VPCP-126...•Learn how electronic payments can transform your back office •Learn the numerous...
Transcript of VPCP-126...•Learn how electronic payments can transform your back office •Learn the numerous...
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VPCP-126Eliminate Paper Checks and Reduce Costs Through Payment Automation
Byron Biggins, Nvoicepay
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Byron BigginsVP Business Development
Industry Thought Leader
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Agenda
OBJECTIVES
• Learn how electronic payments can
transform your back office
• Learn the numerous ways automation
positively impacts your processes
• Learn how payment automation reduces
costs, increases rebates, and mitigates
risks.
AGENDA
• Current AP Challenges
• About Nvoicepay
• Benefits of Payment
Automation
• How to build a business case
for payment automation
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Critical Challenges in AP
Control & visibility
Exception handling
Growth management
Vendor data management
Risk, fraud & compliance
Decentralized APInefficiency: workflows &
process
International payment
requirements
Supplier demands
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Sign Checks Mail Checks
Prepare
NACHA File
Send File
to Bank
Create File Send File
to Bank
Typical AP Payment Process
THE TYPICAL AP PROCESS
Reconcile Card
Payments
Reconcile ACH
Payments
Select Invoices for Payment in ERP
ReconcilePayments by Type
Manage & Reconcile Payment Exceptions
Reconcile
Individual Checks
Prep & Email
Remittance
Prep & Email
Remittance
Separate Payments by
Payment Type
Approve Card
Payments
Approve ACH
Payments
Print Checks
Field Vendor Questions
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The Payment Process with Nvoicepay
Nvoicepay streamlines the accounts payable process to increase payment efficiencies, eliminate paper-check payments, and reduce AP costs.
PAYMENT PROCESS WITH
Select Invoices& Send to Nvoicepay
Reconcile Payment Batches
Approve Payments Electronically
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Nvoicepay: Enterprise Payment Automation
99%+Customer
Retention Rate
500,000+Supplier Network
2009First Payment
81%Annual Growth
2018
100%Supplier Payments
Automated
82%Payments by Virtual
Card or ACH Part of FleetcorFortune 1000 Payment Company
Largest Commercial Mastercard Issuer
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Supplier Enablement Management
We match suppliers to our network, existing suppliers are immediately payable.
We enable suppliers not already in our network.
o Initial implementation
o Each time you add a new one
We use multiple channels to drive the best response:
o Phone
o Email
o Mail
o Electronic Form from AP
o Insert with each “Print Check”Received & Complete: Payable in 72 hours
Received & Complete: If from customer, payable in 24 hours
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Supplier Enablement Management
We match suppliers to our network, existing suppliers are immediately payable.
We enable suppliers not already in our network.
o Initial implementation o Each time you add a new one
We use multiple channels to drive the best response:
o Phoneo Emailo Mail
o Electronic Form from APo Insert with each “Print Check”
Received & Complete: Payable in 72 hours
Received & Complete: If from customer, payable in 24 hours
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How Nvoicepay Works
Funds Pulled fromCustomer’s Bank
Select Invoices forPayment in ERP
Send Single PaymentFile to Nvoicepay
Payments AreOptimized
View Payments(Stop, Hold, and Approve)
Suppliers ReceivePayments
Nvoicepay Follows Up on Any Payment Issues
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Benefits
Simplified AP Payment Process:
• Single workflow for all AP Payments.
• Increased efficiency with reduced errors.
Financial Results:
• Significant cost savings by moving from check to electronic payments.
• Cash rebates on credit card transactions far exceed the cost of the solution.
Reduced Risk:
• Customer does not have to store the suppliers’ banking data.
• Nvoicepay assumes liability for the payment.
Better Supplier Relationships:
• Suppliers get a range of payment options with detailed remittances.
• Supplier portal for increased visibility and a supplier facing support team.
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Key Differentiators
Handles Complexity with Ease - Single workflow for domestic and international AP payments. Multiple Permission Levels, bank accounts, locations, and ERP’s.
Payment Services - Suppliers are automatically enrolled with each pay run and Nvoicepay follows up on payments to ensure successful execution.
User Experience - Software provides added control, visibility, and traceability through the entire payment lifecycle.
Reduced Risk - Nvoicepay securely collects and maintains vendor data. We also assume liability for the payment.
Cloud-Based Software + Comprehensive Services for Better Results
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Banks make customers do all the work
Your bank will not help you
• Streamline your payment process
• Optimize the payment method to minimize cost
• Manage and securely store vendor payment data
• Follow up on each payment to reduce labor
• Increase control and visibility
• Assume liability for payment to mitigate risk
Massive Gaps in Current Bank Process
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Intuitive Cloud-Based Software
SimplicityIntuitive user interface
ControlsConfigurable approval workflows and auditable reports
Clear Payment VisibilityConsolidated view of all payments
Eliminate RiskNvoicepay securely manages and maintains all sensitive payment information
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Services Deliver a Quantum Leap in Efficiency
Included Services✓ Onboarding suppliers is included, along with the ongoing maintenance of their information
✓ Configuring approval workflows to meet your process needs
✓ Training and re-training AP personnel as needed
✓ Payment follow-up on outstanding VCNs
✓ Payment support and answering questions for customers and suppliers
✓ New product updates and enhancements are included (e.g. including new payment methods as they become available)
High touch services means the best results with the least amount of work for the customer
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Payment Analysis Report
• In-depth Executive Report
• Communicates ROI
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Sample Payment Analysis Report - Payment Transformation Summary
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Sample Payment Analysis Report - Benefits Summary
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Summary
Efficiency Gains - Nvoicepay complements existing AP processes and enables customers to streamline and optimize their payments process.
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Financial Uplift - The continuous supplier enablement for electronic payments provides the greatest cost savings and rebates.2
Enterprise Grade - Comprehensive payment solution that includes both cloud-based software and services.
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Byron BigginsVP Business [email protected]
Let’s Build A Business Case For You
Next Step:Learn more with a complimentary payment analysis report.
Visit booth: #17b
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Appendix
Additional Slidesfor Support
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Supplier Portal
Nvoicepay provides a Supplier Portal for payment monitoring and reconciliation, where suppliers can easily search by payment, customer, or paymentreference
Payment Status
Easily check if payments have
been made and processed
Payment Remittance Information
Can view and sort information by
Invoice ID or Reference Number
Payment History
View past invoices and
customer information
Reports
Ability to report remittance
information and export data
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Nvoicepay Support Team
Outstanding dedicated Support and Enablement teams with 98% Satisfaction rating
- Customer Tech Support
- Supplier (Vendor) Support
- Payment Modification & Refund Support
- Supplier (Vendor) Enablement
Our large customers have a single point of contact for support
• Participates in onboarding
• Monitors supplier enablement
• Looks for AP Concierge opportunities
• Issue follow-up contact
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Invoices loadedand payments approved by
5:00PSTCu
sto
mer
Ven
do
rN
vo
icep
ay
Funds Debited
Customer FBOAccount
Funds Credited
Customer FBOAccount
Funds Debited
• ACH Sent• VCN (Card) Sent• PC Mailed 1st Class USPS
Vendor receivesremittance
Vendor receivesACH
Day 1 (Tuesday) Day 2 (Wednesday) Day 3 (Thursday)
Review file for errors and submit
to banking network
Domestic Payment Timing and Funds Flow
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Supplier Enablement
AP Gateway Training
Conduct Live Pay Run
Payment File Validation, Account Configuration
Overview of Implementation Process
Data Gathering
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