For the promised savings and efficiency gains of electronic payments to be fully realized, enterprises should also invest in tools that help incent and reward similar levels of electronic payment adoption among their employees, customers and vendors.
With WebSeries' Payment Management Portal, enterprises can eliminate the obstacles of converting their constituents to electronic payment methods by providing a simple, cost-effective means for the collection and management of critical financial information, such as vendor bank account and routing information, as well as the delivery of electronic remittance details.
Secure, Self-Service Access to Customized Payment Information
The WebSeries Payment Management Portal allows payees to manage their own payment and remittance delivery preferences online, with options for completing and configuring:
- Payment method, either electronically or by check;
- Remittance delivery method, as paper via the post, or electronically:
- as an ACH 820 or EPN 820 file format transmitted through the bank
- as a PDF file format transmitted via email, or
- through the WebSeries self-service online portal;
- Bank account and routing information for electronic funds transfer via ACH;
- Email address for electronic remittance delivery via PDF; and
- Mailing address for payment and remittance advice via paper check.
WebSeries dynamically configures the appropriate payment and delivery method for each transaction issued from the ERP or other accounting software, based on preferences provided via the portal.
But the benefits are not simply limited to the paying organization. The Payment Management Portal offers significant rewards for billers as well, including real-time information into the status of a payment, and faster receipt and reconciliation of funds with their accounts receivable systems. By receiving payment information via the Web, or electronically via email, billers can also elect to archive the information digitally or print a copy for their local paper files.
Comprehensive Security
The Payment Management Portal offers embedded security features that filter payment data and check images to ensure they are available only to authorized payees. An additional level of security can be executed to safeguard specific PDF documents, including password protection based on unique payee identifiers such as vendor ID, employee ID or Social Security Number.