4. Electronic procurement catalogs – These catalogs look, feel, and behave almost like regular e-commerce websites, but they pull in your pre-negotiated pricing – and tie in seamlessly with e-POs. Your team can simply shop for the item(s) they need, place in a shopping cart, and create an electronic purchase order in a matter of minutes. No more toggling between endless tabs and searching for the best pricing.
Issue Vendor Payments in Hours, Not Days
By automating your vendor payments, you can cut time issuing payments by up to 50%. You can also reduce your payments costs by 40%.
5. Automated Payments – Instead of generating, signing, and mailing 100s of checks, you can tap automated payments and pay suppliers with a few keystrokes. You simply generate a file of approved invoices and submit it to your AP automation software. Designated approvers can then review/approve the transactions, and your vendors will get paid through electronic payment methods like virtual card or ACH.