An ePayable payment usually deposits the funds into a vendor’s bank account within two business days. This quick turnaround time helps avoid potential late fees or missed payments. EPayables are safer and faster than checks, using virtual cards to protect your payment information. As part of Phase 2, UVA is also reintroducing ePayables, a secure virtual card payment method offered by Bank of America.

Fast processing times

• Consider building dashboards to monitor performance and keep leadership informed.
• This not only helps speed up the payment cycle but can also minimize the risk of human error.
• To gain deeper insights into how various players in the space compare, Javelin Strategy & Research released its 2024 Commercial ePayables Scorecard.
• Finance teams must ensure that digital workflows still uphold segregation of duties, approval hierarchies, and data security standards, particularly when handling virtual card data.
• EPayables cards are usually provided by credit card providers such as Visa, Mastercard, or financial institutions like Bank of America.
• Then with your shortlist in hand, define your goals and success criteria for implementing ePayables with your suppliers.
• The University of Mary Washington offers an electronic payment option to all vendors and suppliers through Bank of America’s ePayables virtual card solution.

Yet it’s only a matter of time, since every new technology needs time to spread from a niche of savvy early adopters who have seen its potential to the mainstream. However, the increased need to adapt the way that we conduct business means that change is in the air. When you use Stampli Card, your vendor invoices are paid instantly, and payment approval is based on the payment account (credit line). Each payment account has a reference number, and Stampli Card payments are automatically approved or canceled following your https://www.bookstime.com/articles/epayables approval workflow.

• Whether it’s for online transactions, over the phone or for setting up automatic payments, b2b virtual cards are a quick and easy way to pay.
• Such disclosed PII shall be created and disclosed under strict conditions designed to safeguard the security and privacy of the PII.
• According to a 2023 report by the Association for Financial Professionals (AFP), 68% of organizations using ePayables receive rebates, making the net cost of adoption favorable.
• The other major obstacle is getting your vendors and suppliers on board to accept ePayables as a valid payment option, with vendors sometimes balking at the processing costs involved, similar to credit card payments.
• Below are the core benefits of ePayables that make them a strategic investment for AP and treasury leaders.

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We’ll explain exactly what electronic payables or ePayables are, how they work, and why they may be a solution for your business. The ability to instantly execute payment means that an organization can hold on to cash for a longer period, still paying on time, and still reap discounts. This allows the company to collect more return on those funds as working capital. Stampli’s Advanced Search feature empowers your AP team to cancel Stampli Cards during approvals, in response to failed payments, or even before a card is used.

Commercial Cards as a cash management tool – who would have thought?

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 and payment efficiencies gained through the transition to card payments, ultimately leading to real cost savings within your payables flow. Since ePayables cards enable payment on approved supplier invoices, your card https://airesdelbeagle.com.ar/cash-flow-from-operations-cfo-formula-excel/ program can be expanded to suppliers who provide inventory and even capitalized goods.

• EPayables are safer and faster than checks, using virtual cards to protect your payment information.
• With an ePayables program, your business can automate workflows, reduce errors, and better control cash flow.
• Expedited PaymentsUsually, ePayables’ payments are available within 2 business days (or 48 hours).
• You can choose to notify vendors of Stampli Card details via a remittance advice email or through the payment banner in the Stampli Vendor Portal.
• Although ePayables bring some significant benefits to suppliers, supplier resistance to adopting ePayables can be challenging.
• EAP spending is expected to rise to $127 billion by 2022, a 42% increase from 2017.

For many AP teams, the long-term cost benefit of ePayables significantly outweighs the initial fees, especially when paired with automation. Vendors will only be able to process charges once the funds have been added to the virtual card. There’s less risk of a payment or payment information falling into the wrong hands or duplicate payments being processed. Improve Cash FlowePayables give your brand the opportunity to earn rebates based on your business spend. This helps to turn your accounts payable department into a place that generates revenue.

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 off to its destination, hoping it doesn’t get lost or stolen along the way.

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The Truist ePayables solution can help ePayables improve cash flow, accounts payable function, and simplify invoice payments. Comparing these payment dynamics and expenses across card-based payments versus other payment methods, buyers can begin to lay out a much more promising picture with targeted suppliers. And another 49% plan to follow suit this year, making 2022 the year to watch for virtual cards coming into their own. However, there are two limitations to using a virtual card for invoice remittances. They can only be used for online or phone transactions, so it’s not the right form of payment for all B2B scenarios.

It was left to the buyers to inform their suppliers that they were using a new payment method—one that required the supplier to cover all acquisition fees. Bodine says it took “hand-to-hand combat” to get suppliers on board with this method. Although buyers increasingly favor virtual cards for their control, automation, and working capital benefits, many suppliers question whether acceptance delivers enough value to ju…