Leave the Check Behind
15
Leave the Check Behind
Transcript of Leave the Check Behind
Leave the Check Behind
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Why are companies making the move?
Higher risk of fraud
Potential for errors
High transaction costsB2B checks rackup $25 billion in processing costs
annually
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Obstacles associated with migrating away from checks
Payment preferences
Fear of fraud
Loss of control
Enrolling vendors
Remittance information
Bank details Hurdles
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How can you overcome the hurdles?
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Vendor enrollment program
Your A/P group Enhanced output
Integrated payments platform
Checks
ACH
Cards
Wires
Positivepay
Emailnotifications
Paym
ent
proc
essi
ng
Vendor file
Calling
Email shots
Letters
Vendoranalysis
Campaign management
Bank account management
Vend
oren
rollm
ent
A/P staff
Bank accountmaintenance
Payment inquiries
Card processing
User maintenance
Password resets
Technical support
Supp
ort
cent
erIntegrated payments platform - Support center
ERP
A/P
Outsource to an integrated payments platform
Campaigndesign
Vendorsegmentation
Reporting/analytics
Campaignexecution
Vendorresponsetracking
Vendorenrollment
Gain a customized campaign that is designed for you and your vendors
Segment your vendors to drive the highest electronic adoption rates
Review customized reports that detail your success and opportunities
Use proven methods to mail, e-mail and call your vendors
Rely on the phone to the widest range of vendors possible
Receive ongoing communication regarding vendor enrollment adoption
Comprehensive vendor enrollment program is key…
Vendor segmentation
Campaign execution
Vendor response tracking
Reporting / analytics
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The move to virtual cards
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Virtual cards are taking the lead
53%of organizations plan to increase use of cards for B2B transactions
55%of buyers indicate that they are more likely to select a supplier that accepts cards
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T&E card Pcard One card Ghost cardSingle usevirtual card
ePayment option where a single-use number is generated for each invoice payment in the exact amount with a fixed expiration date
Card number is securely delivered via an email or portal and is processed through vendors’ existing merchant terminal
Simplified tracking and reconciliation of payments
FIS’ program generates monthly rebates
What exactly is a virtual card?
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They already accept
cards today
They value you as a customer
They wantto maintain preferred
supplier status
They perceive their
merchant account to be more secure
Interchange is already
part of their pricing
strategy
Why suppliers say, “Yes!” to virtual cards
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How has FIS helped other companies?
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Zachry Industrial Inc.
*Source: Fonction Crédit
We have been able to migrate 24% of our payments to ACH and 7% to virtual cards, helping us reduce 100% of our monthly payments processing costsand generate annual rebates.
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Russell Sigler
*Source: Fonction Crédit
Virtual card rebates have more than offset check printing costs and have allowed our AP department to generate revenue that goes directly to our bottom line.
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