Key Outcomes of Electronic Payment Technology

The ability to accept an electronic payment can be a valuable asset to an organization, especially Global 3000 organizations and other large enterprises with sophisticated Accounts Payable (AP) and Accounts Receivable (AR) departments. Electronic payments enable enterprises to access a goldmine of corporate spend and revenue history, business data and strategic insights. This information lends itself to dramatic efficiency improvements, cost savings, reporting and analytics, and senior leadership visibility.

While most modern enterprises are capable of processing electronic payments, approximately two-thirds of invoices from vendors are paper-based. Large organizations are undergoing AP and AR department transformations, automating processes and accepting electronic payments to take advantage of cloud-based technology.     

Business Results to Expect After Implementing Electronic Payment Capabilities

When you engage a best-in-class AP and AR solutions provider, you can expect to realize several critical business benefits once you are able to accept an electronic payment with data scan and capture. These benefits include:

  • Improved Efficiency: By eliminating the need for manual data entry and keying with electronic payment capabilities, AP and AR departments have more time to focus on core competencies. It’s also easier to access and search archived data to gain immediate insights into corporate spend and revenue history.    
  •  Lower Costs: Electronic payment solutions reduce reliance on manual processes, lower your corporate environmental footprint, reduce labor costs, mitigate supplier disputes and streamline the discount process.
  • Increased Accuracy: Overreliance on paper-based invoicing processes causes more errors than an electronic payment option. With an electronic payment, companies receive a real-time audit trail and the speed to handle exceptions and disputes.    
  • Enhanced Regulatory Compliance: By shifting to the ability to accept an electronic payment, companies can improve compliance and ensure they are meeting all business rules. Electronic payments protect cardholder information and identity and prevent electronic payment fraud.   
  • Stronger Vendor Relationships: An automated electronic payment process streamlines vendor relationships, simplifies dispute resolution and minimizes overdue payments.

Key Features to Look for in an Electronic Payment Provider

If you’re ready to enlist the support of an electronic payment provider, it’s important to look out for several key features in a solution:

  • PCI-compliance
  • Automated electronic payment remittance postings to mitigate manual errors
  • Access to payment history, transaction activity and real-time auditing
  • Customizable notifications and alerts
  • Supports global credit card and domestic Automated Clearing House (ACH) electronic payment, including Visa, MasterCard, JCB, Diners Club, and Discover 
  • Processes business-to-business and e-commerce transactions
  • Online payment processing
  • Self-service electronic payment user profile management
  • Real-time credit card authorization and batch settlement payments
  • Customizable electronic payment business rules
  • Partial payment business rules can require a reason
  • Configurable recurring or one-time electronic payment rules
  • Automatic notification and visibility into electronic payment and credit card authorization
  • Level-3 qualifying credit card data for reduced interchanged fees

Fully equipped with critical features and capabilities, Direct Insite’s best-in-class PAYBOX® electronic payment solution is used by Fortune 1000 companies and their suppliers. To learn more about how Direct Insite can help your organization realize significant electronic payment benefits, including reduced application and collections costs and PCI compliance headaches, give us a call today at 954-510-3750. 

Electronic Payments