Automated payments are getting a lot of attention these days because they allow buyers to pay suppliers much more easily and reliably. With automated payment solutions, buyers simply provide a file of invoices to pay and sit back as the rest is taken care of for them. Funds are securely and electronically debited from their authorized bank accounts and then suppliers receive payment in the form of virtual card, ACH, and/or electronic check.
The key benefits: buyers don’t have to cut checks manually, saving them lots of time and money, and suppliers avoid the unknown of mail float.
But not all automated payments solutions are created equally. Buyers should keep in mind the following four things as they evaluate potential e-payments providers.