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You’d think every supplier would want to receive electronic payments, since they’re faster and more secure than checks.
But, some suppliers cling to paper at all costs – even with its known inefficiencies. And many want to avoid changes to their existing processes, even if they’re just little tweaks here and there.
So, trying to convert suppliers to e-payments on your own probably isn’t something you want to do. Thankfully, there are payments providers who can take care of supplier onboarding for you.
Doing the Heavy Lift on Your Behalf
B2B payments solutions like Paymode-X have been converting supplier businesses to electronic payments for decades.
These payments companies typically have a dedicated team of onboarding specialists who contact your vendors, explain the benefits of your e-payments program, and help suppliers enroll. If suppliers experience any technical difficulties with enrollment or their payments, these experts handle those issues as well.
Ultimately, they know how to overcome objections and explain the many benefits of ACH and virtual card payments, so your team can focus on other tasks.
Treating Suppliers as You Would
These supplier onboarding teams also recognize there’s no “one-size-fits-all” when it comes to contacting vendors. They’ll work with you to develop messaging that will resonate with your suppliers, and understand which payment types you wish to offer.
And, if you want to offer a certain payment type depending on your relationship with a specific vendor, or their unique needs, no problem. The team can tailor their conversations with suppliers accordingly.
In the end, your suppliers are far less likely to switch to electronic payments if they feel like they’re being strong-armed into the decision. You’ll want to partner with the right team, who will treat your suppliers the right way.
Once Onboarded, Suppliers Win Too
While electronic payment types like ACH and virtual card come with big benefits for you as the payer, they can help suppliers a lot too. They arrive faster than paper checks, and can help with cash flow. They’re also a lot less susceptible to fraud and arrive with more robust remittance information, which makes life a lot easier for suppliers.
Plus, many payments providers like Paymode-X give suppliers access to online self-service portals where they can track payments, view reporting, and use other tools to help them in their AR efforts.
Receiving payments digitally saves AR teams time and hassle. As Thalia Powers, Accounting Manager at BioMedical Waste Solutions said, “Paymode-X is super easy to use and I love that all needed information is right on the email.”
So, not only can you automate all your payments and rest easy – but your suppliers can come out ahead, too.