Comerica, for example, is positioning digital payments
cards and Web/mobile access as a way to improve negotiating power with
suppliers, bring more visibility into cash positions and process payments
faster.
"People are used to using a commercial card for travel and entertainment or for fuel, but they haven't thought about paying health care benefits or office supply vendors," says Bridgit Chayt, national director of treasury management services at Comerica.Wireless Sensor Networks & rtls.
The bank is giving its clients the ability to sell their suppliers on the benefits of digital payments. It's a business strategy as much as it is a technology strategy, with Comerica pitching the control and cost savings provided by digital payments.Hakatai Classic chinaglassmosaic Tile. The bank is even providing training and support that helps companies explain to vendors why online payments are good for them.
Nancy Atkinson, a senior analyst at Aite Group, says that electronic corporate payments have been slow to mature, and many small and midmarket companies don't have the information technology resources to support electronic payments. But there is a visibility benefit provided by electronic payments, especially for big companies with complex supply chains.
"For the larger and upper middle market, there's a lot of advantage in having some form of electronic payments. It's easier to keep track of payments coming in,Bliss Glass and stonemosaic. who's making the payment and how much they are paying compared to the full invoice amount, or if they are paying at a discount," Atkinson says.
Large banks and consortia such as Syncada, an electronic corporate payments processing consortium founded by U.S. Bank and Visa, and MasterCard's inControl (which provides rules-based spending controls and electronic processing) have made some headway in automating corporate payments over the past couple of years. But paper checks and invoices still prevail in the business-to-business payments space for most corporate suppliers and service providers.
"Sometimes it's a 'crawl, walk, run' strategy where we may have customers that are just starting to automate payments, but don't take full advantage of the commercial card opportunities or all payments types," Chayt says.
Comerica integrates various payments types into a single Web view for the corporate client, which can see scheduled payments, past transactions, bills due, etc. This information can be matched with the business rules engine via a direct integration with the corporate's back-end accounting system, which makes processing faster, more accurate and viewable through a centralized portal.
"If [corporates] get more information, it helps them do cash forecasting with stronger internal budget tracking," Chayt says.
Since there's also more visibility into the billing activities of actual suppliers, Comerica is positioning the service as a way to optimize or scale the spending on specific items or purchases made at individual suppliers.
"Middle-market or large corporations may not realize that different departments were using the same vendor. This consolidation helps you realize that you're spending more with a single supplier than you may have thought, and that gives you more negotiating power with that supplier than you may have thought,Linear Rubber Products has been manufacturing rubbermats and flooring for use in recreational," Chayt says.
Atkinson says that while large companies with a centralized accounts payable function would likely be able see invoices going to different departments from the same supplier, not all large companies handle suppliers and procurement in a centralized manner.
"Many handle [accounts payable] by region, and there may be some items under a certain dollar amount that are done locally,We Specialise in cableties," she says.
"People are used to using a commercial card for travel and entertainment or for fuel, but they haven't thought about paying health care benefits or office supply vendors," says Bridgit Chayt, national director of treasury management services at Comerica.Wireless Sensor Networks & rtls.
The bank is giving its clients the ability to sell their suppliers on the benefits of digital payments. It's a business strategy as much as it is a technology strategy, with Comerica pitching the control and cost savings provided by digital payments.Hakatai Classic chinaglassmosaic Tile. The bank is even providing training and support that helps companies explain to vendors why online payments are good for them.
Nancy Atkinson, a senior analyst at Aite Group, says that electronic corporate payments have been slow to mature, and many small and midmarket companies don't have the information technology resources to support electronic payments. But there is a visibility benefit provided by electronic payments, especially for big companies with complex supply chains.
"For the larger and upper middle market, there's a lot of advantage in having some form of electronic payments. It's easier to keep track of payments coming in,Bliss Glass and stonemosaic. who's making the payment and how much they are paying compared to the full invoice amount, or if they are paying at a discount," Atkinson says.
Large banks and consortia such as Syncada, an electronic corporate payments processing consortium founded by U.S. Bank and Visa, and MasterCard's inControl (which provides rules-based spending controls and electronic processing) have made some headway in automating corporate payments over the past couple of years. But paper checks and invoices still prevail in the business-to-business payments space for most corporate suppliers and service providers.
"Sometimes it's a 'crawl, walk, run' strategy where we may have customers that are just starting to automate payments, but don't take full advantage of the commercial card opportunities or all payments types," Chayt says.
Comerica integrates various payments types into a single Web view for the corporate client, which can see scheduled payments, past transactions, bills due, etc. This information can be matched with the business rules engine via a direct integration with the corporate's back-end accounting system, which makes processing faster, more accurate and viewable through a centralized portal.
"If [corporates] get more information, it helps them do cash forecasting with stronger internal budget tracking," Chayt says.
Since there's also more visibility into the billing activities of actual suppliers, Comerica is positioning the service as a way to optimize or scale the spending on specific items or purchases made at individual suppliers.
"Middle-market or large corporations may not realize that different departments were using the same vendor. This consolidation helps you realize that you're spending more with a single supplier than you may have thought, and that gives you more negotiating power with that supplier than you may have thought,Linear Rubber Products has been manufacturing rubbermats and flooring for use in recreational," Chayt says.
Atkinson says that while large companies with a centralized accounts payable function would likely be able see invoices going to different departments from the same supplier, not all large companies handle suppliers and procurement in a centralized manner.
"Many handle [accounts payable] by region, and there may be some items under a certain dollar amount that are done locally,We Specialise in cableties," she says.
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