Payables Friction Playbook: Why Firms Are Ready for an AP Upgrade
Payables automation is faster, less costly, reduces fraud, eliminates double payments, and provides full visibility into a company’s spend.
So why are so many companies still using paper checks or cash to pay their suppliers?
To assess where companies are in their payables processes, PYMNTS, in collaboration with Corcentric, surveyed AP professionals from 2,570 firms across 12 industries, to reveal why accounts payable seems to be so far behind when it comes to adopting today’s e-payables technology.
- 8% pay their suppliers by paper check but only 63.5% express satisfaction with this method
- 9% of AP professionals would like to implement e-invoicing but only 42.6% report receiving invoices in this manner
- 8% of firms whose average invoice is less than $500 amazingly still90.8 pay suppliers in cash
- Only 14.2% of suppliers want to be paid with paper checks, yet 80.8% of firms still use this method
Is your AP still relying on legacy payment methods like paper checks and cash; if postal mail and faxes are the preferred way to send and receive documents; download the Payables Friction Playbook now!