As the world continues to dive into the digital era, many companies are cutting checks out of their payment arsenal to find an electronic payment solution suitable for their business. Unlike paper checks, electronic payments provide businesses with a considerable amount of benefits, including cost savings, fraud security, improved cash flow processes, convenience and much more. 

Moving Away from Checks and Finding the Right Electronic Payment Solution

05.29.14

As the world continues to dive into the digital era, many companies are cutting checks out of their payment arsenal to find an electronic payment solution suitable for their business. Unlike paper checks, electronic payments provide businesses with a considerable amount of benefits, including cost savings, fraud security, improved cash flow processes, convenience and much more.

Cut the Checks

According to the 2013 AFP Electronic Payments Survey from the Association for Financial Professionals (AFP), the use of paper checks in business-to-business (B2B) payments continues to decline each year, dropping 30 percent since 2004. But despite the growth of electronic payments, the survey shows that 50 percent of B2B companies (large, mid-size and small) continue to use checks as their primary payment method.

A recent article from PYMNTS.com suggests that the high percentage of companies that have a paper-based process in place lack the resources and information necessary to switch to electronic payments, which has ultimately stunted the growth of worldwide adoption. Although B2B electronic payment solutions have been enhanced over time to provide long lasting benefits, businesses looking to migrate away from paper-based processing are faced with the challenge of finding the right electronic payment solution and provider that delivers what’s promised.

Choosing the best electronic payment solution for your business is as important to us as it is to you. Meitra Aycock, Comdata’s VP of Corporate Payments and Product Management, explains why Comdata’s products and services are one of the industry’s best when choosing an electronic payment solution.

“At Comdata, we believe supplier enablement is the cornerstone of any successful electronic payment program,” Meitra noted. “We focus on a multi-level and continuous campaign approach to target 100 percent of our customer’s supplier list.  After all, when a customer maximizes spend, it leads to maximized rebates. Rebates are important and can be the engine for financing a multitude of process improvements in an AP department.” 

In addition, Aycock noted four key attributes to look for when evaluating electronic payment solutions and service providers:

  1. Supplier Enablement – Finding a supplier that is focused on 100% of the vendor portfolio is important. One of the keys to a great electronic payment solution is to find a supplier that offers flexible and continuous campaigns of new vendors. They do the work so you don’t have to.

  2. Find a Thought Leader – When choosing the right solution, it’s important to choose a provider that can act as an advisor. Receiving practical and actionable advice on how to approach vendor contracts, offer term incentives, leverage alternative networks for flexible interchange, engage all levels of the organization to educate and gain program buy-in is especially important when evaluating electronic payment provider options.

  3. Flexibility in Solutions – As our own in-house issuer and processer, Comdata is able to use its own technology to customize and adapt our solutions to meet the customer’s needs.  We believe this flexibility allows us to innovate in more robust development cycles, while allowing us to seize new opportunities in the market.

  4. Strength in Industry – When finding a provider, make sure to find a provider that does business in your industry or vertical so that you can leverage already enrolled vendors. Commonality of vendors and the strength in a vertical encourages vendor acceptance. 

With these helpful tips, along with Comdata’s 24/7 customer support team, seamless integration technology and a wide range of Corporate Payment solutions to choose from, you can begin automating your AP processes in no time and start:

  • Earning monthly cash rebates
  • Maximizing savings
  • Reducing costs of your procure-to-pay process
  • Paying vendors faster and more conveniently
  • Simplifying your expenses and payment processes

Let us help you find the right electronic payment solution for your business. Contact us today!