Why Your Accounts Payable Department Needs E-Payment Solutions

Think your accounts payable department can’t benefit from e-payment solutions? Think again. Electronic payment capabilities can do wonders for an AP department that is still manually processing invoices and payments.

It’s time to leave your manual processes behind and embrace e-payment technology.

3 Advantages of Embracing E-Payment Solutions

If it’s any consolation, you’re not alone in delaying the transition from manual payments to automated AP processing. Financial organizations are always hesitant to adopt automated solutions due to:

  • Concern that suppliers and vendors won’t be onboard with new payment methods.
  • Fear that an electronic solution won’t jibe well with existing technology and processes.
  • The idea that it’s too time intensive and expensive to adopt an automated payment solution.

If you’re letting these concerns hold you back from adopting an e-payment solutions platform, you’re missing out on potential AP advantages for your financial organization. These include the ability to:

  • Create New Efficiencies – Relying entirely on paper means that payments must be submitted either via “snail mail” or over the phone, which slows down invoice settlement and cash collections. An e-payments platform enables electronic invoice capture and payments. Most solutions accept major credit and debit cards and Electronic Funds Transfer (EFT). In addition to being faster, it’s easier on buyers, suppliers and vendors.

  • Reduce Operating Costs – Generating and distributing paper invoices, and then processing those invoices once payment is received is expensive. Not to mention if there is an invoicing error, you have to spend additional funds reprinting and remailing. Ditch the paper and you ditch high operating costs. Since an e-payment solution handles everything electronically, you’ll see a big reduction in your yearly operating fees – which you can use for other investment opportunities.

  • Foster Relationships with Suppliers and Vendors – No one likes inefficiency. And if you use manual payment processes, that’s exactly what you’re creating for suppliers and vendors. E-payment solutions make arduous payment and settlement processes easier on both ends of the spectrum, keeping everyone happy. An easy-to-use web portal keeps suppliers and vendors content, reducing the amount of time spent going back and forth on invoices. You’ll be creating a strong, trusted working relationship that is likely to continue.

You need efficiency, costs-effectiveness and a user-friendly solution.

You need PAYBOX® AP.

PAYBOX® AP is a modular solution for all of your invoice and payment processing needs. Our innovative end-to-end solution allows you to track invoices and receive notifications upon payment. Suppliers and vendors are able to access the PAYBOX® AP portal, and have resources to handle dispute resolution, early payment discounts and more.

Interested in learning more about our e-payment solutions for AP? Contact Direct Insite today.

AP Strategies