By converting to ePayments, an organization can expect the following return on their investment (ROI)
1.Reduced Cost of printing checks – Checks cost on average $3.50 per unit. Reducing the number of printed checks reduces your overall cost.
2.Efficiency Gain – There is the cost of man-hours / time associated to the manual process of printing checks, sorting, hand signing high dollar checks, stuffing, and mailing. For instance, in order to issue 1,000 checks per month, a company may realistically average 2 people working 2.5 hours a week or 20 hours a month. Migrating to ePayments can cut that time by 90% allowing your staff to focus on financial analysis, not manual processes.
3.Cash-Back Rebate – You can earn on average greater than 1% cash back of the A/P spend that migrates to the virtual card. Typically this can average approximately 35% of your total A/P spend. The rebate $$$ add up!
We assert that ANY organization can greatly improve their process and their efficiencies by simply changing the way they issue their vendor payments.
Free ROI CALCULATOR - Calculate the ROI of your ePayment Conversion
You can use this ROI sheet to calculate the potential impact of converting check payments to electronic payments. Instructions: Once you request your Free ROI Calculator by clicking on the button below, you will fill in the yellow cells to calculate the impact on your business. NOTE: Blue cells are not editable and are averages based on past ePayment campaigns.
ePayments Conversion SUCCE$$ Story
Recently, the Controller of a company whose average A/P spend is approximately $1,000,000 per month shared with us his Return on Investment metrics for payment automation: specifically for converting checks to electronic payments (ePayments) in Accounts Payable.
1.With virtual card payments, he successfully experienced a 30% vendor adoption of the card application. This not only lowered his cost per transaction to zero (versus the $$$ that was spent on printing, stuffing, mailing checks), but he makes a contribution to the bottom line by earning a monthly cash rebate of $23,000!
2.Then the company on-boarded 40% of their remaining vendors to ACH payments, producing in a $4,000 per month savings.
3.By deciding to convert to a payment automation platform, this controller made a $300,000 plus annual contribution to this organization.
Again, we assert that ANY organization can greatly improve their procure-to-pay efficiency simply by changing the way they issue their vendor payments. It's that easy. No massive capital investment in researching and finding a new procure-to-pay solution is required. Even a new ERP isn't needed. If you want measurable, attainable results in short order, consider converting to ePayments/payment automation platform.
Listed by CFO Tech as one of the Top 10 Accounts Payable Solution Providers 2018 and 2019 and by CIO Review as part of the 20 Most Promising Corporate Finance Tech companies for 2017, OnPay Solutions streamlines processes for accounts payable by automating invoice processing and payments.