There is no question that the COVID-19 pandemic has accelerated the move to digital payments of vendors across the world. Businesses are seizing this as an opportunity to electronically pay vendors, rather than by paper check. Electronic payment of vendors has many advantages:
It helps improve the business productivity of your AP team
Such payments are more secure and easier to track and manage
It also provides more control over your cash flow position at any given time
Nowadays, banks are offering a myriad of electronic payment options, from your more standard ACH and Wire payments to virtual checks and card payments. So how should you pay your vendors? I have found this article particularly helpful in understanding the nuances of each payment method:
Although most ERP systems support electronic funds transfers, it is often limited to the US ACH domestic form of payment. What if you need to wire funds to your vendors, both domestically as well as internationally? What if you also want the option to pay in USD or foreign currencies? What if you want to leverage your bank’s virtual check printing services or the increasing popular option of virtual card payments?
There are numerous vendor payment solutions out there, but most will see you take your vendor electronic payment process outside of your ERP system through a process of data synchronization between your financial system and their payment system. If you are like me and do not fancy the idea of exchanging vendor payment details outside of your ERP system and want to remain in full control of your vendor payment process, Nolan’s Electronic Payment (EP) solutions can help.
Nolan EP extends the EFT functionality of your Microsoft Dynamics GP or NetSuite platform by giving you total flexibility to pay your vendors using the electronic payment form that is most suitable to you and your vendors. As a Microsoft Dynamics GP module, built on Dexterity, it offers a seamless experience to your AP team by leveraging existing Dynamics GP processes that result in the generation of electronic payment files instead of check printouts. As a NetSuite SuiteApp bundle, it is fast, convenient and allows your team to manage the whole vendor payment process from a single tab in NetSuite.
Don’t know where to start? Let our EP team work closely with your bank to configure your ERP system so it supports all of your desired forms of electronic payments. Both Microsoft Dynamics GP and NetSuite can easily be configured to all of the payment forms mentioned in this article, including ACH, Wires, Virtual Checks, Virtual Cards and more. We also have an unparalleled expertise around international wire payments and can ensure proper setup that will minimize processing errors and payment delays to your international vendors.
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