According to The Accounts Payable Network, the benchmark of cost of cutting a paper check for the average company is $5.14 per check.
That makes cutting paper checks more expensive and far less efficient than making electronic payments no matter which form of ePayments you choose!
It’s little wonder that savvy business leaders are searching out ways to eliminate these nagging costs.
Are you ready to say goodbye to paper checks and invoices and say hello to automation? To make “no touch” payments with the click of a button from anywhere in the world while cutting costs – and even generating revenue?
Business-to-business payment automation technology has opened doors to tremendous opportunities for companies that want to save time and money.
Benefits of ePayment Automation
Here are 7 reasons to move to electronic payment automation. Click on each reason to read a detailed explanation.
- Save your company time and money. As noted, AP automation including ePayment automation will save your company time and money on every invoice and on every payment. Check out our cost savings calculator to see how much you could save!
- Reduce the risk of fraud. AP automation and automated electronic payments are far more secure than paper invoices and checks. More importantly, they make fraud nearly impossible.
- Allow AP staff to remote work from home or anywhere in the world. If there is one thing we have learned lately, it’s that the ability to work from home is a critical business need. And you could be remotely processing end-to-end procure to pay automation in less than 3 days by contacting us today!
- Contribute to your AP disaster recovery or business continuity plan. Disaster recovery and business continuity plans tend to be low priority tasks. Until a disaster happens and you need them! Again, we all learned that it CAN happen to us. Your company needs the ability to pay vendors from anywhere without finding the checkbook.
- Facilitate the implementation of AP best practices. Procure to pay AP automation makes implementing AP best practices easy. Separation of duties, complex approvals and payment authorizations are a snap with the right AP automation and ePay system in place.
- Qualify for early pay discounts. Paper checks take days to be delivered. And longer to clear. With invoice automation and electronic payment automation your AP department will be so efficient that you can regularly qualify for early payment discounts!
- And our favorite: Earn a rebate for every bill you pay. That’s right: earn money for your company for every invoice you pay using virtual credit cards. Turning your AP department into a profit center will make you an AP hero!
Bottom Line – 7 Reasons to move to Electronic Payment Automation
Businesses that implement electronic payments (ePayments) alongside invoice automation can create full end to end procure to pay automation.
This creates massive efficiency and flexibility in terms of managing AP. And they provide peace of mind while optimizing your working capital. Suddenly the process of paying bills can ADD to your bottom line!
And best of all, no more paper checks!
Contact us today to see how much you have to gain from AP automation including ePayment!