Payments

“Assumed Receipt” May Be Right for You Ask any financial operations professional to name their number-one goal and it is likely to be “improving efficiencies to reduce costs.” The AP process is a prime target for improvement because it is often rife with time-consuming and labor-intensive manual processes. Automation is usually seen as the primary...… Read More

How can you cut back the sheer number of invoices you receive each month—particularly from the same vendor? One easy way to reduce invoice volume is with summary billing. Summary billing consolidates a number of orders into a single summary invoice. For example, if your organization places frequent orders with a supplier, you may be...… Read More

A common question we are asked here at IOFM involves the volumes of payments seen by other practitioners and how they time those payments. This is a high-level question that requires measurement and benchmarking to be truly useful for making important business decisions like these: Wiring foreign currency Every time you wire a payment in...… Read More

IOFM is hearing that B2B customers are asking for, and often receiving, extended contract terms on new orders. Across several industries, typical Net 30 terms are being replaced with 60, 90 and even 120 day terms (some have reported requests as long as 200 days). It’s a way for a company with cash reserves, and/or...… Read More

Small Business Depends on Timely Payments

Beginning in April of 2017, the U.K. will require larger companies and limited liability partnerships (LLPs) to report average time-to-pay metrics for their smaller suppliers twice a year. This was mandated by Margot James, the U.K.’s new small business minister, in an effort to discourage the practice by some large companies of habitually paying their smaller suppliers late.

A MarketInvoice study… Read More condu

In recent years, payment industry stakeholders in the U.S. have been collaborating to improve payments efficiency. A quest is underway to achieve the worthy goals of originating and receiving more payments electronically to reduce the average end-to-end costs of transactions and to enable innovative payment services for consumers and businesses. In the U.S., opportunities to...… Read More

A virtual payment card is, as its name suggests, non-physical—it’s a 16-digit account number, just like a credit card, but there is no actual card. Generally, it is for a one-time use; that is, a card number is generated for the purpose of a single vendor payment for a specific amount and then never used...… Read More

When AP departments process payments timely and accurately, they not only keep management and vendors happy, they ensure that their companies garner valuable discounts from their vendors. One payments operation that is successfully capturing discounts is the FedEx Services: Global Disbursements in Moon Township, Pennsylvania, just outside of Pittsburgh, PA. Recently, FedEx transitioned its Office...… Read More

By Pam Miller, APMD Eliminating checks is a worthy goal. Checks are expensive in terms of raw material and labor. They also can get lost in the mail, fail to get deposited in a timely manner (which can cause all kinds of complications later on), and—worst of all—are prime candidates for fraudsters who are experienced...… Read More

According to a 2014 study conducted by the Federal Reserve System, the use of paper checks has declined on average 6.6 percent per year from 2000 through 2013, by about 2 billion checks annually. And that drop has been increasing in more recent years. NACHA – The Electronic Payments Association, reports that ACH interbank and...… Read More

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