When managing B2B operations, one of the top goals for many organizations is to make safe and secure supplier payments with minimal effort and maximum speed. However, many organizations spend more effort and time overseeing the process than they would like. While many different options are available to streamline payments, organizations typically end up using the tools with which they are most comfortable, and that they perceive to be the simplest and safest. In most cases, these commonly-used tools are check and ACH payments.
In reality, check and ACH payments are not the most efficient, safe, or affordable methods among available payments options today. In fact, PayStream’s research has found that organizations relying heavily on checks or ACH typically experience more processing challenges than those that employ a more diverse mix of payment methods, like electronic payables (ePayables) platforms and commercial card programs.
Holistic electronic payments (ePayments) software streamlines the most tedious tasks of payments management. It typically consists of ePayables platforms that allow organizations to make secure local and global payments, as well as support for a wide array of commercial card programs. These tools enable organizations to reduce their reliance on manual methods that require heavy involvement and oversight, shifting much of the processing burden to the platform and solution provider. These solutions also speed up cycle times, improve discount capture, and produce savings through processing improvements and cardbased rebates.