Tom Parrish

Recent Posts

Top 5 Ways to Maximize Cost Savings Through Your AP Process

Posted on Nov 21, 2017 9:43:00 AM by Tom Parrish

Thanksgiving marks the middle of a season of abundance: Halloween to New Year's Day sees abundant good food, abundant good company, and abundant good cheer. It's a wonderful time. Of course, with this abundance comes abundant costs, and our January bank statements can be a bit of a shock. Many of us find ways to make that post-holiday shock a bit less painful - shopping throughout the year for holiday gifts, chasing sales, making gifts, and clipping coupons. But are you doing the same to maximize your organization's cost-savings? Here are five ways your accounts payable process can help reduce costs all year 'round:

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Topics: Virtual Payments, security, Rebates, Cost Savings

B2B Leads the Charge to Digital Payments, Cashless Economy

Posted on Oct 12, 2017 1:14:05 PM by Tom Parrish

MasterCard is talking about smarter, digitally inclusive cities. Visa just issued a challenge to cities to go "cashless." Whatever you call them (cashless, digital, virtual, mobile, touchless), payments that don't require a physical form of payment are on track to dominate the consumer market in the coming decade, especially in urban areas. In the U.S., this is an arena where the B2B sphere, which has often lagged in innovation, is actually a leader and can share the lessons it has learned on going virtual with those in the B2C community who want to do the same. 

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Topics: Virtual Payments, B2B Innovation

The Stress-free Guide to Onboarding a New Accounts Payable Technology

Posted on Aug 24, 2017 1:28:12 PM by Tom Parrish

Moving to a new accounts payable technology doesn't need to be stressful and tedious. You can easily integrate new technology into your existing accounts payable workflow if you know what you're doing and what you expect from your upgrades. The point of integrating a new solution should mainly be to streamline your accounts payable processes, so that you and your vendors are on the same page. You’ll notice increases in the speed and accuracy of your payments to your vendors, making it well worth investing the time and money to onboard the latest innovations in accounts payable technology.

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Topics: AP Technology

3 Vendor Enrollment Strategies That Boost Virtual Card Returns

Posted on Jul 25, 2017 8:07:00 AM by Tom Parrish

If you’re using virtual card for your payments, your vendor enrollment strategies should be two things: easy to implement, and guaranteed to improve relationships with your vendors. These three basic strategies accomplish both those goals, offering you easier vendor enrollment plus more personable business relationships.

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Topics: Virtual Payments, Vendor Enrollment

Improving Accounts Payable Processes in 5 Easy Steps

Posted on Jun 8, 2017 8:24:00 AM by Tom Parrish

Would you believe that accounts payable processes can be dramatically improved in just five steps? A few simple procedures can 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 time, effort and money in the long run.

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

4 Ways Virtual Card Payments Are Revolutionizing Nonprofit AP

Posted on Mar 30, 2017 3:23:24 PM by Tom Parrish

 

When nonprofits implement virtual card solutions for their automated accounts payable, the accrued benefits can be exceptional - revolutionizing not just the accounts payable process, but organizational funding strategies, as well. A not-for-profit organization that implements virtual card payments for a significant portion of its AP spend can expect to reap a host of perks, including cost-savings; time-savings; heightened payment security and control; and most compellingly, an alternative source of revenue to help fund its mission.

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Topics: Virtual Payments, Nonprofit Organizations

Top 5 Questions to Ask A Prospective Virtual Payments Provider

Posted on Jun 30, 2016 7:30:00 AM by Tom Parrish

"Isn't this too good to be true?" is one of my favorite frequently asked questions about card-based virtual payments. I've found that potential users have a healthy amount of skepticism about a technology that offers better payments and even increased revenue, with no investment by the buyer. Frankly, the proposition sounded a little too good to be true to me, too, when I first heard it.

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Topics: Payment Cards, Virtual Payments, Vendor Enrollment

The Quick Guide to Convincing Suppliers to Accept Virtual Card Payments

Posted on Jun 2, 2016 11:00:00 AM by Tom Parrish

Everyone wants to get paid on time - in fact the top priority of most Accounts Receivable departments is to be paid faster. If yours is a buying organization wanting to pay more of your suppliers electronically — through card-based virtual payments — you can use this AR top priority to your advantage.

The Huffington Post released data last year from Sageworks (a financial information company) revealing the industries that wait the longest to be paid.

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Topics: Payment Cards, Vendor Enrollment

The Quick Guide to Using Your AP To Offset Rising Business Costs

Posted on Mar 3, 2016 10:00:00 AM by Tom Parrish

As the costs of doing business continue to increase steadily in many sectors, one of the most compelling aspects of card-based virtual payments technology is its ability to transform a former cost center - your Accounts Payable department - into an engine for revenue. We've seen this work across a a diverse range of industries, and in both the for- and nonprofit sectors.

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Topics: Payment Cards, Kontrol, Virtual Payments