By converting to ePayments or digital payments, an organization can expect an immediate return on investment (ROI)
If you are using your bank’s treasury services for payment processing, you are reaping the benefits of having outsourced the process. At the same time, you are tied to that one bank...meaning you are required to hold the cash to fulfill payments in their accounts, therefore, your bank portfolio may not be as diverse. You may not be aware that there is a better way to issue payments.
Using a payment platform that is bank-neutral – meaning it can work with any bank – is a better option.
In today's digital world, no one really uses checks regularly for their personal transactions. And now, receiving a paper check seems like something out of the 70's. And the steps to process the check file are also very dated. In business, your advanced ERP may output the file seamlessly, there's just no getting around the folding, stuffing and mailing unless you outsource that to a department with machinery to handle that for you.
Accounts Payable Automation streamlines the Accounts Payable Department resulting in reduced manual processes and improved operational efficiency while reducing the overall cost associated with the department. There are two processes and two transformations that can occur. One is much easier than the other to implement.
Overcoming the monumental barrier of collecting supplier bank instructions is typically close to the top of the list of reasons why companies rationalize continuing to issue check payments.
Who can blame the CFO or CIO for their lack of enthusiasm toward a project that is seems like it could take months or years to manage when their staffs are already stretched thin managing other operational requirements? Relatively speaking, it seems that their decision to stick with checks just seems smarter.
Do you know the advantages of accounts receivable automation? Traditionally, a bank lockbox has been used by company Accounts Receivable departments to increase convenience and efficiency. Lockboxes have been around for decades and much of the traditional bank lockbox's life has been utilized for capturing payment data associated with payments made by check. Commercial banks offered this service to improve efficiency and flow of business transactions simplifying the accounts receivables collection process.
Customers basically leverage the Bank Lockbox to receive check payments in one consistent location.