Economic crisis forcing businesses to think outside of the box for efficiency savings
Washington, D.C. (Date 28 May 2009)
With certain economic indicators showing that the US economy shrunk by 6.1% in the first quarter of 2009, businesses are now being forced to look ‘outside of the box’ to find efficiency savings.
To adjust to the new economic realities, many business owners are reducing their headcount significantly. Businesses with fewer than 50 staffers have collectively shed 1.4 million jobs in the past six months, according to estimates by payroll processor ADP.
One area that is being targeted by large and small organizations is the accounts payable function, and in particular, the management of vendor payments. “We estimate that organizations are wasting 500 man hours a month chasing errant payments and dealing with vendor enquiries through their manual AP processes,” said Debbie Brown, Travelex’s VP Marketing.
Travelex, the international payment and foreign exchange provider has an innovative solution to this complicated problem: Payee Manager. Payee Manager is Travelex’s unique vendor management and integrated payments system, which has been adopted by some of North America’s largest corporations.
Not only can organizations easily enroll vendors for online payments, but they can now enable vendors to manage their own banking details online within a secure self-service application.
“It’s a community based model for payers and payees” says Adam Tiberi, Travelex’s SVP Global Product Development. “Once a payee is enrolled into the Payee Manager system, they can be selected and enrolled by other organizations. The beauty of the system is that the payee data is exportable by our clients at any time – so it’s controlled by the organization and not the payment provider or bank.”
It is also possible to send messages within the system – either to an individual payee or multiple payees. “If you are changing your payment schedule and or need to alert all your payees you can simply notify them through the messaging center. Now, companies of all sizes can increase their productivity by adopting this simple, secure, best-practice payment approach to managing all their vendor payments – domestic and international.” Tiberi said.
Adam Tiberi, gave financial professionals the building blocks they need to create an international payments strategy during his presentation at the TMANY – NY Cash Exchange in New York City April 27 at the Hilton New York. During his presentation, Global Payments for the 21st Century, Tiberi will provide attendees with the insight they need to simplify their global payments process – including a look at current options and emerging trends, common challenges and solutions, best practices, and how to determine the best approach for your company.
About Travelex Global Business Payments
Travelex, the world’s largest non-bank international payments and foreign exchange provider, makes payments easy for any business. Travelex operates in over 30 countries and processes payments globally to more than 1 million beneficiaries each year. For more information, visit www.travelexbusiness.com/na/. In the United States, services will be provided by Travelex Global Business Payments, Inc. or Travelex Currency Services. In Canada, services will be provided by Travelex Canada Limited.
