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 rarely integrate into ERP systems for easy visibility and access, which leads to frustration and unnecessary bottlenecks for finance and accounting teams.

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 utilize paper checks, which costs more than they think. The average cost of writing, shipping, and issuing a paper check is $4-$20 per check! Beyond that, issuing and depositing checks costs U.S. companies $26 billion per year.

Benefits of AP and Payment Automation

AP automation solutions with payment processing help businesses gain visibility into payment data while significantly reducing fraud risk. Automated 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 AP and payment automation.

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

Overall, automating your vendor payments removes all of the manual steps of payment issuance typically managed by your finance team. It also reduces fraud risk and can even create the opportunity to earn rebates on your vendor payments.

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 extend the functionality and value of the invoice workflow system to include vendor payment processing in the most optimal methods for mid-market organizations, specifically Dynamics ERP users.

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 processing.

Read more from KwikTag on ERP Software Blog here.

Learn more about KwikPayables Accelerate, the intelligent, cloud-based AP and payment automation solution, at www.kwiktag.com.

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