HOW TO SELECT THE RIGHT AP PARTNER.
More AP departments and finance executives are recognizing the importance of AP automation due to fraud reductions, significant efficiencies in processing, reduction in errors, real-time reporting, control, and visibility of every payment, and easy reconciliation.
The AP partnership should be a 100% transparent colloboration between two organizations where open communications and customer support are epected.
In fact, a new study from pymnts.com indicated that more and more firms are looking to automate their AP within the next 12 months.
AP departments are typically a cost center where manual processing is laborious on almost every level.
The average?Accounts Payable?department:
Not only that, some estimate that the cost of processing a single check is as much as $10.89 which includes the paper stock, time and effort to print, sign, stuff, and send to every supplier.
These are just a few reasons why companies are looking to automate their AP. So how do you choose the right partner?
Some tips in finding the right partner:
First off, Fintech's are usually better than any bank because the Fintech has a laser focus on payments while banks offer many other services and have limited staff and knowledge. You will not need to change banks with a Fintech supplier.
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Finally, look for a FinTech partner that works with large brands in multiple industries.
A great partner will take on the heavy lifting, from streamlining implementations to vendor enrollment and enablement. Their goals should align with yours:
You may be thinking, this sounds too good to be true, what’s the catch?
There really isn’t one. Payment automation is simple, fast, and cost-effective. If you want to generate a competitive advantage, create new monthly revenue, automate your Accounts Payable.
Ernst Consulting Group is designed to educate and consult B2B companies on new and innovative Fintech initiatives. We provide Best-in Class customer experiences and partnerships allowing companies to minimize effort and maximize revenue and efficiencies.
Contact Information:
Jeffrey A Ernst - 815.354.6105 / [email protected] / www.ernstcg.com
Business Growth @ Bay Bridge Management | Business & Corporate Development
4 个月Thanks Jeff. Payment automation maximizing virtual card transactions should be a focus for essentially every mid-to-large enterprise.
Helping businesses scale and expand through effective strategies globally? Core experience in Market Analysis, GTM Strategies, Business Modeling, and Relationship Building ?
1 年Jeff, you're absolutely right! AP automation platforms offer incredible benefits like improved efficiencies and fraud reduction. Fintech partners are indeed a smart choice for businesses looking to enhance their financial operations. #APautomation #fintech
I simplify B2B payment experiences | Founder @ WDIR | UX & Product Strategy in B2B Payments | Strategic Design Leader
1 年Thanks for sharing Jeff Ernst, some good points in this article. Remaining compliant and creating regularly updated documentation, seamless integration, and providing world-class customer support are all key elements to ensuring long-term success for AP departments.