What Payments Automation Means for You and Your Suppliers
As the golf and country club industry recovers from the challenges of 2020, CFOs are smart not to think of buyers and suppliers as separate and independent organizations. AP teams have corresponding AR teams, and all businesses are both buyers and suppliers. With these connections, you can see the finance professional ecosystem behind the exchange of funds, invoices, payments, and other documents.
A challenge with B2B payments is the need for manual intervention to identify and resolve errors and update information. According to an article from PYMNTS’, manual data-entry mistakes occur daily for 7% of B2B companies. By automating supplier payments, you can eliminate unnecessary steps, while optimizing efficiency and minimizing the risk of fraud.
Eliminating paperwork will improve the productivity of your AP staff by reducing the time needed to process invoices and payments from weeks to hours. Converting check payments to virtual cards provides more security and a detailed data file will make reconciliation faster and easier.
Golf and Country clubs are laser focused on managing cash flow given the current economic environment. With AP automation, approvals, workflows and payments are digital and can be managed from any location at any time. And you’ll have full visibility into every payment as it moves through the system, which provides more control over cash flow.
By taking the next step towards payments automation you’ll:
- Simplify business operations to enable current staff to focus on more value-added tasks and increase efficiency
- Eliminate the high processing fees and fraud associated with paper checks
- Audit and verify 100% of payments—fast
- Have visibility as to where and when all cash outflows are happening
- Uncover new revenue through a virtual card program
Getting started is easier than you think. Most payment automation providers have built integrations into the most popular golf and country club ERPs and financial systems. This accelerates implementation with minimal to no disruption of day-to-day operations.
• Reduce costs through new efficiencies
• Improve cash flow management
• Disburse payments more securely
• Earn new income with no up-front cost
• Minimize credit checks and collection efforts
• Improve cash flow
• Shorten days sales outstanding
• Cut reconciliation time in half
The best payment automation service providers:
- Manage all payables, check, ACH and virtual cards to make payments the way you and your suppliers want them.
- Enroll your suppliers and provide on-going supplier management to optimize your payment mix and rebate opportunity.
- Utilize the latest technologies providing flexibility and options that best suit your unique business requirements
- Deliver exemplary customer service and support for the life of your relationship
- Offer dividends on qualifying payment methods
With the right partner, golf and country clubs can be up and running in 4-6 weeks with no upfront costs. Send ePayments more cost effectively and efficiently from any location. AP departments are expanding beyond tactical execution centers, transforming cost centers into profit centers. This is due in large part to innovation, technology, and automation.