Making the switch from traditional paper checks to e-payments can save your company significant amounts of money, time and resources. If you haven’t made the move to e-payments yet, here are just a few reasons why you should consider making the switch.
- Significant Annual Savings – traditional paper checks can cost upwards of $6 per check to print and mail, so when you add it all up you could be spending more than $14,000 a year if you send out 200 vendor checks or more each month. Can you think of better ways to spend that kind of money?.
- Reduced Check Fraud Exposure – according to a 2016 AFP Payments Fraud and Control Survey, checks continue to be the most targeted form of payment fraud, with 71% of companies reporting actual or attempted check fraud. e-payments significantly reduces your exposure to check fraud by allowing for increased transparency in payment records and increased security of financial data.
- Increased Efficiency – decreasing the amount of time required to process a payment can improve cash flow. Businesses can also take advantage of early payment discounts and avoid late payment penalties by ensuring that the payment cycle is efficient.
- Go Green – reduce the amount of paper that your AP department uses for processing invoices and you can save money while showing that you are environmentally friendly at the same time.
Printing checks every month is a major hassle and expense that can be resolved by making the move to e-payments. Give ACOM a call at (800) 699-5758 or email us to find out about our program to eliminate all of your paper payments … at no cost to you!