Accounts Payable | Electronic
ACH, electronic check, debit cards, gift cards, credit cards, online are just a few of the numerous vehicles available to pay electronically. Particularly dominant in the consumer purchasing environment, some of these are now entering into the business-to-business payment arena.
Why are more businesses not migrating to the advantage of electronic payments more quickly? The answer is multi-faceted. The biggest challenges include simple, cost-effective implementation of a highly secured, easily traceable, electronic payment method. Counter this with the increasing cost to release a payment, print the check, process the internal paperwork, stuff and mail a payment. With all organizations looking to be good stewards of their resources, it simply makes sense to scrutinize the costly and vulnerable Payables function.
The various forms of payment vehicles have their advantages and disadvantages…and all come at varying costs to implement along with per item, and both hard costs and soft costs. In order to sort out requirements and pitfalls while arriving at the best solution(s) to satisfy your payment responsibilities, consult the PaymentPros.