Note that this can include fully digitized data, not just a PDF upload of a tax form.
According to the Internal Revenue Service, W-8 series forms are needed to find out the payee’s tax status. Various rules apply.
If a payer changes the payee’s settings on the Tipalti payer dashboard, they don’t have to fill out tax forms. We do, however, encourage our customers to use our tax identification services because they will need to be done in the end. Tipalti saves time on collecting and documenting this tax form issue and makes it easier to file 1099s and 1042-S forms.
You can keep your current business bank accounts, but you need to fund a virtual account with Tipalti in order to draft payments. This is a non-interest yielding account dedicated for remittances with Tipalti. You can also open a limited dedicated bank account in the name of your business with Tipalti’s banking partner.
Payers can determine which payment methods are available to their payees. Tipalti offers a number of payment options that you should use to reach new markets. It also exudes goodwill to partners enabling them to choose the best option for their situation. Note that some geographies will naturally limit what methods are available. You don’t have to know which – Tipalti knows!.
No. Tipalti will process your PayPal payments as either regular transactions or as PayPal Mass-Payment transactions. This is ideal for countries where PayPal Mass-Payment is not available.
Technical implementation is a matter of days. It can take a few weeks, though, to gather and look over all the business information that is needed for due diligence and account setup. It takes time to set up workflow and make sure that only the right people can see and sign any emails and portals that suppliers see.
The IFRAME is a brandable web interface that lets payees give Tipalti payment information and check on their payment status within the experience and look and feel of your own website. It can be styled to match your current site and is easy to add to any page of your site (often a client’s payee portal) with little development work. The IFRAME allows payees to register their contact and banking information. The Tipalti IFRAME also supports secure sites and can be passed parameters to simplify the registration process. A second IFRAME is available for payees to view their transaction history.
Yes. The application programming interface (API) lets programs access all of the payer dashboard’s back-end features. It’s mostly used to help with integration projects.
Tipalti has role-based access support. This lets your business decide who can see, add to, edit, or delete information, as well as who can approve payments and whether more than one person is needed for certain situations (e.g. g. payment amount). This enables the entire accounting team to work with Tipalti in a secure way.
Payments are uploaded to Tipalti through a simple payment file, usually generated from your accounting department. Payments may also be triggered through an ERP integration or from the Invoice Management module. Once queued up in Tipalti, they can be cancelled if necessary. Payment runs are set to run 8AM Eastern Time.
Many problems happen because the payee gives the wrong information, like their bank routing number, types in the wrong email address, or uses an old PayPal account that is no longer valid. These exceptions are listed in the payer dashboard’s payment report. Next, Tipalti can be set up to send a pre-made email (with your brand) to the payee to get the information needed to fix the payment problem.
Customers report significant reductions in the payment error rate because of Tipalti. Based on the payee’s country, payment method and currency preferences, Tipalti automatically knows which required fields to collect. The system also has a lot of field-level algorithms that look for mistakes in the data that payees enter and let the payee know about them so they can be fixed.
It is possible to cancel a payment as long as it is still set to go through at a later date or as long as the relevant dashboard user(s) have not yet given their permission for it to go through.
Yes. You can require that payments reach a certain level before paying. You can also allow your payees to select a higher threshold level than the one set by you.
Tipalti does not re-attempt to make rejected payments. The payee becomes un-payable until they change the details of their payment method, using the supplier portal.
Processing payments depends on many things, such as the type of payment method used, the exchange rate, and the payee’s banking system.
Payees are automatically notified when payments are made. If there is a problem, they are told about it, like if a payment can’t be made because tax forms haven’t been filled out or if the payee bank rejected the payment.
As long as you have a supplier registered (landlords, utility companies, contractors, etc. If you have a Tipalti account that is funded and a payment type chosen, you can make payments by adding them to your payment file. Several of Tipalti customers have used the platform to streamline their accounts payable processes and reconcile payment issues.
Tipalti gives you a file that is ready to be sent in at the end of the year. You can then import it into your business accounting or tax software to make individual tax returns.
Tipalti provides reports required by various disciplines of the organization: Payment Operations, Accounts Payable, Tax Management, Compliance, etc. The Reconciliation Report looks at all payee transactions made in Tipalti with all connected banking providers. It gives a full picture of all banking providers, currency exchanges, transaction and conversion fees, the payee’s ID and name, and more. It is primarily used for end-of-cycle general ledger reporting.
Tipalti provides reports required by various disciplines of the organization: Payment Operations, Accounts Payable, Tax Management, Compliance, etc. The Reconciliation Report looks at all payee transactions made in Tipalti with all connected banking providers. It gives a full picture of all banking providers, currency exchanges, transaction and conversion fees, the payee’s ID and name, and more. It is primarily used for end-of-cycle general ledger reporting.
If there is a problem where a fake payee was able to get your money, we will work with you and the bank to try to get the money back. However, there is a limit to what is possible. This is one reason we tell our customers to “KYC” (Know Your Customer) anyone they want to do business with.
