Top considerations to choose your AP automation solution

Choosing the best Accounts Payable (AP) automation software for your business can lead to many benefits, including time savings, lower AP costs and improved scalability. By keeping some of these considerations top of mind, you can easily assess what you need most out of your solution and select the right product for your business.  

Here are the considerations to keep in mind as you assess the AP solutions available:  

Compatibility with your existing system

Does the AP solution your assessing work with your existing system? Picking an automation solution that is compatible with your current ERP or accounting systems can help speed your adoption, reduce disruption to your existing processes and maximize your overall ROI.  

Can this solution handle multiple payment types and complex workflows? B2B payments are growing more and more complex every day. Choosing a solution like Deluxe Payment Exchange+ (DPX+) enables a business to handle multiple payment types. Currently, DPX+ is compatible with a variety of ERP software, including QuickBooks, Sage, NetSuite and Dynamics.  

Scalability to support your business growth 

As your business grows, you want an automation solution that will grow to accommodate the changing needs of your business. For instance, can it handle an increase in transaction volumes? Ask your vendor if there are any limits to transaction volumes and if they offer flexible pricing models, such as a subscription service, to handle growing payables volume (without sacrificing speed). DPX+ can handle approximately 250-10,000 payment transactions and features a flexible pricing model. Using a monthly subscription model, your business isn’t locked into a set number of transactions per month, and the solution can adjust and growth with your growing payment volume.  

Security and compliance features 

Your top-choice AP platform should offer a robust set of security features, including multi-factor authentication, separation of duties, data encryption and fraud detection. For example, DPX+ offers bank account verification services, document validation and payee indentity authentication to help prevent unauthorized access and fraud risk.  

Ask your vendor to provide related materials to properly evaluate their security measures and see how they compare to others in the industry.  

Real-time reporting and analytics 

Data is a powerful tool for businesses to make informed decisions. What payment methods are easiest to use? How many of your payments are made on time? By understanding your payables processing, real-time reporting helps your AP team track cash flow, manage working capital and identify areas of opportunity or potential roadblocks.  

With DPX+, businesses can view real-time reports in their payment portal such as if a payment was processed, what remains to be paid and payment status. You can build your dashboard to meet your specific reporting needs.  

User-friendly support services 

Set your AP team up for easier implementation with a solution that includes customer support and training resources. Consider the level of support offered, such as phone and email, and whether there are additional fees for ongoing support.  

With a monthly subscription, DPX+ can be an effective trial month to see how the solution may help you improve your payables processing without a long-term contract. This simple, tier-based pricing allows you to pay for what you use without additional implementation fees.  

History of vendor success

Not only do you want to be selective about the AP automation solution you choose, but you also want to make sure that you assess the vendor you’ll potentially work with as well. Select a payment platform with a history of successful implementations and ask for client testimonials or case studies to review how the solution has worked for other businesses in your industry.  

Take the next step with your AP automation

Using this list of considerations, you’ll outline and identify the capabilities you want from your AP automation tool. Set your business up for payment growth and choose a solution that aligns with your operational goals. Once you have those, it’s time to reach out to your potential vendor to schedule a consultation or demo to see how the solution will interact with your existing processes.