A number of factors make it difficult to generate sales and profits in 2022. Higher interest rates, supply chain issues, and changing consumer preferences all impact business performance. Many companies are adding more automation to increase productivity, and to compete in a difficult economic environment.
Stampli, the leader in AP Automation, is adding more features to improve the vendor payment process by combining the benefits of Stampli Direct Pay with Stampli Card. Consider the typical invoice processing system used by many businesses.
Typical Vendor Payment Process
A 2021 study by Stampli and Treasury Webinars, “How & Why Companies Choose Payment Types”, found that 24% of companies preferred to pay their suppliers with the ACH, as opposed to 36% with credit cards, 30% with checks, and 4% with virtual or ghost cards. ACH and check payments create several challenges:
- Time delays to payment: ACH payments may require 3 to 5 days to be completed, and checks may take 1 to 5 days to clear.
- Lost or altered checks: Hardcopy checks may get lost, and a physical check increases fraud risk. An individual may be able to change data on the check, and attempt to steal the funds.
- Paperwork issues: Hardcopy records may be difficult to read, get lost easily, and must be filed in a physical location. If an approver or someone else outside the AP department copies and files the document, the risk of unauthorized use of the data increases.
- Bank reconciliations are more complex: Each ACH and check transaction that is not completed as of month end generates a reconciling item in the cash account. As a result, the bank reconciliation requires more time, because there are more transactions to verify.
Stampli Direct Pay solves many of these problems, and businesses can now use Stampli Card to pay vendors using the Direct Pay functionality.
Increasing Efficiency Using by Paying Bills with Stampli Card
When you use Stampli Card, vendor invoices are paid instantly. Once the payment occurs, vendors can be notified by an automated email and the Stampli Card details directly in the Vendor Portal. Using Stampli Direct Pay with Stampli Card offers a number of benefits to users.
Take Control, Speed Up Payments, Reduce AP Workloads
Stampli Direct Pay and Stampli Card are integrated with the most powerful AP automation platform, and businesses maintain precise controls over credit card spend. Users can send payments to vendors safely and securely, and vendors are automatically notified when a payment is made. Your vendors can access the card details in the Vendor Portal.
Stampli users can keep their existing process in place, and using Stampli Card ensures that the right individuals review and approve the purchase. The Stampli system reduces the risk of fraudulent transactions and duplicate payments.
Use Stampli to take control of AP, speed up payments, and to reduce the hours required to process AP.
By paying vendor bills with Stampli Card, you can pay vendors faster than ever before, and take advantage of credit card rebates and rewards. Using Stampli Card allows businesses to leverage rebates and to improve cash flow. Firms can also apply vendor credits to payments, so you can reduce cash outflows.
Faster payments can improve vendor relationships, which is particularly important during times of supply chain disruptions. The Vendor Portal provides the vendor updated information on each invoice, and vendors can ask questions regarding payment status.
If you shift payments to Stampli Card, the accounting department will have fewer items to monitor in the bank reconciliation, and you can close the books faster at month end.
Work Productively and Prepare to Scale
Combining the benefits of Stampli Direct Pay and Stampli Card will help you increase efficiency, control spending, and speed up payments. When you use Stampli’s AP Automation, you’re in a better position to scale your business and to process more transactions. Contact us to find out how Stampli can improve business results.