The Latest Industry Insights
Why It's Time to Stop Talking and Start TransformingRead the article
3 Guideposts on the Path to AP AutomationRead the article
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Invoice and Payment Transformation: Advance Your AP Department
Accounts payable (AP) departments are among the most paper-burdened areas in business. We want to make sure you're aware of the benefits that automating your invoice and payments processes could have for your AP team and for your bottom-line.
Virtual Cards: When You Don't Use Them, You Miss Out on a New Revenue Stream
It's the goal of many businesses to reduce costs and improve their bottom line. We understand being under that kind of pressure and want to help you do both through virtual cards.
Payment Automation: How It Can Impact Your Business
Accounts Payable (AP) departments are an area of business that can benefit the most from automation. Our goal is to demonstrate how payment automation solutions can positively impact your business and your AP team.
How to Select the Best Payment Automation Provider
There are a lot of places where your ERP or banking solution falls short. Understandable, since they handle a wide variety of services and can't be experts on everything. This is why businesses like yours are searching for a payment automation provider that has the tools and expertise you need. But finding the best provider can be difficult, right? We created this eBook to assist you in doing just that!
Accounts Payable Best Practices: The Path to Success
Are you interested in advancing your Accounts Payable (AP) department? Finance and AP departments are often encumbered by paper processes and manual workflows that require personnel to be in the office. We want to give you the tools and advice you need to move away from paper and forward to e-payments and remote processes.
Protect Your AP Department From Fraud
There are a lot of ways that fraud can affect your business. While you may not be able to stop every attempt at fraud, there are some things you can do to at least ensure that you're not making your company an easy target. Download the eBook to learn more!
ePayments: The Road to Enabling Them
Are you looking into advancing your Accounts Payable (AP) department via ePayments? It's a project most companies have somewhere on their to-do list. It's easier than most expect. We want to give you the guidance and tips you need to begin the process!
Payment Methods: A Look at the Preferred Options
There are a variety of B2B payment methods that a finance department can take advantage of. They all have certain perks and risks. We want to help you choose the one that is the most beneficial to your business.
Accounts Payable: Four Fundamentals for the Future
Time is moving forward and changes in technology and industry standards occur at a rapid pace. Accounts Payable (AP) departments are one of the many areas that are realizing the benefits of bringing in modern technologies and methods. We can help you advance your AP team into the future with the correct tools and guiding fundamentals.
News & Press Releases
Driving Change through AP Automation: "Even as COVID-19 took the world by complete surprise, it shone the spotlight on the limitations of accounts payable and accounts receivable systems within enterprises. In the current scenario, with most of the workforce working remotely, CFOs and AP departments must look beyond paper checks and move towards digitalization. A well-designed intelligent AP automation solution could automate the payments process and help organizations weather the current economic turbulence while setting them up for success in the future. As one of the renowned names in the accounting space for AP and AR automation, this is where OnPay Solutions makes its mark."
OnPay Solutions, a Top Ten AP Automation Solutions Provider, has partnered with B2Be to expand its solutions suite to enable B2B payments automation for future and existing clients. By partnering with OnPay Solutions, B2Be is adding AP payments automation to complete the procure-to-pay automation process. B2Be provides e-Invoicing and document management solutions, supports EDI document trading and develops a full supply chain suite. If it involves the supply chain, B2BE has a solution to help improve and automate it. B2Be is the most recent of several finance and payments technology companies to partner with OnPay Solutions to enable B2B payments automation.
OnPay Solutions, a Top Ten AP Automation Solutions Provider, has partnered with Transcard to expand its solutions suite to enable B2B payments automation for future and existing clients. “We are excited to partner with Transcard to help their clients automate the accounts payable process and streamline payments,” said Neal Anderson, CEO and President of OnPay Solutions. “Our mission has always been to empower people to improve the lives of accounting departments globally. We are thrilled to provide Transcard with the tools to help accomplish that mission and to add Real-Time Payments and debit transactions to OnPayConnect.”
OnPay Solutions has appointed Jonathan Beckham as its Chief Technology Officer. Jonathan joins the OnPay Solutions team with more than 20 years of experience in software development, project management, and software services technology strategy. He most recently served as Chief Information Officer for Step Up for Students a Forbes 50 non-profit that distributes more than $700 million in education scholarships annually. Jonathan is a cross-functional technology product leader with an entrepreneurial, hands-on approach integrating emotional intelligence, operational excellence and strategic planning. He is also a published author for work with university professors in data interoperability for software collaboration and referenced for best practices for virtual education technology management. Jonathan holds several certifications including Project Management Professional, Ethical Hacker (CEH), Scrum Master, Product Owner and AWS Cloud Practitioner.
