Overcoming Manual Processes Was a Priority for The Merchants Company. Enter Paymode
Faced with slow, error-prone and costly processes, The Merchants Company sought out Paymode to transform their payments. They have realized the many benefits of doing so, increasing their rebates, speeding up their processing time and slashing slow and fraud-prone checks from their payment mix.
Challenges
The business challenge impacting the profiled company’s AP organization that led them to evaluate and ultimately select Paymode:
Manual paper-based processes which were slow, costly, and error-prone.
Use Case
How they pay their vendors: ACH and check.
Uses Bottomline for Payment Automation.
Value Delivered
- Ramp up was quicker than expected
- Seamlessly integrates with our ERP and banks
- Improves straight-through processing
- Makes it easy to get status updates and rollup of AP spend
- Improves AP reporting, budgeting, and forecasting
Beating the Competition
- Ease of use
- Standardize and automate AP processes
- Ability to onboard vendors quickly to securely accept digital payments
- Authentication and confirmation of vendor’s identity and bank information
- Providing remittance information to their vendors
- Improves AP reporting - Ease of deployment/ implementation
- Overall “value”
AP Improvements
- Improved AP efficiency (i.e. reduce processing time, cost, and errors)
- >25% faster AP processing time
- >75% less payments by paper check
- >75% more cash-back rebates earned on AP spend
