This Business News Story Was Uncovered By Us From: https://www.youngupstarts.com/2020/09/21/making-your-case-the-four-es-of-payment-automation/
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by Derek Halpern, Senior Vice President of Sales for Nvoicepay.
Paying suppliers by check is a practice that has endured for much longer than anyone would have imagined. For a while, it looked like COVID-19 might be the tipping point for companies to go completely electronic. After an initial push in that direction, however, many accounts payable departments still send their workers into the office to process invoices and manage the manual check process.
It’s not enough to want to get rid of paper checks. The case against them is not strong enough on its own. It has to be combined with a strong business case in favor of something else.
Even though manual processes are expensive, there are some rational arguments for relying on check payments. You don’t have to enable suppliers for electronic payments, manage banking data, or worry about ACH fraud. You can even outsource the process. While suppliers generally like the idea of electronic payments, they can also be deterred by complex enrollment processes.
People may also still be attached to the idea of check float. Even though interest rates remain at historic lows, it can provide a sense of security to see money in bank accounts for longer. Some businesses even have tenured employees who are used to older processes.
So is the check-writing process that bad?
The answer might have been different last January, with easy access to check printers. But now that accounts payable teams are sheltering in place, their processes often involve driving into the office and to other residencies to get checks signed. Add in the other check-stuffing and mailing steps, and you’ve got a significantly time-consuming task.
Despite the laborious nature of this process, many organizations have … Read More
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