Why Businesses are Replacing Paper Checks with Electronic Payments

Don’t let the holidays get bogged down by paper check printing and late invoice payments!  It’s time to bring in some fresh accounting business practices for the new year – starting with a cloud-based accounts payable invoice capture and approval solution with electronic payment processing.

Ready for a new year in which cost-effective and transparent accounts payable invoice and payment processing becomes the norm across your business operations?  Please join our upcoming webinar on how to implement a complete, paperless purchase to payment process with Ariett’s platform: http://www.ariett.com/events-and-webinars

Also, here are some additional reasons why electronic payment processing, such as ACH or virtual credit cards, represents a better alternative for your business to pay vendors:

Electronic payment processing using ACH or virtual credit card payments can dramatically reduce your accounts payable costs by eliminating the cost of check printing and mailing.  Switching from paper checks/invoices and manual check approval workflows to automated invoice and payment processing easily saves $2-$4 per check. If you print 10,000 checks and each check costs $3 based on the cost of and time spent on printing, stamping, stuffing and mailing, you could potentially save or reallocate $30,000 worth of time and expenses by moving to an automated solution.

By making the payment audit trail more transparent to you and your vendors, electronic payments are more secure and less vulnerable to fraud than check payments.  Best in class payment solutions offer multi-level electronic approval workflows that ensure a segregation of duties throughout payment initiation and approval.  From a payment waiting approval, approvers can drill back to relevant invoices and other purchasing documents, including purchase orders, contracts and price quotes.  Vendors also benefit from having access to remittance details for each invoice once the payment has been completed.

ePayment solutions can enhance security by offering a two-step verification process called two-factor authentication, which is used to confirm the identity of the payment approver.  Virtual credit cards are particularly secure because a unique number is generated, which can only be used once to pay a vendor a specific amount.

Another key benefit of electronic payment processing solutions is that you can leverage them to generate revenue and gain rebates.  When using virtual credit cards, businesses can earn a rebate each time a payment is made.  With ACH or virtual credit card payments, you can easily control the timing of payments to ensure that vendors are paid on time or even early to capture early payment discounts.   

A complete cloud purchase to payment solution will provide you with global visibility, unified workflows and security on a single platform.  Ariett Purchase to Payment is an example of an integrated purchasing, AP invoice automation and payment processing solution that offers end-to-end visibility to requisitions, purchase orders, invoices and payments.  Once an ACH or virtual credit card payment has been approved, the payment is made directly from the customer’s bank account to the vendor – with no involvement of intermediary accounts.  With the click of a button in Ariett, an AP team member can post the completed payment to the accounting system and automatically have the payment reconciled with the invoice. 

Learn more by joining one of our upcoming webinars, including “One AP Invoice Automation and Payment Processing Solution for Better Spend Management” on 12/8/16 and 12/15/16 at 4:00 p.m. EDT: http://www.ariett.com/events-and-webinars