With the proliferation of automation in Manufacturing, Human Resources and Sales & Marketing, do you think your peers within your company would be surprised to learn that your Accounts Payable department still writes paper checks to suppliers and vendors?  Would your family and friends think that working where you do that accounts payable systems must certainly be automated? 

When talking to newly onboarded clients, they often admit the barriers that held them back from transitioning to accounts payable automation in the past. 

Do any of these barriers sound familiar?

 

Barrier #1- Not enough time

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The Best of 2016: Top 12 Payments Blog Posts of the Year...

We've rounded up some of the top payment-related blog articles from 2016 for your reading pleasure — from must-attend conferences for financial pros to accounts payable problems to paper checks, ACH and payment fraud, we've got you covered. PS. If you want to remain up-to-date on what is current within your industry, make sure to click here

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As a CFO or Controller, you maintain a close relationship with your banker. As a result, working directly with your bank may seem like the natural step to automatic payment or to making your electronic payments easier, especially when you consider the demands for time of your finance staff, knowledge of your IT resources project list, and other staffing limitations. Whether the efforts made by bankers grabbed your attention, or you simply want the fastest or easiest solution, keep in mind that that banking is a results-oriented, sales-driven operation.

Your conclusion is the result of the diligent efforts of your bank's relationship managers, especially if you are banking with a mega-bank. Each such financial institution is continuously focused on driving organic growth by building on the ongoing relationships with business customers like yourself. Banks concentrate on training their people to maintain constant contact for educating business clients on all of the services the bank can provide which translates into deeper and more meaningful relationships.

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Here at OnPay SolutionsTM, when we come across insightful industry information on how to reduce costs and increase efficiencies, we like to pay-it-foward and share. Not only that, we know how busy you are... so we will make it an easier read by summarizing it for you too.

WEDI,(Workgroup for Electronic Data Interchange), the leading authority on the use of Health IT to improve healthcare information exchange and CAQH Index®, a non-profit alliance of health plans and trade associations have outlined guiding principles and the benefits of healthcare plans that transition from manual transactions to ePayments.


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How Can Payments Affect Employee Relations?

Written by Ange Desprez | Thu, Apr 28, 2016 @ 11:07 AM |

Part Two in the Blog Series:  How Payments Impact Your Business

Keeping employee morale high is one of the best things you can do to instill loyalty and maintain a productive workplace.  

Have you ever stopped to think about how payments can impact employee relations in the Accounts Payable department of an organization? Payments can significantly impact employee relations!  

Streamlining your payments to electronic payments changes the traditional payment process allowing employees to spend less time on the physical act of printing, folding and mailing -- all administrative tasks -- and more time on their actual financial roles in the company.  The result may allow them to feel more productive and empowered.  

An experienced Accounts Payable Manager plays the role of a supervisor, which makes you responsible for quickly and adequately processing payments for all invoices that are received, as well as ensuring each member of the team accurately performs their duties. In the best scenario, your team is cooperatively working within the system or standard operating procedures that they feel maximizes their impact while minimizing redundancy and room for error.

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In today’s world, finding time to make payments or transfer funds may be challenging. With management of people and processes, monitoring transactions, bank records reconciliation, creating and managing reports, calculating and monitoring benchmarks, and coordinating compliance, a Controller and his AP department are stretched thin to make everything happen.  Time is further reduced when there are multiple operating entities or subsidiary companies within an organization. 

Yet, paper transactions still dominate all other payments in business. In fact, many companies prefer having a paper trail and feel more at ease than performing electronic transactions. “Checks continue to serve a function because no payment system is perfect for every scenario,” says David Walker, president and Chief Executive Officer of the Electronic Check Clearing House Organization (ECCHO). “Checks are different, in that any one of us who has a checking account can initiate those payments to anybody else.” Although paper checks must still relied on for some same-day transactions, like an unexpected C.O.D. package delivery, the dwindling of paper check transactions is upon us.

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How to Prevent Employee Payment Fraud

Written by LaTasha Vincent-Richardson | Wed, Dec 02, 2015 @ 10:38 AM |

As the payment sector evolves, payment fraud continues to unfold as a global issue. As new payment methods are being introduced, there are increasing criminal attempts on various payment methods. Sixty-two percent of financial professionals reported that their organizations were targets of payment fraud in 2014. 

Did you know that checks are the most-often targeted payment method used by those committing these fraud attacks?  

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Updated Information on ERP's and Automating Payments

Accounts Payable - Payment AutomationSince we last touched on this subject with part one and part two of our AP Best Practices Blog Series, we have continued to demonstrate to companies that ERP and Accounting software fall short of payment needs. In the last three years, ERPs have failed and keep failing.

If your goal is to not waste money, then an ERP is not the way to go...A Payment Automation Hub is the ticket. 

Last year alone, Panorama Consulting Solutions reports that ERP implementations cost most companies 5% of their overall operating budget.  And, enhancement projects (many of which included electronic payment processes) failed to stay on track in 2014.

This is also despite the fact that some ERP projects were on and even under budget. Regardless of the statistics, there are some that just haven't given up on this process that is less efficient.

In addition to the continuing inefficiency of issuing payments via an ERP or accounting system, it is also less effective when it comes to security. Below are three ways OnPay's technology protects you.

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