The benefits of issuing—and receiving—funds electronically

“Using PayPilot to automate our ACH payments has made issuing payments to vendors and providers so much easier. The ACH process is fully automated so our processing time is minimized and vendors can feed our remittance information directly into their systems to automatically apply payments. They love the convenience and we love the time savings.”

Sherri Jackson, Finance Consultant
Humana Inc.

The benefits of using electronic payments are many. Our clients appreciate that this module lowers their processing and management costs, allows easier reconciliation and reporting, simplifies repetitive payments, and enables migration to Electronic Funds Transfers (EFTs) at whatever pace is right for them. This could be one client, one vendor, or one agent commission at a time.

The Reverse Case

But they also appreciate the reverse case: receiving funds via electronic debit. Many of our insurance customers, for example, receive their premiums electronically. They obtain a policyholder’s bank information, and from that point on, the payments are automatically debited in a process that saves time, effort, and money for everyone involved.

Our electronic payments module, as part of your PayPilot installation, integrates easily with any of your internal systems. We’ll help you set up the data-exchange interfaces with the bank, and then PayPilot does the rest. It prepares and transmits the ACH file to the bank and can even incorporate reconciliation and positive pay functionality.

From Many to One

Many of our clients issue multiple payments to vendors—on a regular basis. For insurance companies, these payments may be going to auto repair shops, glass replacement companies, and car rental agencies. For healthcare companies, these payments go to physicians and hospitals. If issued as paper checks, both the carrier and the vendor face extremely high handling/processing costs and a good deal of avoidable aggravation.

There is a better way. Consolidate all those separate payments into one, single transaction and pay it electronically. PayPilot offers a comprehensive module for electronic payments and electronic debits processed through the automated clearing house (ACH) network.

A Combined Effort

Most of our clients process a combination of paper checks and electronic payments. We realize there are customers and vendors that still prefer checks or don’t want to share their bank information. But know that PayPilot enables the easy migration to electronic payments as situations evolve over time.

Benefits

Adding electronic payments to your payment processing arsenal offers a number of significant benefits:

A substantial reduction in check processing costs – By consolidating many separate check payments into a few EFT transactions, you’ll free up staff and save on bank transaction fees, equipment, maintenance, and materials.
Streamlined reconciliation and reporting - Automated electronic payments issued directly from PayPilot eliminate most, if not all, of the cumbersome, manual tasks associated with reconciling accounts and staying on top of your payment operation.
Negotiation leverage with your vendors – Paying your vendors electronically slashes their payment processing costs and improves their cash flow. It also puts you in a great position to negotiate for price discounts.
Room to grow – PayPilot’s electronic payment features can scale to handle even the most aggressive expansion plans. Add vendors, clients, geographies and/or business areas whenever you’re ready.

If your business generates repetitive payments to the same payee, whether for vendor invoices, sales commissions—or whatever, electronic payments can make a real difference in your workflows and your bottom line.