Check to Electronic Payment Conversion
Looking for a way to streamline processes and reduce costs? Converting from checks to electronic payments is a proven way to accomplish just that.
Click PLAY below to see Payee Manager in action.
Why convert from checks to electronic payments?
A recent survey conducted by the Association for Financial Professionals found that a typical organization makes 74% of its B2B payments by check. Every check you send, domestic and overseas, can cost your company between 350%-950% more than the same payment made electronically. By converting these check payments to an electronically delivered format you will benefit from:
- reduced costs in payment processing and handling of vendor inquiries
- improved cash forecasting
- reduced time for posting and reconciliation processes
- increased ownership and control of your vendor database
- improved ability to report accurately and meet mandatory audit requirements
How can Travelex help you convert to electronic payments?
Our ‘Payee Manager’ feature offers the combined advantage of enrollment system, vendor management tool and payment platform all within one web-based application.
Payee Manager allows you to create an email based campaign encouraging vendors and suppliers to “sign-up” for electronic payments. The process is intuitive and fully customizable down to your company’s color scheme and logo.
Once enrolled, your vendors will have their own secure access to the system to:
- manage their banking instructions
- view remittance details
- track in-transit payments like they would a package
Not only are you reducing the costs associated with cutting checks, but imagine no longer having to answer vendor inquiries like, “Where is my payment?” or “What is this payment for?”
Each approved vendor is added to your beneficiary list, so the whole process, from campaign to payment, can be managed from a single online interface.
Find out more about Payee Manager’s capabilities (PDF)
Read the Payee Manager press release (January 27, 2009)
Contact Travelex today to engage in a check-to-electronic payment conversion program and see the benefits for yourself.
