Business-to-business payment automation is the final step in automating the accounts payable procure to pay process. And CoreIntegrator’s Payment Processing Service is a seamless way to make B2B payments cheaper, more efficient, more accurate, and protected from fraud.
Paper checks are the least efficient and most expensive way to pay invoices. And yet many companies – even cutting edge companies – are still cutting paper checks every day.
But by adding our Payment Processing Service to your CoreIntegrator procure to pay solution, your business will reap the benefits of payment automation.
Adding our payment automation allows CoreIntegrator to deliver an end-to-end AP automation experience addressing invoice receipt, data extraction, workflow, PO matching, invoice filing, and finally the issuance of a variety of payments including ACH, virtual cards, or paper checks.
And best of all, CoreIntegrator’s cloud based payment automation is affordable and scales to any sized business.
Here are the benefits of add in our Payment Processing Service to your AP automation solution:
Enhanced Efficiency and Accuracy
CoreIntegrator’s Payment Processing Service allows businesses to automate a traditionally labor-intensive and error-prone process.
Manual payment options have a much higher risk for errors due to the fact that so many things that can go wrong. Data entry errors, premature payments, and invoicing matching errors are all unfortunately common in manual payment processes. Duplicate payments are also possible using manual payment systems.
Another problem with manual payments is that a staff member could process payments for a batch of invoices before all approvals have taken place. Or before your company is otherwise unready to make payment. This can create serious issues for both your company and your payee – setting you both back with problems to fix.
We all know humans make mistakes.
But by digitizing and automating payments with the CoreIntegrator Payment Processing Service, businesses can avoid the pitfalls of manual entry and reduce processing times. This increases overall efficiency and accuracy, as it eliminates human errors, reducing discrepancies and the time taken to rectify them.
Seamless Integration and Scalability
Another key advantages of the CoreIntegrator’s Payment Processing Service is its seamless integration with other stages your automated procure-to-pay process.
As the last step in CoreIntegrator’s procure-to-pay solution, our Payment Processing Service takes data from preceding processes and applies it to the payment phase, ensuring a seamless flow of information.
Plus, our Payment Processing System has the same simple and intuitive user interface as our invoice processing automation which makes automating electronic payments simple. Manage all of your Check, ACH, and Virtual Card payments from the same application you use to approve invoices and POs.
This integration not only makes the process more streamlined but also enables scalability as your business grows and your payment needs increase.
Cost Reduction and Optimized Cash Flow
By automating the payment process, businesses can significantly reduce operational costs.
The service minimizes the need for manual work and paperwork, thereby lowering labor costs. It also helps to avoid late payment penalties. In fact, by using our Payment Processing Service you should be able to take advantage of early payment discounts.
The average cost of cutting a manual check is $5.14 per check according to the Association for Finance Professionals Payments Cost Benchmarking Survey.
Our payment processing service is much cheaper.
And in fact, by paying with our virtual card payment technologies not only are payments free, but you can actually monetize bill payment. vCards allow you to turn AP processing into a profit center by giving you cash back for every invoice you pay!
Furthermore, the service provides real-time visibility into financial obligations, enabling better cash flow management and forecasting.
Enhanced Security and Compliance
CoreIntegrator’s Payment Processing Service incorporates high levels of security, protecting businesses from fraud and enhancing their compliance with financial regulations.
Plus, the service maintains a full audit trail of all transactions, providing clear accountability and facilitating compliance reporting.
But did you know that 75% of organizations that were victims of recent fraud attempts/attacks used traditional payment service providers? In fact, paper checks are one of the LEAST secure methods of invoice payments available.
On the other hand, AP automation and automated electronic payments actually reduce the risk of fraud. They include built-in features specifically designed to prevent invoice and payment fraud.
Plus, AP automation and ePayment automation includes activity audit trails. These give you deep insight into who authorized payments. And they tell you what types of verification steps occured before the approval was given.
So if fraud should occur, AP and payment automation will tell you what happened, how it happened, and who was behind it.
Electronic payment processes not only have a lower risk of fraud, they help identify fraud if it should occur.
Improved Supplier Relationships
Timely and accurate payments are essential for maintaining healthy relationships with suppliers.
Paper checks take days to be delivered. And longer to clear.
By automating payment processes, businesses can ensure they meet their payment obligations promptly and accurately, fostering goodwill and trust with their suppliers. This can lead to more favorable terms in the future, ultimately benefiting the business.
With invoice automation and electronic payment automation your AP department will be so efficient that you can regularly qualify for early payment discounts!
Enhanced Reporting and Analysis
The Payment Processing Service from CoreIntegrator offers detailed analytics and reporting, enabling businesses to gain insights into their payment processes.
Without a paper file in a file cabinet full of invoices to look at, business owners and managers sometimes worry that they will have less visibility into payment transactions.
Contrary to this belief, by choosing electronic payments you can capture more detailed financial data. And all that data is easily searchable and available at your fingertips.
Automated ePayment data capture also makes it simple to create process improvements and accelerate financial analysis.
The time spent building data charts is far shorter with electronic payments. Which in turn can help finance executives better understand, predict, and forecast their cash flow for the current month, quarter or year.
This digital visibly also makes it easy for all executives to access payment records from anywhere. This saves time for busy staff who would otherwise have to search through thousands of folders for one transaction. Invoice and payment data is more manageable this way and eliminates the possibility of transactions getting lost as well.
The more of your procure to pay process you can automate, the more visibility and insight you will have from your payment records.
It offers the ability to monitor and track every transaction, providing businesses with the data they need to make informed decisions and improve their financial strategies.
Conclusion
In conclusion, CoreIntegrator’s Payment Processing Service, as the final step in their procure-to-pay automation solution, brings considerable benefits your business, including cost savings, improved efficiency, fraud protection, and enhanced relationships with suppliers.
And it’s significantly cheaper than manual payment processes.
In a digital economy where businesses need to maximize every advantage, our Payment Processing Service is a potent tool that can help businesses to streamline their operations and achieve a competitive edge.
