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Invest Wisely in A/P Technology

6 features that make a solution best-in-class.

By Seth Blacher | September 09, 2020 at 03:23 PM
Stock illustration: gears and visibility

Corporate accounts payable (A/P) departments are looking to operate at maximum efficiency and scale, while reducing risk and generating rebate revenue. The key to success is effective automation.

Efforts to achieve these goals frequently encounter familiar challenges. For instance, despite the focus in recent decades on transitioning to electronic payments, more than 4 out of 10 business-to-business payments are still made by check. Manual processing of checks is expensive. In addition, check payments often result in extra work for payers, who must respond to inquiries from suppliers regarding payment status because mail float slows delivery.

A/P managers also must address rampant payments fraud. Although check fraud remains a major problem, an even faster-growing scourge is payments fraud involving wire transfers, Automated Clearing House (ACH), and card payments, due to business email compromise and impostor fraud schemes.

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