Unlock the power of our easy to use payment processing service to pay your vendors, contractors, and customers alike.
The A/P One business-to-business payment processing service is the final step in automating the accounts payable procure to pay process.
Did you know that manual vendor payment is the most vulnerable aspect of the entire procure to pay process to fraud? In fact, 96% of businesses were targeted with fraud attacks in the past year!
That’s why you should consider A/P One’s payment processing service as a seamless way to make B2B payments cheaper, more efficient, and more accurate. And most importantly, 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. In fact, according to Mastercard, 45% of businesses still make most of their B2B payments via check.
Adding A/P One payment automation delivers 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 Card, Physical Plastic, Direct Deposit, eCheck, Instant Deposit and more.
And best of all, A/P One’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.
The A/P One Payment Portal Prevents Fraud
Problem: Fraud – AP teams are targets of sophisticated attacks and are incredibly vulnerable to fraud.
Solution: ACH/check fraud, invoice spoofs, imposters, and compromised data can all be prevented using our security tools. The A/P One payment service can significantly reduce fraud to protect you and your vendor relationships without extra work.
Among the security measures in our payment processing service are:
AP automation and automated electronic payments significantly reduce the risk of fraud. They include built-in features specifically designed to prevent invoice and payment fraud.
Plus, AP automation and ePayment automation include activity audit trails. These give you deep insight into who authorized payments. And they tell you what types of verification steps occurred 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.
Watch this video to learn more:
A/P One Enhances Payment Efficiency and Accuracy
Sending and managing vendor payments using dated processes can slow down any AP clerk. Redirect vendor payments to A/P One’s payment portal to increase efficiencies for them.
Problem: Paper checks are no longer cutting it for AP. They are slow and a prime target for fraud.
Solution: Pay vendors using single-use virtual cards and ACH to expedite payments, increase efficiency, reduce costs, and enhance security.
Problem: Payment tracking and management is tedious and complicated.
Solution: Integrate vendor payment capabilities for a real time view of every transaction and to track and trace by invoice. If payments are outstanding, we will find out why.
Problem: Validating, storing and updating bank information – AP clerks do not have bandwidth to track down hundreds of vendors’ payment data.
Solution: A/P One’s payment processing service handles the process for you, contacting each vendor to validate and securely store their bank information. And when the information changes, we call them them for the updates. A/P One simplifies enrollment to increase acceptance rates.
Problem: Penalties & Fees – Late or inaccurate payments can be subject to penalties and fees.
Solution: Automating vendor payments sends payments before the due dates and can accommodate early payment incentives. Additionally, when using virtual cards, you can earn valuable rebates that turn the AP department into a revenue generator, with no cost to get started!
Problem: Complicated Reconciliation
Solution: A/P One’s vendor payment platform integrates seamlessly with your ERP or accounting system. Eliminate “platform-hopping,” and access a single dashboard for all transaction data. Reduce time spent on manual reconciliation and associated errors to simplify audits.
Problem: Inadequate processes – unresponsive banks, returns, lack of RAP payments and complicated file imports cause payment delays.
Solution: Our experts have established banking relationships for timely responses, and we eliminate the need for file imports, manage returns and support RAP payments.
By digitizing and automating payments using A/P One’s 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 advantage of the A/P One payment processing service is its seamless integration with other stages of your automated procure-to-pay process
As the last step in the A/P One 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 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.
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
A/P One’s payment processing service 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.
It also helps 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 and the possibility of transactions getting lost is eliminated.
Automating your entire procure to pay process will better enable your team to manage and report on business finances.
Conclusion
In conclusion, the A/P One payment processing service, as the final step in your procure-to-pay automation solution, brings considerable benefits your business, including fraud protection, cost savings, improved efficiency, and enhanced relationships with suppliers.
And it’s significantly cheaper than manual payment processes.
Businesses need to maximize every advantage, and the A/P One payment processing service is a potent tool that can help businesses to streamline their operations and achieve a competitive edge.
