If you’re still depending on checks, you’re losing precious time and money on every payment processed. While the transition may involve some upfront effort, like vendor onboarding and system integration, the long-term benefits make it worthwhile. With better cash flow control, enhanced security, and even potential rebate earnings, ePayables turns accounts payable from a back-office function into a strategic advantage. For financial leaders aiming to streamline operations and prepare retained earnings for the future, ePayables represent a smart investment.
Streamlined reconciliation process
- The Ardent framework can then be used to determine which category of solution provider to investigate further.
- It’s worthwhile to diversify your payment options, and these benefits give good reason to add ePayables to your arsenal.
- And another 49% plan to follow suit this year, making 2022 the year to watch for virtual cards coming into their own.
- The bank will then process the A/P file and find the specific card numbers to add money.
- Traditional payments mean waiting for the vendor to process the payment and then waiting again for the funds to be taken out.
- ✅ Continuously monitor the performance of the epayables platform you select and make adjustments as needed to optimize efficiency and value.
- Once you decide to optimize your AP process with an EAP solution, following proven guidelines can quicken your implementation readiness and ensure results are thoroughly captured and recognized.
Our accounts payable solutions save time with AP invoice automation, ensure visibility and offer valuable insights. “Bank of America” and “BofA epayables Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. BofA Securities, Inc. is a registered futures commission merchant with the CFTC and a member of the NFA. EPayable payments can reduce Days Sales Outstanding (DSO) for the supplier’s payments. Payments are generally available within 2 business days, compared to 3 to 5 days for ACH payments and 1 to 5 days for checks to clear.
Domestic payments
In addition, reduced dependence on paper-based processes minimizes the risk of errors and fraud, as well as the cost of organizing and storing paper documents. EPayables are a digital-only payment method that uses virtual cards, each assigned to a specific vendor. The virtual cards are connected to a bank account and will draw the funds necessary to complete the payment, but with an added layer of security. An ePayable system integrates with your accounts payable software and vendor network.
Are there other card payment options if our company policy does not allow us to keep a card account number on file?
Digital payments ensure vendors receive funds quickly and accurately, reducing late payments and dispute risk. Faster reconciliation and better visibility also help suppliers plan their cash flow more confidently. This strengthens trust, fosters long-term relationships, and can even lead to preferred pricing or terms. The AP team verifies the invoice by checking for accuracy, matching it with purchase orders, and confirming that goods or services were received. During supplier enrollment, a vendor will give their contact information and the best way to reach them.
Mitigate fraud
While many vendors are https://www.bookstime.com/ open to faster, more secure payments, some may hesitate due to unfamiliarity with virtual card processing or concerns about transaction fees. EPayables offers a modern and efficient way for businesses to manage vendor payments. By moving away from manual processes and adopting digital solutions like virtual cards, companies can reduce errors, lower the risk of fraud, and speed up payment cycles. This not only helps finance teams work more efficiently but also strengthens relationships with suppliers by ensuring faster, more reliable payments. The “Pay” phase includes both the scheduling and execution of vendor payments, and covers the last phase of the AP process.
Supplier enablement encompasses efficient supplier onboarding and streamlined payment processes that foster positive relationships between businesses and suppliers. To optimize supplier enablement, companies should adopt tools and technologies that facilitate seamless communication, reduce onboarding time, and provide flexibile payment options. Use Stampli to take control of AP, speed up payment processing, and reduce the hours required to process AP. Simplify your month-end reconciliation and close your books faster by shifting payments to Stampli Card and reducing the number of items you need to monitor. Payment systems with analytical functionality, such as Stampli Insights, let you get payment data instantly, make informed decisions, monitor and control spending, and avoid duplicate payments. You can also access detailed information on supplier accounts and enhanced remittance information to provide more efficient back-end reconciliation and improve your ability to negotiate volume discounts with suppliers.
- Comparing these payment dynamics and expenses across card-based payments versus other payment methods, buyers can begin to lay out a much more promising picture with targeted suppliers.
- Setting up ePayables involves collecting vendor information and educating them on the process.
- By moving away from manual processes and adopting digital solutions like virtual cards, companies can reduce errors, lower the risk of fraud, and speed up payment cycles.
- Machine learning aids fraud detection and predictive analytics, while cloud platforms enhance scalability, enabling smarter, faster, and more secure financial operations.
- Organize, control and streamline your payables with automated buyer-initiated (push) and supplier-initiated (pull) payments.
- Ensure that AP staff, procurement teams, and approvers are trained not just on how the system works, but also on why the change matters.
- You can choose to notify vendors of Stampli Card details via a remittance advice email or through the payment banner in the Stampli Vendor Portal.
If you need the 3-digit CVV2 code, we will provide you with the same via a phone call. If you elect not to keep the card account number on file, you can opt to receive the card account number and expiration date with each remittance advice by secure email. Automating the entire AP workflow will drop that expense by 80% and reduce the number of exceptions that would otherwise eat up valuable staff time to correct bad or missing data on an invoice.
Successful EAP programs develop an offer package for each targeted supplier group and, in some instances, for a specific supplier. There are several types of strategic payment solutions available under the GSA SmartPay® 3 Master Contract. Doug Clark has served as Founder, President, Chief Executive Officer, and a Director of Corcentric (formerly AmeriQuest) since 1996. His professional experience includes stints in public accounting, investment banking, and as a technology and transportation entrepreneur. He is responsible for setting and steering Corcentric’s strategic vision along with its mission of empowering businesses to do more.