Leslie Backus, along with Sarge, our Director of Security know a thing or two when it comes to preventing payment fraud for your business. If you’ve been a victim of fraud, not only is it a frustrating experience, but it makes you feel wary the next time you need to pay your suppliers. Making smarter payment choices is as simple as going “paperless.” Watch the video above to learn more about why you should transition away from writing checks.
Accounts Payable (AP) departments and teams are working harder than ever to make timely payments, while trying to meet the ever-changing payment acceptance demands of their suppliers. AP departments are also under constant pressure from their perspective organization to cut costs, add value and ultimately to be viewed as a revenue generating cost center, which is always a challenge.
As all industries are being pushed by their suppliers to move away from the inefficiencies of paper checks to one of the acceptable forms of electronic payments, industries struggle to pick the ‘best’ electronic payment solution for their business-to-business (B2B) supplier payments.
With the skyrocketing growth of commercial virtual card acceptance in the business-to-business (B2B) space many organizations are struggling to find an Issuing Bank who can deliver a product and service that will provide a successful ROI.
Typically, most organizations think that their existing treasury bank can implement a virtual card solution for their supply chain. However, these banks cannot deliver on offering a long-term strategy for the entire supply chain, which includes “the long tail” (or, the small volume suppliers). Most banks must monitor their efficiency ratios, which means if your organization does not have a 10-digit annual supply spend to support the bank’s revenue requirements, the bank will not assign a dedicated team or person to manage your virtual card program or ensure maximum accounts payable process efficiencies and supplier participation.
Over the last several years many health care systems have been working diligently to upgrade from their legacy accounts payable systems to be more efficient. Fast forward to today, and many new accounts payable systems are in place and primed for health care systems seeking to revamp their payment processes to suppliers. A critical component to improving the payment processes is to ensure the entire AP department is engaged, along with the finance team, and works together toward common strategizes to remain competitive and not to create internal chaos.
Improved accounts payable processes mean ‘payment automation.’ Payment automation means having the ability to pay suppliers electronically, faster and more secure all while saving time and generating revenue for your health care system.
ePayables, also known as virtual payments, is a growing trend for business-to-business companies. Imagine turning your accounts payable system into an efficient, streamlined operation that establishes a controlled payment cash flow to your suppliers, all while reducing direct costs and improving your cash management. It is possible!
ePayables by definition is a virtual credit card payment. Similar to traditional physical credit cards these virtual cards have a 16-digit card number, an expiration date and a card verification code (CVC). The key here is this payment type is ‘virtual’ or ‘electronic’ or known as a no-card-present type of payment.