We remove the stress from your payments process and turn it into an accelerated cash flow generator

Our B2B payment solutions eliminate friction in your payment process by optimizing your program through platform innovation, personalized support, and continuous process refinement. This combination of business payment services is key to unlocking cash flow. The benefits go way beyond the finance department, including stronger supplier and customer relationships, the elimination of fraudulent payments, and increased overall organizational efficiency. Combined with our Managed Accounts Receivable solutions, it has the power to transform your processes for the better.

Reach more suppliers

Keep suppliers off the phone and on your side with a simple, adoptable process that means faster payments.

Expand your control

You can’t control what you can’t see: Get seamless, data visibility, accuracy, and reliability.

Pay with confidence

Know for sure who’s on the other end of every payment with a multi-point process to stop fraud in its tracks.

Control your payments lifecycle, unlock your cash flow

Our electronic bill payment system digitally transfers payments, directly from your ERP or accounts payable system directly into the supplier’s designated bank account, resulting in more advantageous payment cycles, a significant reduction in fraud, and improved relationships with suppliers. Corcentric’s B2B e-Payment system accommodates a variety of payment methods, including ACH, Virtual Card, Check, and Pre-Paid Card.

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Unlock efficiency & ROI

Electronic Payments

Paper-based B2B payments are killing your competitiveness and cash flow. That’s why more companies are moving to electronic bill payment systems. You can transform your process with frictionless and automatic billing software that accelerates every step of the PO-to-payment cycle, while reducing the cost of making payments.

Supplier success with PayNet

Payments are all about trusting your data. PayNet gives suppliers total control over their profile and gives you total confidence by automatically validating and updating data across the network so you know payments are correct. Deep supplier insights mean more opportunities to secure better pricing, bigger discounts, favorable terms, and a competitive advantage. 

Multichannel supplier marketing

We know it can be a challenge to get all your suppliers to adopt an electronic supplier payment system. However, our dedicated Program Branding assets and Enrollment Team work to ensure 100% supplier adoption. This means you benefit from full supplier base participation, while your suppliers leverage the payment types, delivery options, and timing they need.

Get a pulse on B2B payments trends in 2023.

Complete security

StopFraud™

Payment fraud is top of mind for every business today. Our StopFraud™ solution integrates an industry leading multi-point process to validate correct payment details to secure your data (12 points in all). Our team provides monitoring to ensure payments are delivered successfully, every time.

Unmatched industry expertise

Customer Success Managers

We get it, you want to go digital to alleviate disruption, not add to it. That’s why payments management software is just part of your program’s success. Our highly experienced customer success managers work to provide ongoing payments program management.

Financial flexibility

Bank Agnostic 

Treasury bank, local bank, international financial institution — whatever your banking preferences, our flexible system will integrate with yours. You’ll enjoy financial autonomy, choosing how and when to execute payments safely to suppliers, minus the restrictions of working solely with a treasury bank. Experience the flexibility of utilizing one payment file for all payment types: ACH, Virtual Card, Check, and Pre-Paid Card.

From procurement to finance, our optimized digital payment solutions offer multiple benefits for:

Accounts Payable

  • Have confidence that the right amounts go to the right accounts every time—eliminate payment fraud and spoofing
  • Reduce the number of transactions necessary to execute payment—no more sending multiple files to multiple banks
  • Reduce supplier payment inquiries by 70%—a savings of $20/contact
  • Configure the most optimal payment terms and extend your DPO

Accounts Receivable/Sales

  • Ensure delivery of invoices to the proper parties
  • Validate balances due with real-time payment information
  • Communicate seamlessly when inquiring about past-due/open invoices
  • Gain visibility to payment trends/behavior when considering additional
  • increased lines of credit

Supplier Management/Procurement

  • Pay suppliers faster and build stronger, more strategic relationships
  • Generate opportunities for discounts, promotions, and savings
  • Identify duplicate spending categories to optimize and streamline purchasing strategies
  • Eliminate friction in the supplier experience

Finance/Treasury

  • Achieve the best possible cash flow scenarios
  • Eliminate exposure to payment fraud and risk
  • Gain complete visibility across your AP/AR boundary
  • Get the simplicity of an audit-ready and regulatory-compliant platform
  • Stop wasting time chasing misdirected money

Suppliers/Vendors

  • Get paid faster with complete accuracy using your preferred payment type
  • Eliminate credit risk and gain predictable cash flow
  • Set up and configure the most optimal payment terms
  • Have access to our 24/7 payment status portal that provides real-time status of all payments, amounts, and timing

Payments FAQs

Electronic payments, or e-payments, are simply a way for businesses (and individuals) to pay bills online, eliminating the need for physical checks or cash. Lower processing costs, greater visibility, and reduction in errors inherent in paper-based manual processes make e-payment systems a preferred method of payment for many businesses.

Corcentric Payments goes further with a specialized focus on payment optimization through people, process, and platform innovation. Corcentric Payments delivers payment and remittance information to all suppliers on a safe, secure, bank-agnostic platform and supports all payment types with a balanced approach to supplier management.