Both the IFRAME and API utilize industry-standard, enterprise-class security. SSL encryption ensures that information cannot be intercepted. All the information that is gathered and saved is SSL encrypted. This includes account numbers, Social Security numbers, and other PII (Personally identifiable information). All calls to the IFRAME and API are protected by encryption keys. The keys are encrypted with SHA256 and have a randomizing part that makes sure that each call has a unique key that only works for a certain amount of time. Keys are obtained using an API call from the Payer to Tipalti. The API call must come from a white-listed IP address. All API calls (including calls to obtain a short term key) are white-listed. All other calls will be denied.
Two-Factor Authentication (TFA) is used by Tipalti to make sure that payees are who they say they are. The knowledge factor includes the payee’s username and password to access the payee dashboard on the payer’s website, and the possession factor includes their mobile phone to receive a validation PIN.
The payer dashboard utilizes SSL, along with the username and password. In addition, role-based access grants view, create, add, edit, and control permissions accordingly.
Only certain people on Tipalti’s staff are allowed to see account information for the purposes of managing and fixing problems. These individuals have undergone background checks and their compensation is tied to successful operations. All account identifiers are masked with visual hashing and stored in the database using SSL encryption.
Tipalti receives and maintains a third-party audit certification for AICPA SSAE 16 SOC and ISAE 3402 Type II. Adhering to these prescribed processes allows us to work with major corporations, including our worldwide banking partners.
The database is automatically backed up every 4 hours. The entire system is backed-up daily and once a week following industry-standard best practices. Restoring the takes a matter of minutes.
Tipalti is a platform that can be used by multiple people. It runs on a global, secure, distributed cloud architecture that meets the requirements for SSAE 16 reporting. This fault-tolerant system is highly available and fully redundant to ensure optimal performance and security. We’re happy to discuss an SLA program for your business.
Landing your dream job at Tipalti? This comprehensive guide equips you with the knowledge and confidence to tackle any question thrown your way during your interview.
Unveiling the Secrets of Tipalti’s Interview Process
Preparation is key. Before diving into the questions let’s understand Tipalti’s interview process
- Initial HR Screening: This phone interview assesses your basic qualifications and fit for the role.
- Team Lead Interviews: Expect in-depth discussions about your experience, skills, and knowledge related to the specific position.
- Panel Interviews: These may involve multiple interviewers from different departments, probing your problem-solving abilities and teamwork skills.
- Presentations or Assignments: Some roles might require showcasing your expertise through presentations or completing specific tasks.
Remember that the process may be different for each position and team, but if you prepare well, you’ll have an advantage.
25+ Essential Tipalti Interview Questions and Expert Answers
1 How would you approach building a successful sales strategy for a company like Tipalti?
Answer:
- Highlight past successes: Showcase your experience in crafting sales strategies for similar industries, emphasizing your research, planning, and execution skills.
- Tailor your approach: Discuss how you’d consider the target market, competition, product differentiators, and unique selling propositions to develop a strategy specific to Tipalti’s needs.
- Emphasize understanding: Demonstrate your knowledge of global payables automation and its importance to businesses, highlighting your ability to adapt and create tailored strategies.
2. Describe your experience managing high-performing sales teams and reaching revenue targets.
Answer:
- Quantify your achievements: Share specific examples of how you led teams to surpass revenue targets, providing data and metrics to support your claims.
- Discuss your leadership style: Explain your approach to motivating, coaching, and developing your team, emphasizing your ability to create a high-performing environment.
- Mention challenges and solutions: Share instances where you faced challenges and implemented successful strategies to overcome them, showcasing your resilience and problem-solving skills.
3. How do you prioritize leads during the prospecting process, particularly within the finance industry?
Answer
- Outline your prioritization strategy: Explain your systematic approach to lead scoring, considering factors like company size, budget, decision-making power, and engagement with marketing efforts.
- Differentiate between high-value and lower-scoring leads: Discuss how you focus on high-value leads while nurturing lower-scoring ones for future conversion.
- Demonstrate understanding of the finance industry: Explain how your prioritization strategy considers the unique characteristics and high stakes involved in financial transactions.
4. What strategies have you found most effective when closing deals with enterprise-level clients?.
Answer:
- Build strong relationships: Emphasize the importance of building trust and understanding the client’s needs, pain points, and decision-making processes.
- Personalize your approach: Share examples of how you tailored your sales strategy to address the specific requirements of enterprise-level clients.
- Demonstrate negotiation skills: Discuss your ability to navigate complex negotiations and effectively communicate the value of your product or service to high-level decision-makers.
5. Can you share an example of how you’ve successfully managed implementation projects for financial software solutions?
Answer:
- Focus on a specific project: Choose a relevant example and discuss your role in detail, from planning and coordination to team management, troubleshooting, and final execution.
- Highlight challenges and solutions: Share an instance where you faced a challenge during implementation and explain how you overcame it, showcasing your problem-solving skills.
- Quantify the impact: Underscore the positive impact your successful project had on the company, such as increased efficiency or cost savings.
