According to the Association for Financial Professionals’ 2015 Payments Cost Benchmarking Survey, nearly 80% of organizations are in the process of transitioning their B2B payments from paper checks to electronic payments.  Although check based payments are expensive and inefficient, organizations have been quite slow in the transition. This is easy to understand, considering the time and expense required to individually contact vendors and have them complete enrollment paperwork.

The most effective way to overcome the burden of vendor conversion is to have your payment provider help.   Following are a few things you will need to look for:

  • Do they work with you to create a communication plan for your vendors?
    Communicating with vendors requires a combination of phone calls, emails, and letters that your vendor enrollment service provider will send out on your behalf. They should work with you to create a message that speaks to your vendors in a tone that you are comfortable with and that meets your specific guidelines and goals.
  • Do they have a Project Manager that you can communicate with?
    It’s important to have one key person who will guide your project from start to finish and who understands your requirements. This is the person that you will interact with the most and should be the person sending you daily/weekly updates on the project status.
  • How will communication be handled once vendors have made the transition to ePayments?
    Once a vendor has agreed to make the switch to ePayments, what happens next? Will follow up customer service calls be handled by the vendor enrollment services company or will those come back to your AP department?  You should know how you want to handle these issues before you start working with the vendor enrollment services company.
  • Do they handle all payment types such as ACH, Card, EFT/Wire, International, EDI? Do they handle paper check processing for vendors who have yet to transition to ePayments?
    All payments aren’t the same, so you will need a provider who handles all payment methods, including paper checks for those who have not yet adopted electronic payments.  If the provider is selective of only certain payment types, then the enrollment challenge is back upon your AP staff.

Transitioning vendors to ePayments can be challenging, but with assistance from a vendor enrollment service, the transition can be much smoother than if you try to handle it on your own.

ACOM’s ePayables Automation is a unique program that takes over the task of supplier onboarding with our Vendor Outreach & Enrollment Service … and it’s offered at no charge to customers.  For more information about how ACOM can help you eliminate paper checks, click here.

Do NOT follow this link or you will be banned from the site!