In our previous posts, we’ve talked about the different types of ePayments available and how ePayments benefit your company, but why would your vendors agree to make the switch? ePayments simplifies the payment process for your vendors and allows them to get paid faster. Here are just a few of the reasons your vendors will want to convert to ePayments:
- Just-in-Time Payments: vendors no longer have to hear the excuse “the check is in the mail” (whether it’s true or not), no longer need to worry about lost checks or delayed delivery due to the holiday. With ePayments, a vendor payment can be paid scheduled on an invoice due date.
- More Transparency/Consistency: vendors want to understand your payment process and need consistency in payments to feel secure in their relationship with your company. The more transparency and consistency that you have with vendors in the payment process the more likely you will see fewer issues with credit holds and delayed shipments.
- No Vacation Delays: when AP departments are short-staffed due to vacations and holidays, check runs often get delayed. ePayments are scheduled in advance, so there is no change in the regular AP process. Vendors won’t even know that you were gone!
- Fewer Trips to the Bank: ePayments are made directly to the bank (ACH, EDI, and Foreign payments) or merchant account (Virtual Cards), so vendors no longer have to wait for a check in the mail and take it to the bank to deposit.