For decades, Accounts Payable (AP) departments have been the true “back office” of organizations around the globe. AP workers wrote the checks and managed the spreadsheets that kept your company invoices in check. Without the staff’s hard work, your organization would have crumbled.
But today, continuing to manage your AP department with these out-of-date tactics keeps it relegated to a cost center – consuming time, labor and resources with no real return. Plus, for every supplier your AP department still pays with a paper check, you’re not only averaging a cost of $31*, you’re leaving additional money on the table.
Thanks to new and evolving payment technology and partners that support your staff, you can turn your AP department from a money pit to a revenue generator. By optimizing your supplier payments and paying as many invoices as possible with virtual cards, you’ll be able to reduce costs and start generating revenue in AP. Here’s how:
The hard costs of paper, ink, printing, postage and bank fees, plus the soft costs of time, labor and headcount make paper checks the most expensive type of payment to issue. The virtual cards offered by EML cost next-to-nothing to issue … especially for your AP department. When you partner with us, we take all the manual workload of invoice payments from your AP staff.
For every supplier that accepts payment via virtual card, you’ll earn monthly rebates on a portion of your AP spend. Every virtual card EML sends on behalf of your company can create incremental revenue. With a simple implementation process and EML taking care of all the heavy lifting, you can start transforming your AP department in just weeks.
We send each supplier a secure, single-use virtual card, as soon as it’s swiped, the card processing fee (paid by the supplier) gets credited to our issuing bank partner. We take a percentage of that fee and deliver it directly to you, every month.
The most important difference between EML and some other payment processing companies is that we work hard to enroll and support all your suppliers and vendors, not just those we deem large enough to be worth our while. In my experience, transitioning a supplier to electronic payment is always worthwhile.
Consider this: you’re probably sending 80 percent of your payment volume to just 20 percent of your suppliers. So as far as revenue generation goes, converting that top 20 percent could earn you some big rebates. EML takes care of that … but we don’t stop there. We also call every single supplier in the bottom 80 percent – those that get 20 percent of your money every month. Just because you’re sending them smaller payments doesn’t mean the cost per paper check goes away, or that the management of smaller accounts takes less time. Your AP department likely fields as many calls from the supplier they pay $12,000 a year as the supplier they pay $12,000,000 a year.
When you partner with EML, our team of specialists will take much of that work off the AP departments’ shoulders. Our ongoing program management means your AP department will work with a dedicated implementation specialist to get your program off the ground, then transition to a partnership with a dedicated supplier relationship manager that extends throughout the life of your program. When you partner with EML, you’re partnering with real people, not a faceless technology firm or call center.
Those real people serve as your single point of contact, throughout the life of your contract. From customer support to supplier outreach to scheduled meetings and check-ins, our business is your success.
We also provide your suppliers with 24/7/365 real-time support. If they need help processing cards, we are available to assist. If they process a card incorrectly or don’t redeem on time, we help correct the mistake.
Your AP staff has spent enough time in the organizational basement. Let your AP department shine and get the most out of the payments you’re making already.