Condé Nast Vendor Portal

Finance teams must ensure that digital workflows still uphold segregation of duties, approval hierarchies, and data security standards, particularly when handling virtual card data. This involves collaborating closely with compliance, audit, and IT teams to update governance documentation, ensure PCI compliance, and adjust financial reporting practices. If done correctly, ePayables can enhance audit readiness and control, but the transition needs to be carefully managed to avoid gaps or oversights. While ePayables often deliver ROI in the form of cost savings and rebates, the initial setup can still require a financial and operational commitment. Companies may need to budget for software licenses, integration services, or onboarding support from their provider. There’s also the time investment required from AP, IT, and procurement teams.

Instant invoice data capture

An ePayables card program is introduced into your accounts payable stream at the point your transactions have been approved for payment through your existing Enterprise Resource Planning (ERP) or other system. The only change to your existing process is that the method of payment becomes a card rather than a check. Your process for approval remains the same, making the transition to ePayables easy and efficient. This means that an ePayables program is ideal for companies who are attempting to expand their existing commercial card programs or companies who are first considering venturing into a card program. The end result is that checks will be eliminated Bookkeeping for Veterinarians and payment efficiencies gained through the transition to card payments, ultimately leading to real cost savings within your payables flow.

• Success in commercial payments is no longer just about growing volume; it’s about proving value.
• A virtual card can be used repeatedly, with funds being added and withdrawn with each payment.
• The best way to understand ePayables is to see the step-by-step process used in fulfilling a transaction.
• There’s also the time investment required from AP, IT, and procurement teams.
• This category is comprised of electronic payment solutions providers as well as certain banks that have electronic payment solutions and card solutions.
• To succeed, you need buy-in from every affected department, including procurement, AP, accounting, IT, and senior management.

Why Aren’t You Using ePayables?

• While some ePayables platforms do support ACH as one of many payment options, virtual cards are the more common and secure method.
• All suppliers who do not enroll in the ePayables Program will have their payment terms changed to our standard net 40 day terms, where contractually applicable.
• No more manual entry and in the case of ePayables, no more printing, signing, mailing, opening, endorsing, or depositing checks.
• In today’s fast-paced business environment, where control, visibility, and agility are non-negotiable, ePayables offer a modern, scalable alternative.
• Key technologies in ePayables include AI-powered automation, Robotic Process Automation or RPA, and unified payment platforms, which provided the payment mechanism involved in using these virtual pay cards.
• Once the AP team – the buyer – has reviewed and approved an invoice, it authorizes a bank to fund the vendor’s card for payment.

This strengthens trust, fosters long-term relationships, and can even lead to preferred pricing or terms. Reach out to schedule a demo and see how BILL helps its customers save time and money with automation and flexible payment methods. EPayables offer improved fraud protection since a payment can only be processed once funds have been added to the virtual card. Even if the payment information falls into the epayables wrong hands, the fraudster wouldn’t be able to use it if there are no funds on the card. Setting up ePayables involves collecting vendor information and educating them on the process. Be prepared to spend some time with each vendor setting up their accounts, the virtual card, and answering their questions.

Top benefits of electronic payment include gaining control of your expenses and reducing fraud risk.

Please enter your email address and create a password and security question and answer. Once complete, you will be logged in and presented with the entire remittance details in your browser, including payment details, card account number and the card’s expiration date. In fact, at last count approximately 31% of companies reported that they’ve already begun using this secure and quick form of payment. The unique virtual card number like commercial cards have is one of the benefits of ePayables. The entire process is electronic, making ePayables ideal for secure online transactions and over-the-phone payments. For companies with substantial vendor spend, this creates a revenue-generating opportunity.

Processing

• Each remittance advice is your authorization to process the credit card transaction for the exact amount indicated.
• Depending on the card network, method used (swiped vs. keyed in), and payment terms, typical processing fees range from around 1.3% to 3.5%.
• Complete the P2P lifecycle and improve vendor relationships with integrated vendor payments.
• EPayables, or electronic payables, are digital payment methods that automate the way companies pay their vendors.
• That report will be available in the coming months to Javelin Strategy & Research clients.

The growth of purchasing card use continues at double-digit rates fueled by efforts to automate, realize cost savings, and reduce cycle time, effectively improving cash flow. One top area for growth includes expanding into new spend categories with ePayables. The 2018 RPMG Purchasing Card Benchmarking Survey reported EAP spending grew, on average, by 10.9% per year.

• Even if the payment information falls into the wrong hands, the fraudster wouldn’t be able to use it if there are no funds on the card.
• Some of these providers offer a wide range of payment options from check printing and mailing, ACH, Wire/Swift or cards with the aim of migrating their customers off paper checks.
• It also presents a lucrative opportunity for banks that support such programs.
• It’s worthwhile to diversify your payment options, and these benefits give good reason to add ePayables to your arsenal.
• However, an ePayables program isn’t necessarily a fit for every kind of enterprise.
• The first two segments include some of the broadly adopted solutions like scan, capture, and workflow solutions, eInvoicing solutions, and self-service supplier portals.

A rushed or poorly coordinated rollout can delay adoption and undercut potential ROI. The best way to understand ePayables is to see the step-by-step process used in fulfilling a transaction. Gone are the days of writing a check, stuffing it in an envelope, and sending it income statement off to its destination, hoping it doesn’t get lost or stolen along the way. You should consult your individual tax or legal professional before taking any action that may have tax or legal consequences.

The future of ePayables includes AI-driven automation, seamless ERP integration, and global payment capabilities. These advances will offer real-time visibility, fraud prevention, and data-driven decisions. As digital adoption grows, electronic payables will become the default payment method for businesses. If the vendor you’re working with doesn’t accept credit card payments, they won’t be able to accept ePayables payments. They may prefer ACH payments or checks because the customer incurs the costs for those methods. Making payments securely and efficiently has never been easier with the onset of digital payment methods.