When you think streamlining Accounts Payable or Automating Payments by issuing ePayments you may be under the impression that your ERP can handle this process. As many know, the "functionality" may be purchased through an "add-on" module.
This then prompts an immediate call to your ERP liaison or consultant to help with the process. Doing so may become a cost prohibitive endeavor, that if not out of budget, may seem not worth the time or effort.
First let us say that ERPs are amazing business tools. And, ERP consultants are talented people who help many companies through a myriad of complex needs -- ideal for engagement with enterprise management, business support, merchandising, supply chain planning and supply chain execution projects. We stop short of recommending them for enabling Accounts Payable Automation.
Here’s why. ERP Consultants are not Payment Technology Experts. And, when it comes to making payments, expertise matters.
Seek a solution that focuses exclusively on making payments
1. Manipulation of file ERP provides is required for ePayments
2. No CLEAR separation of duties inside of payment module
3. Lack of adequate payment transaction security along with appropriate transmission security
4. Lack of a clear audit trail
5. Deficient in SOX compliance
6. Insufficient to meet bank transmission requirements - may require more add-ons.
7. Doesn't allow your company to be BANK NEUTRAL
8. Doesn't allow the payment record details to be reconsiled easily
9. Unable to provide same-day (same hour) support for trouble tickets related to issuing payments
10. The implementation process can take too long...many, many months or years to go live with payments.
Ensuring that this checklist of payment requirements is properly orchestrated sounds like it could be a time consuming and long process. It shouldn't be.
What to do then?
Seek a solution that works with the ERP system and can accept the file without any manipulation and can take you live with payments in 60 - 90 days.
We enable payments for companies using some of the world’s biggest and most respected ERP systems to make their payments because payments is all we do. Check off every barrier on the list above. Period.
Further, if there is ever a problem on a payment day, our world-class customer support is a phone call away. Cases that are opened up are usually closed within the same business day and many times in under 30 minutes. In fact, one client's Controller using Oracle told his CFO that he would never agree to enabling Oracle for payments because whenever he opens a ticket with Oracle it takes weeks to get a response, let alone a resolution.
In business, making payments is mission critical. Rely on payment technology that is proven and, if ever needed, supported immediately upon request.
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- 10 Payment Automation Secrets Your Banker Doesn’t Want You to Know
- Why Checks Continue to Steal the B2B Payments Spotlight and How to Prepare to Move to ePayments