Payment Processing is Changing the Pace of AP Automation

For many years, AP automation has addressed the top invoice challenges, such as manual data entry and approval routing. Recently, it has expanded to address payment inefficiencies, such as late payments, lack of visibility into payment status and difficulty reconciling payment data. The addition of payment processing to AP automation solutions allows businesses to complete the AP cycle by automating and streamlining payment batch approval and vendor payments.

Because the pandemic caused an increase in demand for automation, providers had to make quick decisions to increase the intelligence and affordability of their product. Adding payment processing to their solution was a logical, and affordable, next step.

Check out the video below to learn about how payment processing completes the AP process.

Payment processing adds many benefits to AP automation, such as:

• Gaining control and visibility over payments in order 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 the payment data at the payment and invoice level in their AP automation solution

Download the full whitepaper from KwikTag to learn more about how payment processing is adding more value to AP automation solutions.

To learn more about how AP automation with payment processing can work for your business, fill out the form below.