The Corcentric e-Payments Process
Our bill payment software digitally transfers payments, in real time, 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 e-payment system accommodates a variety of payment methods, including ACH, V-cards, and checks.
Automate your payment process
Corcentric’s billl payment software eliminates the manual processes that slow down business-to-business payments. Invoices move from payment approval to payment disbursement faster with less manual intervention, less waiting, and total accuracy.
Cut down on needless data entry and save time eliminating manual check runs with payment automation.
Paper checks are fraught with security issues. Real-time payments for B2B transactions keep everyone safer.
Real-time bank transfers mean faster payments, maintained due dates, and less time on calls explaining what went wrong.
An e-Payment Platform with 100% Visibility
With access to a simple, user-friendly status and reporting tool, both you and your service providers or suppliers will have 24/7 access to online payment details, status, and remittance information.
Offer More Payment Options
We work with your suppliers to resolve issues and move them to more secure electronic payment options, like ACH and V-cards (virtual credit cards). The ease of use and frictionless implementation contribute to a better customer experience.
Integrated Payments Management
Our integrated payment management software is capable of centralizing and managing 100% of your payments – checks, ACH, ghost cards, wire, and V-cards, including the ability to provide payments in 18 countries and 140 currencies.
Accelerated Supplier Payments
Optimizing working capital is top of mind for both buyers and suppliers. Taking advantage of supply chain financing helps large and small businesses alleviate cash flow pressures while giving your suppliers an opportunity to receive early payment on their invoices. Leverage Corcentric’s supply chain finance programs to improve supplier relations with accelerated payments.
Electronic Payments FAQs
What are the benefits of electronic payments?
Best practice payments automate and centralize payment disbursements to reduce the inefficiencies, costs, and risks associated with manual payments. Buyers strengthen their supplier relationships while improving cash flow to unlock cash trapped in operations to drive business outcomes.
Paying suppliers electronically leads to:
- 65% increased accuracy and control
- 65% more efficient processing
- 39% ability to take early payment discounts
- 32% better supplier relationships
- 32% fraud prevention
What are the typical forms available for the digitization of Corcentric Payments?
Organizations can convert checks to electronic/digital payments (aka e-payment tools) to such formats as ACH, enhanced ACH with remittance information, or virtual card. Although we will issue paper check payments when requested, we try to convert suppliers to electronic payments by showing them how payments will reduce their Days Payables Outstanding (DPO) and guarantee accurate payments.
How does your (Corcentric’s) payment service differ from that of a bank?
Our payment processing is a singular focus on the lifecycle of Source-to-Settle, whereby, payments are the “last mile” of digitization in the process and part of the eco-system of Supplier relationships and adoption. Banks deliver many products, of which payments is one of those numerous offerings and not the priority that we make it at Corcentric. Unlike banks, we work closely with suppliers to maximize supplier enablement, offer multiple payment and remittance options, and provide program tracking and a network of thousands of suppliers.
Corcentric clients have typically realized a 35% gain in improved operational efficiency and have seen 3X the supplier adoption compared to banks and other ePayables programs.
When we outsource the e-payment process, do we lose control of the timing of our payments?
No, our payment services provide complete visibility and control – you decide when to release funds in conjunction with your desired and most optimal payment timing, payment term, and payment type.
What are the efficiencies gained in electronic payment processing for B2B payments?
At the highest level, electronic payments reduce the friction in B2B payments throughout the payment lifecycle. In specific, electronic payment:
- Eliminates the mailroom process of printing, mailing, and receiving checks
- Removes time-consuming manual touches and signoff
- Shortens the cycle time from sending to receiving, processing, and reconciliation of payment
- Dramatically mitigates fraud
- Includes online/portal visibility into payment processing for both the buyers and suppliers
- Offers payment term flexibility to extend payment timing for buyers and accelerated payment receipt for suppliers
- Meets buyers and suppliers at their desired level of automation and payment formats, and much more
How can I monetize my payables?
Just like it is when you use your own credit card and receive cash back, there are fees exchanged/levied within the payment networks (e.g. interchange fees) that provide a potential for a shared revenue resource. With interchange fees associated with payment types like commercial credit cards, and negotiated discounts related to preferable payment types being enabled, companies can drive a revenue and a lower cost basis of purchasing — driven through the process of making payments. Payments are a “necessary evil” that can be turned to a strategic advantage.
What percentage of my payables should drive a return/rebate/ROI?
Clients can leverage virtual cards to realize significant rebates. This should be a best practice goal for driving revenue against payables. We help companies realize rebates for up to 60% of their payments.
Does your Payments solution provide reconciliation details for suppliers to enable their back-office efficiencies in applying payments?
Yes, reconciliation details are provided in a number of formats to ensure that payment reconciliation can happen and thus cut down on phone calls and emails to determine status or what the payment is for.
Does your payment methodology enable Straight Through Processing (STP)?
Yes, through our technology solutions, application of business rules and reconciliation details, buyers and suppliers can be enabled to straight through process invoices and payments.
Does your solution offer reports and analytics?
Our payments solution provides dashboards to ensure companies can monitor their program at all phases of their electronic payment journey.
Electronic payments make the difference
Best-in-Class organizations are 71%
more likely to use digital payments
Paying suppliers electronically
results in 32% fraud prevention
The percentage of B2B payments