The importance of working with trusted payment vendors

New payment system apps and software companies seem to be popping up every week. According to a 2023 AP Needs Assessment from Hanover Research, organizations are planning to add new payment types in the coming years.¹

While jumping in with a new system can be tempting (particularly if they may be offering enticing rates and deals), consider how an app or system may or may not integrate with your existing accounting software and processes and the necessary changes needed to integrate the new app or software.

It’s also important to consider whether the app, or even the company, will be around in a few years. A payment vendor’s potential longevity is particularly important if a company takes the time and makes the effort to change processes.

It would be easy to decide which payment method to add if all your vendors were asking for the same type of payment. Different businesses want different payment methods, which leaves you to add payment types to accommodate changing needs.

Every time your business adds a new payment type it usually comes with a new workstream to pull a file from your accounting software, push your payments file to that new vendor and then reconcile those transactions. One of the main reasons that AP teams struggle with this is due to staff limitations. They lack the human capital required to go through all the manual processes it takes to push out just one kind of payment. 

To help ensure your company can reap the rewards of AP automation tools while only switching vendors once, it’s important to work with a trusted payment vendor with a long track record of excellence and success. Long-term, successful payment organizations like Deluxe are the foundation of successful relationships.

Utilizing a solution such as Deluxe Payment Exchange+ helps your AP team make digitally intelligent payments possible. For more than 100 years, Deluxe has been a leader in innovative payment solutions created specifically for businesses of all sizes, across industries. In contrast, most AP bill pay systems were created as a consumer option — with business capabilities added as an afterthought.

Deluxe Payment Exchange+ integrates seamlessly with most major accounting software programs and gives you the ability to give your payees several different payment options. Software integration requires zero additional development resources, and the only change businesses need to make to their payment processes is to consolidate them into one efficient payment stream. Businesses enjoy better cash flow management, a reduction in hands-on time, decreased security risk and improved payee experience. 

Whether a business is using primarily paper checks, is migrating to digital payments like eChecks, or is going all in on virtual cards,  AP teams need the ability to move money and data quickly and securely while lowering costs and improving the payment experience. Deluxe Payment Exchange+ is the tool for all that and more.

Source:

1. 2023 AP Needs Assessment from Hanover Research