Accounts payable automation provider Anybill has launched the Anybill ePay Network to help their clients pay more vendors via electronic payment. The network reduces paper check payments, speeding up the payment process and improving efficiency.
Accounts payable automation provider Anybill recently launched the Anybill ePay Network, a free service that helps clients improve the way they pay vendors. Comprised of vendors that accept electronic payment, the ePay Network aims to transition payments from paper checks to an electronic format.
Anybill automates the accounts payable process for their clients, from invoice processing and approval routing to payment. Once an invoice has been scheduled for payment, Anybill processes the transaction via check or electronic payment.
Despite the improved efficiency provided by automation, the shipping and handling inherent to paper check payments still slows down the payment process. The ePay Network, comprised of vendors that accept electronic payments, reduces a reliance on checks and gets vendors paid faster.
Anybill is now proactively contacting clients to recruit them for the ePay Network. If a client agrees to participate, Anybill contacts their vendors that receive checks to promote the service and switch them to electronic payment. The service is free and completely behind the scenes; clients don’t have to perform vendor outreach or adjust their AP workflow.
“Our accounts payable clients join us to make their AP departments more efficient,” said Rudy Bejarano, Chief Operations Officer at Anybill. “The switch from paper checks to electronic payments makes sense. But often our clients stick to checks because switching their vendors to electronic payments is a huge project. With the ePay Network, we’re providing that service.”
Vendors are already getting paid faster. So far, Anybill has reduced participating client’s paper payments by 30%. That number is expected to drastically increase as more clients are brought onto the program.
“It’s a win-win scenario,” said Bejarano. “Vendors want to be paid faster, and all they need to participate is the ability to receive electronic payments. Clients are happier because electronic payments are much more efficient and effective for cash flow reasons. And of course if vendors still need to receive paper checks for whatever reason, we’ll still support that.”
Founded in 2001, Anybill provides end-to-end accounts payable automation and tax payment services for the small to medium business market (SMB), as well as some of the world’s largest corporations and organizations, encompassing a variety of industries. Anybill’s cloud-based platform automates the accounts payable process, from invoice receipt and data capture to approval and payment. It provides clear control and visibility over the entire AP process with complete transparency, robust reporting, and data integration with accounting solutions. The company is headquartered in Washington, DC, and is SSAE 16 SOC compliant. For more information, visit https://www.anybill.com.