Does Your Bank Really Have Your Back?
Gain Control of Your Vendor Payments with AP Automation
Companies that rely on their bank for vendor payment processing typically have to reformat, manually edit, and restructure data received in order to make it work for their process. Banks often do not integrate directly with ERP systems for easy visibility and access, which leads to frustration and unnecessary bottlenecks.
In addition, many organizations that use their bank to process payments continue to write paper checks. In fact, 50% of businesses in the United States still issue paper checks, which costs more than they think. The average cost of writing and mailing a paper check is $4-$20 per check! Beyond that, issuing and depositing checks costs U.S. businesses $26 billion per year.
Automating vendor payments allow businesses to complete the AP cycle by simplifying and streamlining the entire process from invoice capture to payment processing. The result is that organizations are more strongly positioned in their markets, with better control over their cash flow, thanks to end-to-end, intelligent AP automation solutions.
Here are a few more benefits of payment automation:
- Gain control and visibility over payments to maximize early payment discounts and improve vendor relationships
- Enhance security, reduce fraud and payment costs by replacing checks with virtual, single-use credit cards
- Easily track transactions and automatically receive payment data at the invoice level in one secure system
To learn more about AP and payment automation, download the full whitepaper.
AP and Payment Automation with KwikTag
KwikTag has partnered with Corporate Spending Innovations (CSI), a division of Edenred, to add payment processing to the KwikPayables AP automation solutions. Payment processing extends the functionality and value of the invoice workflow system to include vendor payment processing in the most optimal methods for mid-market organizations.
With 20+ years of experience in the Dynamics community, KwikTag offers accounts payable automation solutions designed to provide a completely digital, touchless workflow from invoice capture to payment approval, with the option of vendor payment processing.
To learn how KwikPayables Accelerate, the intelligent, cloud-based AP and payment automation solution could work for your business, fill out the form at the bottom of this page.