For years, accounts payable processes have been steadily moving towards digitalization and automation. The benefits of making the transition away from paperless are clear: efficiency, cost reduction, greater cash flow visibility and control. However, finding the right solution for ePayments innovation can be challenging for businesses.
To take an in-depth look at the common issues that should be addressed when CFOs, senior finance executives, controllers, and accounts payable teams assess their AP systems, Nvoicepay recently released a whitepaper, The Executive’s Guide for Evaluating Electronic Payments Solutions.
Obstacles to the pursuit of AP automation
Businesses have made efforts to automate their accounts payable processes for decades. However, many organizations have found that the transition to ePayments brings unnecessary complexity, limited flexibility, increased workloads, and the disappointing realization that, despite the changing times, most AP payments are still conducted via physical printed checks. An April 2021 report from Mercator showed that small businesses are particularly worried about AP inefficiencies, with 45% of those surveyed agreeing that they are overly reliant on non-automated payment processes, and 49% believing that difficulties with bookkeeping management limited their growth. It is probable that SMBs, SMEs, and large enterprises share at least some of these concerns.
There are several underlying causes for these roadblocks on the path to successful implementation of electronic payment solutions:
- Disparate payment processes
- Lack of supplier enablement
- Supplier information maintenance
- Payment error breakdown
- Rigid file processing rules
- Limited card volume rates
These six pitfalls are quite common among both small businesses and enterprise businesses. By looking through the entire lifecycle of the accounts payable process, businesses can determine where the various pinch points occur. Maybe superfluous energy is being directed towards managing multiple payment flows, or there is not a careful enough system for keeping track of how to enable suppliers for payment. Or perhaps there is a flaw in the payment process, either resulting in a missed batch of payments, fraudulent transactions, or a headache from a customer service and public relations point-of-view, or all three. Electronic payment solutions can deliver a range of functionality and features to address these concerns.
Choosing the right solution for your business
The end goal of any electronic payment solution should be uncomplicated and effective AP processing. Many businesses may be distracted by flashier, higher-level features – but until the nuts and bolts requirements of a working payments infrastructure are met, those more advanced concerns should not be prioritized. After all, AP software should be an asset for smooth operations, and not a point of friction.
To ensure that an ePayment solution drives AP efficiencies, reduces costs, and enables 100% electronic payments, there are several key attributes to consider:
- Single, simple workflow
- End-to-end payment support
- Flexibility and control
- Payment optimization
- Supplier enablement and information management
The bottom line is that businesses must continuously monitor their AP processes. Automated controls can help businesses do everything from flag potential instances of fraud to guarantee optimized payments that deliver the greatest return to the customer. Any chosen solution should streamline payments, drive information visibility, and ease the human burden of maintenance. Security, efficiency, and flexibility are the bedrock of business continuity.
Intelligent payments from Nvoicepay
In a world where a myriad of requirements and expectations are holding finance teams back, Nvoicepay is transforming payments processes across the board. There is abundant opportunity for businesses to shift to a payment model driven by intelligent automation. The following characteristics are imperative for building a modern payment workflow:
- Purpose-built to handle complexity
- Dynamic supplier activation
- Superior supplier experience
- Remarkable results
Nvoicepay can fulfill all of these needs and more. The secure Nvoicepay solution can meet the requirements of the most advanced organizations, get ePayments up and running quickly, and onboard suppliers while maintaining high satisfaction. By unlocking the value in payment processes, Nvoicepay delivers concrete improvements to businesses.
To learn more about which common payment issues to avoid, how to evaluate ePayment needs, and why Nvoicepay can offer modern solutions, consider reading Nvoicepay’s whitepaper.
Access Nvoicepay’s whitepaper, The Executive’s Guide for Evaluating Electronic Payment Solutions, by filling out the form below.
