What are the components of a successful electronic system?
The foundation of an electronic payables system is a robust, scalable, customized online treasury tool that will deliver information right to your desktop so that you can manage your payables more effectively.
Automated Clearing House (ACH) services can make funds available to your business more quickly, improve trade terms and enhance your ability to accurately predict cash flow and reduce processing costs.
Organizations using ACH should also consider fraud protection. A secure online solution such as ACH PositivePay will enable you to establish authorized debit criteria, review any unauthorized items and make pay/return decisions. Suspicious activity is typically reported immediately so that unauthorized ACH debits can be returned before they are posted to your account.
Purchasing cards can also help organizations reduce the time and cost associated with traditional procure-to-pay processes.
And prepaid card solutions can help a business manage payroll, employee rewards, travel stipends and business-to-business incentive programs.
A customized payment strategy that includes a greater percentage of electronic transactions such as ACH and procurement cards can support all of your disbursement activity and help you maximize efficiency and cost savings.
This article was prepared for general information purposes only and is not intended as legal, tax, accounting or financial advice, or recommendations to buy or sell securities or to engage in any specific transactions, and does not purport to be comprehensive. Under no circumstances should any information contained herein be used or considered as an offer or a solicitation of an offer to participate in any particular transaction or strategy. Any reliance upon this information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other adviser regarding your specific situation. Any views expressed herein are subject to change without notice due to market conditions and other factors. Bank deposit products and services provided by PNC Bank, NA, Member FDIC.
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Eithne G. O’Malley is vice president and senior disbursements product manager in PNC’s treasury management group. Reach her at (412) 768-1611 or eithne.o’[email protected].
