Automate Payments and Processes All the Way

Manual payment processes are not just costly but also error-prone. When dealing with hundreds or thousands of transactions it is very easy to enter the wrong amount or payment date or accidentally use old or incorrect supplier information. Even a small error can end up costing a lot of time and money to identify, correct and reverse these issues. Further, this can not only result in late payments and missed discounts but can also severely affect supplier relationships, if these errors happen frequently.

The costs associated with manual payment processing add up fast. Why? Because the process of tracking invoices, verifying payment amounts, and keeping up with supplier data is arduous without automation. This means your team is focused on these low value-add activities instead of more strategic projects and everything slows way down. And paying by check has a significantly higher price tag than electronic payments like ACH and wire transactions. If you're suffering from high operational costs, manual payments are likely contributing to soaring expenses.

Payment fraud continues to be a very real risk and a problem for many organizations. Check fraud is still a prevalent form of theft and can devastate companies of all sizes. Electronic payments have a much lower risk of fraud and the more automated a process is, the less opportunity there is for someone to tamper with a process and steal funds.

Streamline those manual activities and save transactional costs. With the Basware NetworkPay solution, you can:

• Save between $2 - $6 on every check and wire payment
• Earn monthly rebates on virtual card spending
• Decrease time spent executing invoice payments by up to 75%
• Capture early payment discounts
• Reduce the money spent on postage and mailing supplies.

Enhance visibility into your spend with centralized reporting of transactions involving all banks and payment types. Increase visibility to receivables and enable easy remittance reconciliation. All payment data is consolidated in one central hub for easier reporting and a full view of expenses.

Stop the need for supplier inquiries regarding payment status. Pay suppliers quickly and provide them with detailed remittance information. Build trust and reliability with payment certainty.

Manage all payments using your existing ERP(s). Connect data from multiple systems to manage payments, with seamless approval workflows and comprehensive reporting.

Execute all payments at one time. Make check, ACH, wire, and virtual card payments in a single payment run from ERP, without the need for multiple files. A single run eliminates the need for batch processing, approvals, and payment execution for each payment mode.

Gain security for all payment types with hierarchical password access, audit trail reporting, and separation of responsibilities across users. Avoid check fraud losses and liability with Positive Pay, an automated fraud detection tool.