OnPay Solutions has partnered with CoreIntegrator to deliver AP payment automation to its existing and future clients. With the addition of OnPay Solutions’ OnPayConnect AP payment automation product to CoreIntegrator’s solution set, CoreIntegrator will now be able to deliver an end-to-end AP automation experience addressing invoice receipt, data extraction, workflow, and the issuance of a variety of payments including virtual cards. CoreIntegrator is an industry leading software platform for the Accounts Payable ‘Procure to Pay’ market. The versatility and ability to ‘Automate Virtually Any Business Process’ has allowed CoreIntegrator Workflow Solutions to be adopted globally by thousands of users in both large and small organizations in almost every industry.
Read our President and CEO's contribution to the PYMNTS.com eBook titled Black Swan. In this article, Neal highlights the massive shift to more No-Touch B2B payments and invoice processing for AP departments. "As a result of this black swan, for B2B transactions, we expect to see more touchless, automated processes to disburse payments that do not require staff intervention. Companies will want to move their money with the press of a button or via a completely automated approach as opposed to a manual process. Today’s black swan will prove to be the tipping point that motivates CIOs and CFOs to overcome their hesitation to move to digital payments, because the risk is seen as too great or the barrier to entry as too high."
Lendio has helped provide $5.8B in Paycheck Protection Program (PPP) funding for 70,000+ businesses across America, and is actively sourcing applications for round 2 funding of the PPP program. “We’ve partnered with Lendio because we realize that we are heavily involved in our clients’ working capital cycles, and we understand that they may have financing needs at times. We understand that their vendors may find value to Lendio’s marketplace as well. We’re happy to be able to provide another quality product,” said Neal Anderson, CEO of OnPay Solutions.
OnPay Solutions has partnered with Acumatica to provide Acumatica users a robust ISV solution that addresses the need for AP automation by automating check, ACH, wire, and virtual card payments. “We believe that OnPay Solutions and their payment automation software offers our users a simple and easy-to-use solution to make faster payments while also enabling virtual card usage to return AP dollars to them. Their focus on enhancing vendor relationships by not taking possession of funds resonates with our relationship centric perspective,” said Christian Lindberg, VP of Payments for Acumatica.
A few months ago, if you were to scroll through the social media pages of Onpay Solutions, a 2019 GrowFL Florida Companies to Watch Honoree, it would have looked a bit different. Now, between their tips for managing accounts payable and automated invoices, you’ll find photos and videos guaranteed to lift your spirits and make you smile.
In collaboration with PYMNTS, OnPay Solutions released the ultimate playbook for AP & AR professionals. Learn how your finance department can speed past the $150B toll of legacy AP & AR processes by shifting to remote work enabled, business continuity assured AP & AR automation. In addition to eliminating $150B in costs, if more business automated their processes, it would eliminate 19+ work hours per week on manually processing paper invoices and stuffing checks into envelopes. Click the link to download the playbook and learn how invoice automation, payment digitization, AR automation & virtual card rebates can save your business over 85% on costs, while generating monthly revenue on AP spend.
OnPay Solutions' Founder & COO, Julie Negrete-Anderson, sits down with PYMNTS CEO, Karen Webster, for The Founder Series to discuss what it's going to take to kill the check. In this series, you'll get an inside look into Julie's background in Communications working in tandem with AP departments for large corporations. She saw first hand how time-consuming and outdated paper-based AP could be. Julie deconstructs the reasons why large enterprises hesitate to automate their processes, and why it might be easier to transition to an automated accounts payable solution than they think.
How to Automate AP Series: What it Will Take to Kill the Paper Check
How to Automate AP Series: Buyers and Suppliers Tackle the Invoice-To-Pay Digitization Journey
How to Automate AP Series: Exploring the Path of Least Resistance to AP Automation
How to Automate AP Series: Why CFOs Must Invest in a Paradigm Shift
Use Cases & Industry Examples
When considering A/P Automation, it might be helpful to learn more about how other organizations overcome their challenges and use systems to streamline their operations.
Connor Sport Court International specializes in providing sport surfaces for virtually every type of athletic, park, school, arena or multi-use facility. With high-profile clients such as the NBA and NCAA, the company prides itself on being a market leader, including how it runs its internal processes. Recently, in an effort to make its accounts receivable (AR) department operate more efficiently, Connor implemented Esker’s automated Collections Management solution as well as cloud payment automation software via OnPay Solutions. The results have been transformational — not only for Connor’s business performance but for its employees, and customers around the world.
