Manufacturing a Better Payment Process

Top five challenges

1 Managing and updating vendor bank account details

2 Timely approval of invoices and payments

3 Difficulty capturing early payment discounts due to slow approvals

4 Missing vendor information

5 Manual workflows and excessive delays caused by legacy payment processes

60% of finance leaders say Accounts Payable is the #1 most inefficient component of their manufacturing company’s operations

How manufacturing companies are transforming AP

Top benefits of digital transformation in 
manufacturing AP

Time savings

60% of manufacturers say that time savings and improved productivity are the top drivers of AP process automation at their organizations

Data visibility

55% of finance executives cite improved AP visibility as a top priority and key benefit of automating accounts payable

Fraud Detection

64% of manufacturing organizations have experienced a payment fraud attempt within the past year, with 14% having suffered more than one loss​​​

Over $275  billion in ACH and virtual card payments are made using Paymode-X every year, all with zero fraud

Vendor Relationships

58% of Bottomline customers report improved vendor relationships
as a result of using Paymode-X

Cost Savings

Saving up to $4 per check by converting to digital payments and automating processes

Late fee elimination

Only 48% of payments are made on-time without automation​​​​​​​

But 90% of payments are made on-time even with a modest level of AP automation​​​​​​​