How to Evaluate An Electronic Accounts Payable Provider [CHECKLIST]

Posted on Jul 12, 2018 10:26:15 AM by Chad Clay

In the past few years, the industry has exploded with automated electronic accounts payable solutions. While it’s good to have options, sometimes sifting through all of those providers can be daunting. How do you know which provider offers the accounts payable solution that’s best for your organization? Where do you start? What questions do you ask? Here’s a checklist to help you get started.

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Topics: Electronic Invoicing, Accounts Payable

5 Ways Virtual Card Delivers Ultra-Secure Payments

Posted on Jun 26, 2018 9:58:56 AM by Tom Parrish

Virtual card payments are now used for more than $90 billion in transactions annually, yet for many potential users and their suppliers, payment fraud is a lingering concern. With good reason: If a company lacks a secure payment platform, payment fraud can be a routine issue in the AP department. In 2016 The Association for Financial Professionals reported the highest percentage of payment-related fraud since 2005, and stated that 75% of respondent companies had been victims of payment fraud. More recently, from January to March 2018 an estimated 1.4 billion records were compromised. Fortunately, the virtual card payment platform directly correlates to a decrease in compromised records.

We've long known that electronic payments like ACH and wire offered more protections than cash or check. But the advent of virtual card solutions has brought next-level security that is unmatched in the corporate payables and consumer spheres. Virtual credit cards offer many security benefits, protecting users from threats ranging from cyber-criminals hacking records to dishonest vendors attempting to invoice more than what is really owed. Single-use credit cards truly are the most secure way to pay. Here are five reasons why:

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Topics: Payment Fraud, security, SUGA

Your Best Accounts Payable Team: How to Measure and Reward AP Performance

Posted on Jun 7, 2018 2:26:17 PM by Chad Clay

Performance appraisals. They’re a necessary component of measuring your team’s work, both individually and collectively. And while setting goals and monitoring performance is often stressful for both managers and their employees, focusing on a few key areas can help smooth the overall process. For accounts payable team members, it’s important to ensure that their goals are tied to three elements of a successful accounts payable department: accuracy, efficiency and adaptability. Here's how to evaluate, encourage and reward the performance of your AP team in these three areas:

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Topics: Accounts Payable

Improving Accounts Payable Processes: 5 Easy Goals

Posted on May 25, 2018 10:41:29 AM by Tom Parrish

Would you believe that accounts payable processes can be dramatically improved by meeting just five easy goals? A few procedures will enable you to smooth out efficiency issues, reducing the amount of time spent on each individual invoice. Following these readily implemented fixes will enable you to save a great deal of effort and money in the long run.

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Topics: Electronic Invoicing, Cost Savings

4 Tips for Data Security in Our Electronic Payments World

Posted on May 11, 2018 10:52:05 AM by Chad Clay

Data security for electronic payments is serious business in the world of B2B transactions. According to Infosecurity Magazine, close to 1.4 billion records were compromised in data breaches between January 1 and March 31 of 2018. Happily, these numbers - while still staggering - actually represent a significant decline from Q1 of 2017, which saw 1,442 incidents exposing 3.4 billion records. Here are four ways to make sure that downward trend in data security incidents applies to the electronic payments you make to your vendors:  

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Topics: Payment Fraud, security, SUGA

Too Good to Be True? 6 Questions to Ask a Potential Virtual Card Provider

Posted on Apr 26, 2018 10:46:03 AM by Tom Parrish

One of our most frequently asked questions about card-based virtual payments is, "Is this too good to be true?" I've found that potential virtual card users have a healthy amount of skepticism about a technology that offers better payments and increased revenue, with no investment by the buyer. In fact, "is this too good to be true?" is one of six key questions it's important to ask of your prospective virtual card provider before you sign a contract. Here they are:

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Topics: Payment Cards, Virtual Payments, Vendor Enrollment

3 Ways to Optimize Supplier Enablement For Higher Education

Posted on Apr 12, 2018 11:46:42 AM by Chad Clay

As a university accounts payable professional, you know that supplier enablement - or electronically connecting your vendors to your supply chain - in higher education is incredibly important. You need to keep things organized and in good standing with your suppliers so that you can keep their services flowing. Here's an overview of three simple strategies to optimize your supplier enablement for more efficient AP.

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Topics: Virtual Payments, Education

One File: Benefits and Best Practices

Posted on Mar 29, 2018 11:00:00 AM by Tom Parrish

Is your payment process as simple as it ought to be? With so many different ways to pay suppliers, B2B payments can get complicated quickly. Some suppliers accept card payments, such as virtual cards. Other suppliers prefer ACH or wire payments. And yes, of course, some suppliers still require payment by check. So what’s the best way to manage all of these different payments? Increasingly, Accounts Payable departments are turning to one file payments to address the challenge of multiple payment types and bring unprecedented ease to the AP process.

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Topics: Virtual Payments, Consolidated Payments, One File

The Basics of Virtual Card Payments Technology [INFOGRAPHIC]

Posted on Mar 15, 2018 11:39:10 AM by Chad Clay

If you're like most professionals who are responsible for making payments for a corporate or nonprofit organization, you're continually seeking to maximize efficiency and minimize the cost of doing business. Virtual card technology does both, offering the opportunity to turn a manually intensive operating expense into an automated process that actually generates revenue for your organization.

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Topics: Payment Cards, Commercial Cards, Electronic Invoicing, Virtual Payments

Game-Changers: 4 Innovations Transforming Commercial Payment Programs

Posted on Mar 2, 2018 2:18:02 PM by Tom Parrish

A new generation of game-changing innovations is rapidly transforming commercial payment programs. Acknowledging that AP professionals need access to their accounts from a variety of places, not just their office computers, these three features make monitoring online commercial payment activity easier and more efficient, while making commercial cards - especially virtual card - a more attractive product than ever for banks to offer their treasury clients.

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Topics: Commercial Cards, B2B Innovation