Payment Savvy

MAY 12, 2023

Common Issues with Manual Payment Processing Manual payment processing can be time-consuming and prone to errors, resulting in duplicate payments, overpayments, and late payments. Manual processing also increases the risk of fraud, as it is more challenging to track payment activity manually. Early payment discounts.

Automation 52

Automation ACH Payments Duplicate 52

Nanonets

SEPTEMBER 1, 2023

As transactions are irrevocable, the need for vendor confirmation is eliminated, simplifying and hastening the reconciliation process within your system. Generally, you must account for a few days to process the amount and keep buffer time. per invoice during processing.

FedNow 52

FedNow Wire Transfer Federal Reserve ACH 52

Nanonets

APRIL 16, 2023

Get Started Approval Process The best AP automation software runs an efficient approval process from approval prediction to multi-tier approval management. This helps a business take advantage of the early payment cycle and cuts processing costs. This minimizes the delays in obtaining approvals and improves efficiency.

Automation 52

Automation AI Accounts Reconciliation 52

Nanonets

JUNE 27, 2023

In this post, we will explore how automation can improve your accounts payable cost per invoice, enabling you to enhance efficiency, reduce errors, and drive savings. How much does it cost to process an invoice? These tasks can be time-consuming and prone to error, leading to inefficiencies and increased costs.

Process 52

Process Automation Electronic Funds Transfer (EFT) Volume 52

EBizCharge

MAY 14, 2024

Payment processing: Once a customer makes a payment – through credit cards, online portals, or bank transfers – the system processes and records the payments. This reduction in labor costs translates into direct savings for businesses, as fewer resources are required to manage billing operations.

Automation 52

Automation Payment APIs and Integration Best Practices Online and Mobile Banking 52

Nanonets

NOVEMBER 15, 2023

Let's say you process 10,000 invoices monthly at $10 each. Now consider this: roughly a third of businesses surveyed were able to reduce invoice processing costs even more: a whopping 50%. Do you find reconciliation difficult? Reduce costs? A shorter processing time can indicate a more efficient process.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

JUNE 14, 2024

Poor data management can result in data silos, duplication, and discrepancies. An outdated P2P process can slow a business down tremendously. The next section will explore how these challenges can be mitigated and the P2P process optimized through automation.

P2P 52

P2P Process Automation Checks 52