6. During the sales process, describe how you plan to build strong relationships with both internal and external stakeholders.
Answer
- Emphasize communication and interpersonal skills: Highlight your ability to actively listen, build rapport, and understand diverse perspectives.
- Share examples of building relationships: Discuss instances where you successfully built relationships with internal or external stakeholders, demonstrating your collaborative approach.
- Focus on adding value: Explain how you go beyond meeting immediate objectives to provide value to all parties involved, strengthening relationships.
7. As a Customer Success Manager, tell us about a time when you helped make customers happier and keep them as customers.
Answer:
- Choose a specific instance: Discuss a situation where you positively influenced customer satisfaction and retention rates, highlighting your problem-solving skills and adaptability.
- Quantify your impact: Share data or metrics that demonstrate the improvement in customer satisfaction or retention rates resulting from your efforts.
- Explain your approach: Describe the strategies you implemented, such as proactive outreach, educational resources, or personalized support, to enhance customer satisfaction.
8. How do you stay current on industry trends and regulations related to global payments and tax compliance?
Answer:
- List your resources: Share the websites, podcasts, professional organizations, or conferences you use to stay updated on industry trends and regulations.
- Demonstrate continuous learning: Discuss your commitment to staying informed and provide an example of how you recently learned about a new trend or regulation and its impact on your work.
- Highlight your expertise: Share an instance where your knowledge of a new regulation benefited your previous company, showcasing your ability to adapt to changes in the industry.
9. Give an example of how you’ve effectively coached or mentored a Sales Development Representative to achieve their goals.
Answer:
- Choose a specific instance: Discuss a situation where you mentored an SDR, highlighting their initial challenges and how you identified areas for development.
- Describe your coaching strategies: Explain the methods you used to guide the SDR, such as setting goals, providing feedback, or sharing sales techniques.
- Quantify the results: Share data or metrics that demonstrate the SDR’s improved performance or achievement of targets as a result of your coaching.
10. Tell us about a challenging sales situation you faced and what steps you took to overcome it.
Answer:
- Choose a relevant situation: Discuss a specific challenge you faced during a sales process, detailing the problem and its impact.
- Explain your approach: Describe the strategies you implemented to overcome the challenge, such as relationship-building, negotiation tactics, or innovative solutions.
- Highlight the positive outcome: Share the successful outcome you achieved, emphasizing your problem-solving skills and resilience.
11. What key performance indicators (KPIs) do you use to measure success for your team?
Answer:
- Explain your understanding of KPIs: Discuss the importance of KPIs in assessing team performance and achieving goals.
- Share specific examples: Provide examples of KPIs you’ve used in the past, such as revenue growth, customer acquisition costs, or client retention rates, and explain how they helped improve your team’s performance.
- Align with the role: If you’re new to leading teams, discuss potential KPIs you would consider using and why, ensuring they align with the role you’re applying for.
12. Share an instance where you had to navigate complex negotiations and ultimately closed the deal.
Answer:
- Choose a challenging negotiation: Discuss a situation where you faced tough negotiations, detailing the complexity and the client’s negotiating tactics.
- Explain your approach: Describe how you navigated the negotiation by understanding all parties’ needs, actively listening, and providing data-backed arguments.
- Highlight the successful outcome: Share the successful closure of the deal, emphasizing your ability to handle pressure, communicate effectively, and reach mutually beneficial agreements.
13. How do you handle objections from potential customers during the sales process?
Answer:
- Demonstrate empathy and understanding: Explain your approach to handling objections by actively listening and empathizing with the customer’s concerns.
- Provide detailed information: Discuss how you use your knowledge and problem-solving skills to address objections with tailored information and solutions.
- Share successful techniques: Mention any specific techniques you’ve used successfully, such as repositioning the product’s benefits, providing customer testimonials, or offering a free trial.
14. Discuss a time when you were responsible for implementing new processes or tools within a sales organization.
Answer:
- Choose a relevant example: Discuss a situation where you implemented new processes or tools, highlighting the challenges faced and how you overcame them.
- Demonstrate leadership and problem-solving skills: Explain your approach to leading change, including involving stakeholders, providing training, and monitoring progress.
- Quantify the impact: Share data or metrics that demonstrate the positive impact the new processes or tools had on the sales organization’s performance.
15. How do you balance the need for short-term results with long-term growth when setting sales objectives?
Answer:
- Explain your strategic approach: Discuss how you balance short-term and long-term objectives by setting goals that cater to immediate revenue generation while investing in sustainable growth initiatives.
- Provide specific examples: Share examples of how you’ve implemented this balance in the past, such as focusing on immediate sales targets while building relationships for future opportunities.
- Demonstrate adaptability: Discuss your ability to adapt and reassess goals based on market dynamics, ensuring a balance between short-term gains and long-term success.
16. Can you describe your approach to handling difficult client situations while maintaining a focus on customer success?
**Answer
Tipalti Accounts Payable Automation – Company and Product overview webinar
FAQ
How do I answer why should I hire you?
What is the star method when interviewing?
What is the best answer for “Tell me about yourself”?