“Normally, I’d have to be there in person to sign checks with someone else doing the folding and stamping,” said Steve Morrison, Connor's Controller. “There are just so many potential problems within our chain of operation, so not having to be on-site the past few months has been a very big help. Making payments is no longer a concern. I log in to the portal, hit 'send' and off it goes. The solution pays for itself and more."
Our cloud solution accepts a payment file output from any software and takes care of the entire payment workflow delivering back the GL report in the requested format. Not only that, but our software enables the use of Virtual Card payments as a faster and more secure form accepted by a rapidly increasing percentage of vendors. Virtual Card payments, a cost-free payment form, have provided OnPay Solutions users over $10 million in cash rebates to date. OnPay Solutions saves businesses time and money, all while transforming AP departments from cost to profit centers overnight.
"Our partnership with OnPay has truly positioned Compeat to offer an automated AP solution to our restaurant customer base. Not only has the process been seamless, but leveraging the "graybox" design from OnPay has allowed us to maximize operational efficiency and maintain the proper control for our audits. Thanks to this integration, we have been able to deliver remarkable time and expense savings to our customers while simply making their jobs easier." - Clint Blaylock, VP of Payments, Compeat
Fast-Growing Texas city seeks to reduce costs in finance, and get more efficient payments and cash rebates for a new revenue stream.
One of the fastest growing cities in Texas, positioned on a growth curve that extends well into the 21st century has a centralized A/P department for the City’s 25 departments. All use the same SunGard accounting system, but for control, one central payment technology from OnPay Solutions has been employed for many years. The centralized department issued approximately 200 checks each week and it was time to make an upgrade to electronic payments.
“We have enjoyed high security and streamlined processes for issuing checks for the past years,” said the City Finance Manager, “and our City’s older accounting system is not capable of issuing another type of payment, but despite the system limitations, we as a City wanted to explore additional ways to reduce our costs. We elected the solution from OnPay Solutions that will actually help us turn our AP department into a profit center.”
Leading national healthcare insurance and service provider wanted more efficient payments with little impact on overburdened IT Department.
The Treasury Manager of a leading national health care insurance and service provider was seeking an Accounts Payable upgrade to include electronic payments as a means of reducing costs and creating a new revenue stream (source of profit) for the company. They researched outsourcing with the banks and the card processors but learned that doing this would require the existing payment files to be manipulated. That's a bad idea.
Today, this company is earning rebates on Virtual Card payments close to $80,000 annually and have reduced their costs by $28,000, making a total impact of $108,000 per year on the organization.
A third party logistic company experienced in moving people, business and products found a solution to “move” from issuing paper check payments to ePayment automation. They found a solution that generates additional revenue in return.
This $200M logistic business is a diversified, cooperative group of domestic and international service companies needed a solution to move them from issuing hundreds of checks each month out of each division to ePayment disbursements. They found a solution that works for domestic and international payments.
“Conservatively I would estimate the solution value to be about $150,000 annually, and we are working daily to grow that,” said the CFO.
Prominent manufacturer looks for alternative to the expensive and labor-intensive paper check payments and found a solution that also created a new revenue stream for the company.
A $7.5M manufacturer of conduit products for the electrical, telecommunications, utility, and sewer markets wanted a way to stop throwing money down the drain. They were spending more than $35,000 annually on issuing checks payments — not to mention the hours of staff time spent on printing, stuffing and mailing these checks. They have a solution now that reduces costs and earns them cash back each month. It's better than they hoped it would be.
To date, the total annual impact to this company’s bottom line is over $75,000.
Leading restaurant operator of multiple franchises wanted to move from check payments to ePayments in order to reduce cost and generate cash. Finding an automation solution that would allow them to keep all of their local bank relationships was an important deciding factor.
A leading restaurant operator and the largest franchisee of 72 restaurants located in multiple cities in Florida, Illinois, Indiana, Michigan and Missouri has nearly tripled its number of restaurants through a combination of organic growth and acquisition. They needed a solution that would allow them to centralize financial operations but keep each of their local banks.
The total annual impact provided by OnPay Solutions in 2017 was greater than $130,000.
A leading health publisher and direct-to-consumer retailer of nutritional supplements runs their operation on a Top-Tier Business Solution / ERP System. This ERP product offers a complete suite of applications from CRM to Human Capital Management, from Sales to Service, from Enterprise Resource Planning to Financial Management. They’ve got it all.