From checks to ePayments as easy as 1, 2, 3...
1) Update Vendor Master File to include email addresses
During this phase, no changes are required on the vendors’ side. They will continue to receive their payments via checks and payment details will be listed on the stub portion of the check.
- On the payment stub, a message will be added to invite vendors to update their contact information including email addresses.
- Vendors will be directed to a secure website where they would update their profile to insure timely delivery of future payments.
- All updated information will then be forwarded to your accounting department for review and approval.
- Once approved, the date will be automatically loaded into the EZPayManager payment software.
No data entry required for your staff and the process is fully automated.
2) Introduce Electronic Payment Notifications
For vendors with email addresses, an email notification can be sent every time a check payment is processed for their account. The payment notification would let them know that the check was printed and they should get it in the next 3-5 days. It could also include a PDF copy of the check with all the payment details. For vendors where email information is not available, a payment notification can automatically be sent via fax to notify them that the check was cut. The fax could also invite them to go to the website and update their profile in order to get a more detailed payment notification.
3) Continuously promote ePayment as part of your standard payment process
Every time you pay a vendor, use the payment notification option to notify them of their payment and to educate them to sign up for ePayment . Vendors with more frequent payment will get more communications on ePayment and will therefore be more likely to sign up for the service. These are your tier one vendors, which in most cases receive the bulk of the checks. Once the vendor is ready to sign up for ePayment, they would simply be directed to log into a secured website where they will update their profile with their bank information to start receiving ePayments. Once their request for ePayment is approved, all future payments will automatically be converted from checks to ePayments.
Next Steps
