Eliminate unnecessary costs, inefficiencies, and payment-fraud risks by implementing integrated payables into your business.
What Are Integrated Payables?
Instead of using an outdated, paper-based accounts payable process or partially automating your method with a vendor, use integrated payables to transform your organization. Banks and third-party providers offer integrated payable solutions, which incorporate all payment types, including ACH, checks, and virtual cards, into one seamless process.
The Benefits of Using an Integrated Payables Process
When you use a solution that does it all, you will see many benefits, including:
- Simple Integration and Streamlined Payments: You can use your current accounting system to seamlessly connect to a single payment file, which allows for the processing of payments across multiple systems and bank accounts. This makes the process simpler, faster, and more efficient because your accounts payable staff won’t have to manage different file types and process for the various payment methods accepted.
- Gain Greater Control Over Your Money: With integrated payables, you have a better handle over payment timing. This gives you the opportunity to pay vendors sooner while holding on to your capital longer.
- Improved Efficiency, Productivity, and Cost Savings: By outsourcing payments to a third-party through integrated payables, you will get to do things you otherwise wouldn’t be able to handle on your own. Third-parties that specialize in making payments are experts, they complete the process faster and know the most cost-effective way to do it. When a provider has full access to a business’ payment file, it can assess it and look for ways to settle payments in the most inexpensive way. This provides value in two ways. This takes the work out of your business’ hands and frees it up to focus on more important matters, and it will reduce your overall costs.
- Greater Compliance: Simply by minimizing the number of people and vendors involved in the process, you are reducing the chances of mistakes being made. Fewer errors will save you money and ensure compliance.
- Dramatically Reduce the Risk of Fraud: Paper check fraud is a genuine, common concern. E-payments trims down on that risk significantly with a system of checks and balances in place to alert users to real and fake exceptions. Third-parties that implement state-of-the-art machine-learning and artificial-intelligence practices in there solutions will provide the safest options out there.
Tips for Choosing an Integrated Payables Provider
Which vendor decision-making process should not be taken lightly. Look for an integrated payables solution provider that uses a holistic approach to disbursement. This way your vendor can take care of all payment types, including ACH, paper checks, and virtual credit cards. If not, you will not get the efficiency or the savings you were expecting or the fully-automated experience.
The best provider will offer an integrated, end-to-end solution that automates all back-end AP and payment processes. One like this is sure to reduce or eliminate all of your internal AP and payment costs.
One Last Thought
Integrated payables can save you money, reduce fraud risk, and improve efficiency. This is something no business can afford to pass up.
eMerchantBroker.com (EMB) is a merchant service provider that offers payment solutions for all types of companies, including those categorized as high risk. It integrates seamlessly with many solutions, and it works with all kinds of businesses. It offers business funding, check processing, and many other services. Apply online for a merchant account using its simple online application.