Absolutely. You will have full visibility into all payments and critical information from a central secure B2B billing software platform to ensure accurate reporting of cash flows for all stakeholders. You, as the Customer, will have immediate visibility into payment file timing, status, and approvals. Your suppliers will have visibility into all PayNet-issued, electronic open and processed payments directly through their profile. If you are still relying on manual processes, you likely have no visibility once a payment has been submitted. If the payment was misapplied, you may not know that until the next invoice comes in with late fees.

Corcentric Payments drives efficiency by transforming manual payment methods into automated “touchless” electronic payment methods. B2B payment processing enables most payments to feed directly from your ERP to our network for processing with no human intervention. This saves time, reduces errors and increases security which will lower processing costs. You and your suppliers will have full visibility in order to track and trace all payments and ensure that suppliers know exactly what they are being paid for.

You and your suppliers’ security is our highest priority. Our state-of-the-art StopFraud™ validation system stops potentially fraudulent activity by integrating 12 points of protection for valuable customer and supplier contact and payment information.

Yes. Our multi-faceted supplier engagement approach ensures that suppliers are contacted and adopt electronic methods and our unique payment processing interface allows all payments to be automated as of Day 1. Customers that follow our Best Practices see a substantial increase in participating suppliers through our targeted, long-term enrollment strategies. Our dedicated Enrollment Services Team contacts suppliers to explain program benefits and assist suppliers in enrolling online, over-the-phone, or through collected documentation. This will decrease the amount of supplier inquiries you receive and build a better supplier relationship.

Corcentric Payments’ B2B payment automation ensures that your suppliers receive their payments safely, swiftly, and securely. By partnering with our experts, we assist in identifying key gaps in our customer processes that allow for seamless payment approval and facilitation.

If your AP is still operating manually, they likely operate in a “batch mode” when it comes to payments. That means you may be paying vendors too early or too late, depending on the due date. Corcentric Payments’ B2B payment automation ensures your suppliers are paid on time, every time, eliminating late fees and providing access to potential discounts and rebates.

They can choose from our preferred revenue-generating payment options, including Virtual Card, ACH Plus, or Pre-Paid Cards (for select programs). We also offer ACH and Check Print and Mail services.

Our goal is to make this move as pain-free as possible; that’s why Corcentric Payments is bank-agnostic. Whether it’s your Treasury bank, your local bank, or an international financial institution, our flexible system will easily integrate with yours.

Since Corcentric Payments is compatible with most ERP Systems, there should not be any discernible disruption.

We give the supplier the flexibility to sign up for electronic payment methods that best fit their needs. By partnering with your organization, our teams become an extension of your company’s Accounts Payable division, assuming the load to help free up your resources. By following our Best Practices, we enhance our Customer processes.

Typically, financial institutions are not equipped to fully optimize vendor payments; thus, many large businesses are choosing their financial institution and Corcentric to double their revenue-generating payment methods and to achieve greater overall conversion through Corcentric’s continued enrollment strategies. Furthermore, Corcentric also assumes the role of processing payments on our customer’s behalf to ensure a higher fulfilled payment ratio.

Supplier FAQs

Corcentric maintains the highest levels of data security. Our information is protected by a unique username and password, is encrypted with 128-bit SSL security, and is continuously scanned for security breaches. In addition, your information is never shared with or sold to other institutions or companies.

Your Customer has partnered with Corcentric to help vendors like you move to electronic payments. They have asked that we contact their vendors to update contact information, including payment methods accepted. If you have questions or concerns, please contact your accounts payable resource directly.

By partnering with Corcentric, your customer will be able to pay you electronically, which reduces both their and your exposure to potential check fraud. Electronic payments also eliminate the possibility for lost checks, and significantly reduces the possibility for fraud. Electronic payments also speeds up the payment process.

If you have an existing profile, your customer can be linked to this profile to pay you electronically. Corcentric agents can assist in linking your profile to your customer by calling 800-608-0809 or emailing [email protected].

Resources

Our latest insights

report

Investing in Payments Systems for the Digital Economy

In an uncertain economy, CFOs are making technology investments that are crucial for long-term success.

REPORT

IDC MarketScape: Worldwide SaaS + Cloud-Enabled Procurement Applications 2023

Corcentric named a Major Player in the procurement applications space in 2023 Procurement IDC MarketScape assessment.

white paper

Shortening the Cash Conversion Cycle

Whether you are a buyer or supplier, learn how managed services can help you free up working capital.

VIEW ALL RESOURCES

Resources

Our latest insights.

report

Investing in Payments Systems for the Digital Economy

In an uncertain economy, CFOs are making technology investments that are crucial for long-term success.

REPORT

IDC MarketScape: Worldwide SaaS + Cloud-Enabled Procurement Applications 2023

Corcentric named a Major Player in the procurement applications space in 2023 Procurement IDC MarketScape assessment.

white paper

Shortening the Cash Conversion Cycle

Whether you are a buyer or supplier, learn how managed services can help you free up working capital.

VIEW ALL RESOURCES