Automated bill pay solutions are all the same right? An outsourced provider or off-the-shelf piece of software automates account payables and pays vendors for you. You celebrate with a self high five and move onto other things. But, if they’re all the same, why is your business still incurring late fees? Why do your AP (accounts payable) teams still spend inordinate amounts of time trying to manage multiple vendors and payment terms? Why is it so challenging to dispute a payment? Why are the payment processing costs so high? Why is it still so…hard?
Even with an experienced crew and payment software, AP teams can lose roughly 20 hours a week on manual tasks, up to 1,040 hours annually. It’s not enough for a solution provider or software to simply manage the payment process; you need a solution and strategy designed to improve your vendor experience, reduce fraud, give you greater flexibility and visibility, and eliminate manual, repetitive tasks. That’s why Tangoe has partnered with Vendorin to introduce Bill Pay+, an end-to-end integrated invoice management solution.
With vendor and carrier counts on the rise, failure to implement effective AP processes can stymie your organization’s ability to effectively and efficiently process invoices. In addition, you could be losing available vendor discounts as well as the ability to create more advantageous payment terms. Raise your hand if you recognize any of the following within your own organization:
- Error-prone, manual payment processes
- Multiple vendors, vendor portals, payment terms and dates to manage
- Late fees, disconnects, and decrease in employee productivity due to time-consuming dispute processes
- Disconnection from day-to-day treasury due to “batch mode” payment cycles that are either too early or too late
- Lack of processes and systems to prevent late, under- or over-, duplicate, or missed payments
- No visibility once a payment has been submitted
Using the insights gained from improved processes can help you mitigate all these pain points and strengthen your own negotiating power. Here’s how.
Bill Pay+ Streamlines Your Payment Process
Bill Pay+ powered by Vendorin naturally complements Tangoe’s industry-leading expense management solution for all types of vendors and carriers. This isn’t just software. This is a complete automated bill pay solution that adheres to your internal financial spending rules, allowing you to customize how you pay. Our best-in-class implementation process ensures minimal disruption to your department and organization. Bill Pay+ helps you close the invoice processing gap by paying your bills for you. But, it does so much more than that.
- Eliminate the need to chase down misapplied payments and spend time fixing an error that was the supplier or vendor’s fault (to begin with)
- Minimize the number of payment transactions per month
- Enhance the payment process by leveraging various payment methods and system automations
- Increase efficiency and employee productivity by automating workflows
- Erase service disconnects and late fees
- Optimize cash flow through best practices and better insight to savings opportunities
- Get rid of manual efforts towards:
- Late fee disputes
- Extracting, approving, signing checks, and mailing payments
- Managing the payment process, supplier and vendor inquiries, disconnect notices, and payment allocations
- Gain increased visibility into the complete payment cycle from invoice receipt through to payment settlement with a user-friendly dashboard
- Stamp out the need to check multiple vendor portals
- Stop wondering or waiting for next month’s invoice to see how payments were/may be misapplied
- Ensure business continuity by eliminating phone and network disconnects
Bill Pay+ Gives You Total Control
Automating your accounts payable systems can give you significant functionality advantages and savings through available discounts or rebates. Bill Pay+ is a the next level in automated bill pay with a more thoughtful and complete approach to creating workflows that enhance the efficiency of your AP process.
- All Spend Categories: Bill Pay+ optimizes the payment process for all payments and invoices.
- File Integration and Better ROI: We leverage vendor payment integrations to increase savings and take advantage of discounts and promotions to:
- Improve cash flow
- Eliminate service interruptions
- Get rid of late payments
- Bank agnostic: You can use your existing bank – no need to change.
- Use your current card program: We adapt and will not interfere with your current/preferred payment program.
- StopFraud™: A service-based security that provides both you and the payee with industry-leading assurance that the funds approved for payment are delivered in your preferred electronic format on-time and without interception.
- 12-Step Verification Process: 12-point validation process for bank and supplier information.
- File Integration: One payment file for all payment types including ACH, Virtual Card, Check, Wire, VPax, and Pre-Paid Card.
- Supplier Insights:
- Multiple payment types and delivery options
- Optimized payment types
- Electronic payment leakage
- Discount opportunities
- Post Payment Support
- Cancelled, emergency, misapplied, and missing payment support.
Easy Like Sunday Morning: How Bill Pay+ Works
You make a single payment to Tangoe and…relax.
Payments Done Right
Bill Pay+ is a high-performance, flexible, and reliable system that integrates seamlessly with existing processes. It empowers you to utilize fewer resources to manage the accounts payable process while simultaneously increasing accuracy, fast-tracking invoice processing, and optimizing payment timing to take advantage of available discounts. Your AP teams can focus on value-added activities with automated and optimized workflows that replace manual processing. This isn’t your mama’s bill pay – Bill Pay+ offers efficiencies to close the loop on invoice processing – saving time, eliminating late fees and preventing service disruptions.
Are you ready to make the switch? Connect with us today and we’ll show you how Bill Pay+ empowers you to optimize your AP.