4 Benefits of Adding ePayments to Your Existing P2P Workflow

May 19, 2016 Ralph Perdomo

The-Missing-Piece.jpg

 

You've invested a large sum of time and money into an automated procure-to-pay (P2P) solution. You're gleaning new insights into your cashflow you never thought possible. You're grinning from ear to ear—like a proud parent whose child won the spelling bee.

Most automated workflow solutions stop short of delivering a full end-to-end P2P workflow; often requiring you to manually send supplier payments. You were promised a full procure-to-pay solution, but what you got instead was procure-to-payment ready.

Your procure-to-pay solution is missing a very crucial part—the actual payment part.

 

4 benefits of adding ePayments to complete the last mile in your P2P workflow

 

1) Reduce costs

Because you're no longer printing and mailing paper checks, the costs of stamps, envelopes, paper, and ink all decrease. Along with these costs, all the time it took to approve, sign, fold, mail, and store the paper images decreases in turn.
 
In fact, businesses that send 10,000 paper checks per year often realize a savings of $25,000!
 

Want to learn how much you'll save? Use our cost savings calculator.

2) Increase efficiencies

Aside from savings on direct expenses, you'll also realize savings through efficiencies. Accounts Payable spends a disproportionate amount of time tracking down payment errors, reconciling payments, and managing multiple payment methods. Making electronic payments in your P2P workflow allows those accountants to spend more time on value-added tasks like unearthing supplier discounts.

3) Earn rebates

One of the benefits of turning to ePayments is the ability to receive rebates on Accounts Payable invoices. Paying supplier invoices using an AP card, as opposed to ACH or check, will earn your organization rebates.

4) Scale

Scaling your business often requires adding more bodies in Accounts Payable. Not so with ePayments. An uptick in revenue or supplier count amounts to a few additional clicks by your team—a stark comparison to the extra hours spent manually signing and stuffing checks.

By combining your current automated workflow, along with some or all four of these benefits, you'll set your company on a trajectory toward a true P2P solution. Find out how Nvoicepay can deliver the most critical part of your AP workflow.

 

About the Author

Ralph Perdomo

Ralph is a Research Analyst at Nvoicepay. He's passionate about marketing technology and creating engaging content that delivers value to the consumer.

More Content by Ralph Perdomo
Previous Article
Scale Your Business to Swim with the Sharks
Scale Your Business to Swim with the Sharks

Businesses and sharks have a lot in common. They're both always moving, they can swallow their a...

Next Article
10 Signs Your Automated Workflow Isn't Automated [Blog]
10 Signs Your Automated Workflow Isn't Automated [Blog]

A 10-step checklist to find out if you're getting the most out of your current AP automated workflow.

×

Learn more through our weekly email digest

Thank you!
Error - something went wrong!