Does your firm pay suppliers primarily by check or ACH?
If so, you may be able to automate 100% of your supplier payments.
How it Works
By leveraging virtual card payments and enhanced ACH, you’ll earn cash rebates and create a whole new revenue source for your company. Specialist payment transaction firms integrate their solutions into existing accounting systems, so all aspects of outbound supplier payments can be made efficiently, safely, and cost-effectively. Electronic payment capabilities let your finance department operate a fully functional AP process in a remote work environment. You’ll reduce staff time, pay vendors faster, update your reporting sooner, and earn cash rebates. Additionally, you’ll also mitigate fraud incidents from phishing through the implementation of secure supplier validations.
Choosing the Right Partners
If you’ve never executed this process before, don’t worry. ERA consultants have the experience, resources, and insights you need to evaluate and optimize your AP process. Not all solution providers are created equal. The AP provider landscape is rapidly expanding with many providers, from start-up FinTech firms to established banking institutions jumping into the pool. ERA understands payment firms and their solution capabilities. We navigate pitfalls and maximize key success factors in AP provider selection and implementation. Then we monitor performance to ensure your provider is continually achieving the best results for your business.
What we do differently:
- Understands your current AP supplier expenditures, process, risks, and inefficiencies
- Reveals hidden savings opportunities
- Determines best-fit payment firms
- Reviews supplier match to available electronic payment methods
- Negotiates contracts and manages the implementation
- Monitors after go-live for 24 months
About the Authors
Michael Wolk leverages his years of experience in financial operations and IT, in working with ERA’s team of 200 expenditure category specialists to identify and implement savings opportunities in over 40 cost categories. Mike is a principal in ERA’s Banking and Financial Services category
practice and leads projects across the US.
Robert Katzman has been with Expense Reduction Analysts (ERA) for more than 12 years. In that time, Rob has helped generate savings for various organizations in their treasury services, accounts payables, merchant card, small package freight, payroll processing, international shipping, FTL/LTL, uniform, and telecommunication expense categories.