ACOM ePayables (Electronic Payments)
According to the 2017 AFP Payments Fraud and Control Survey, 74% of finance professionals were victims of payment fraud in 2016. Additionally, the average cost of printing checks is approximately $5 to $7 per check (which includes supplies and labor costs). Wow!
So, Why Aren’t More Companies Switching to Electronic Payments?
Firstly, because it is very labor intensive to get vendors to switch to electronic payments. Second, companies don’t have the ability to offer their vendors a variety of payment methods.
Why Choose ACOM’s ePayables (Electronic Payments) Solution?
ACOM’s electronic payments solution offers you 100% elimination of paper checks and requires no changes to your Sage 300 printing process. Here’s how it works:
Instead of sending your existing Sage 300 check print file to a printer, you upload the file to ACOM’s cloud based payment hub. ACOM stores the payment rules at the vendor level, so the system knows what payment method each vendor has chosen. ACOM also takes care of disbursing the payments for you (whether ACH, virtual credit card or checks on your behalf).
Everything is cloud based with secure web access, so you don’t have to maintain any infrastructure at your location. You also get complete control of when/how the vendors are paid. Advanced security and controls allow for workflows and different approval processes. You log into a secure website, see the pending payments and pick the payments you want to release.
ACOM has an in-house team that reaches out to 100% of your vendors on your behalf. Prior to contacting your vendors, ACOM will sit down with your team and come up with a written outreach plan that you both agree to. The plan includes phone calls, emails, letters etc. ACOM averages eight touches per vendor, and provides ongoing support via help desk (as needed).
ACOM’s goal is to convert most of your vendors to some form of electronic payment. Most vendors will take ACH, but a small percentage of your vendors (15-20%) will usually opt for using virtual credit cards. These virtual credit cards are a lot more secure than ACH because they are a single use credit card.
Let’s Look at How Virtual Credit Cards Work:
Most of your vendors already have a merchant card account that they use to accept credit card payments. When a vendor says they want to get paid with a virtual card, ACOM will generate a one-time credit card number for the specific transaction.
The funds are then put on the card number. When the vendor logs into their existing merchant account and enters the card information, they will be able to withdraw the funds from the card. The card number is no longer active after that transaction.
How Do You Know If You Qualify For The Solution?
If you are currently printing 200 or more paper AP checks a month, you will usually qualify for the solution.
Interested in learning more about ACOM ePayables (Electronic Payments) solution?
Get an introduction ACOM’s solution below.
To discuss how to use ACOM ePayables (electronic payments) solution, please contact us via our website or give us a call at 866-435-0243.