Over 80% of these smaller organizations feel their existing system does not meet their needs
Does that not signal the need for change?
It’s interesting to consider that, although these businesses are experiencing real difficulties with their current manual or disparate systems, there is a reluctance to change something that is currently working. Before you get too comfortable with the status quo; however, note that the COVID-19 pandemic has forced the hand of many companies, moving them to adopt digital B2B payment solutions five or even ten years ahead of what was originally projected. If you depend on your company’s AR/AP system to continue to be “good enough” to get the job done, your forward-thinking competition may soon have the advantage.
There’s a better way. Learn about the benefits of REPAY’s ERP-integrated AR and AP processing solutions, and consider what it can do for your business.
Benefits of Digitizing AP in your ERP with REPAY
Many have already experienced vast improvements to AR payment processing with REPAY for Acumatica, Sage, SAP, etc., such as Level 3 B2B Processing, next-day availability of funds, and increased cash flow. With REPAY ClickToPay, customers enjoy a fast, painless experience, paying you directly from the invoice via our online portal, which in turn drives a quick payment turnaround.
Building on that success, REPAY aims to bring significant advantages to customers using our AP solution as well. Here are two:
1) Efficiency. With a traditional AP process, much time (and thus money) is wasted handling invoices. According to Digital Transactions magazine, an average of 11 hours are spent managing a single invoice, with as many as 15 people involved in the process. Pymnts.com reports that ~30% of US firms say it takes them an entire week to process invoices. The APQC benchmarking database estimates that the median cost of processing a single AP invoice is $5.83 per invoice, and that companies often spend $10 or more on processing a single invoice.
Sound efficient to you?
Rather than chasing that piece of paper throughout the accounting department, REPAY offers you a secure online portal – accessible anywhere and at any time – that enables fast, organized approvals.
Users of the REPAY AP vendor payments automation solution have eliminated the paper chase and saved as many as 19 hours a week, devoting that time to other more important activities. While saving time, you gain greater accountability and transparency. REPAY keeps a record of each transaction, making the reconciliation process a breeze. Reporting gives you in-depth insight, drawing on data from your ERP to show the complete financial picture.
Instead, digital payments such as virtual cards offer enhanced security and reduce your exposure to fraud. However, many SMBs have avoided them, perhaps because of confusion with credit cards or other less-secure forms of payment. What’s the difference?
Virtual cards are for one-time use. The number is auto-generated, specific to the transaction and the authorized user. Because of their temporary nature, they are inherently impervious to theft.
Credit cards use the same payment data for all transactions. Because there are few limitations on their use and authorization, they can be charged for any amount up to the credit limit, used for any vendor, and by any person who possesses the name, number, expiration date, and CVV2 code.
Another obstacle to the adoption of virtual cards is the fear that vendors won’t accept them. According to one survey, 17% of companies fear virtual cards will be inconvenient or difficult to use, and 14% worry that they will be expensive.
REPAY is here to give you the facts and help you transition to more efficient and secure payments.
With REPAY’s AP solution, you can rest assured your supplier payments will be secure, using virtual cards where accepted, or ACH direct deposit, with paper checks being a last resort for suppliers that won’t accept the other forms of payment.
And don’t forget; security also comes with a fringe benefit: REPAY gives you rebates on your virtual card transactions. Make money by paying your suppliers!
AR and AP are Better Together with REPAY
Why delay? Go digital today and enjoy the enhanced efficiency and security of virtual card payments. Take advantage of our cutting-edge AP Vendor Bill Payments Automation solution, integrating natively with your ERP. Enjoy real-time visibility of the entire payables cycle, expert payment support, rewarding rebates, enhanced security, and greater efficiency over traditional paper payables processing. And all of this, along with the power of our Accounts Receivable features for a complete end-to-end solution.
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