Switching from paper checks to electronic payments can provide various benefits to your company such as reduced operational costs, incremental revenue, enhanced forecasting, better working capital management and increased security and control.  

The Benefits of Switching to Electronic Payments

12.2.16

The job of an AP professional isn’t a walk in the park. In fact, in a recent survey by IOFM, accounts payable was named the most time-consuming, laborious and paper-intensive finance and administrative function, even more so than accounts receivable, payroll, tax and audit and reporting. That’s not an honor you want to receive!

The whitepaper, “The 5 Enterprise Benefits of Migrating to Electronic B2B Payment Options”*, discusses how tight budgets, lack of support and risk aversion have all lead to inefficiencies and disorganization across the entire AP process. However, the AP process no longer has to be this way!

“More businesses are discovering that migrating from paper check disbursements to electronic payment solutions like card programs with virtual card numbers (VCNs) – a single-use account or dedicated card account - provides significant strategic benefits without the upfront capital expense, IT burden, risk or systems integration issues of automating invoice processing.”

The whitepaper explores the various benefits that an electronic payments process can provide where historically paper check processes have failed. What are the most important benefits you ask?

  • Reduced operational costs
  • Incremental revenue/lower costs of goods
  • Enhanced forecasting/transparency
  • Better working capital management
  • Increased security and control

To learn more about the transition from manual paper check AP processes to electronic payment processes, download the full whitepaper here.

 

Still not sure what a virtual credit card is? We can help.

 *written by AP & P2P and sponsored by MasterCard