1. What are the benefits of automated payments?
A). Decreasing the costs and time spent managing payments are the top benefits.
By automating payments, AP payments costs often drop by 40%. That’s because outsourced B2B payments providers, like Nexus, pay your vendors with electronic methods like virtual cards or ACH. There’s no postage, toner, nor printers to buy.
Plus, there’s big time savings too. Many Nexus customers report they’ve reduced their payments time by 50% over manual check cutting because everything is available online for approvals, reconciliation, and tracking. (See Business Case)
Finally, payments through virtual card often qualify for rebates that defray licensing costs.