Enhancing Vendor Experience with Mekorma Remote Payment Services
If your organization is considering an AP payment option like Mekorma Remote Payment Services (RPS), you are most likely concerned about what your vendors will experience. RPS is a comprehensive AP payment solution that integrates your Dynamics ERP system with Corpay's payment and vendor enrollment services.
Allowing a third-party provider to pay on your behalf can be a relief – and, you want to ensure that your vendors receive their payments on time, know exactly how to apply them, and know who to contact for questions or help without any hiccups.
This blog will give you an overview of how your vendors will join the outsource provider’s network, how they will choose and accept payment types, and some of the lesser-known benefits they will experience.
Joining the Network: Complete Onboarding
Corpay has an extensive network of vendors (3.8 million at the time of publishing) who have been validated to receive payments through their system. When your company signs on with Mekorma Remote Payment Services, it’s likely that a percentage of your vendors are already part of Corpay’s existing network, and their preferred payment method and banking information are maintained.
In this case, there will be little to no impact on them. These vendors will receive notice that your company is partnering with Corpay for payments, and they will receive payment on your behalf in their preferred method as soon as you start submitting payments through the service.
If you have a vendor who is new to the Corpay system, Corpay’s team will perform an extensive validation process to ensure that the vendor is a legal entity and able to receive payment. Once validated, the vendor’s information will then be stored and maintained within Corpay’s secure system.
New vendors will receive an onboarding letter explaining that your company has partnered with Corpay to facilitate payments, and instructions on how to complete the enrollment process. Be prepared that vendors will often call your AP department to confirm that this is a valid communication from your company, and not a fraud attempt.
Mekorma and Corpay recommend alerting your vendors in advance for a smooth and reassuring onboarding process. We will provide you with a sample communication that explains both the changes taking place and how your vendors will benefit.
Once new vendors are in the system, they can easily accept payment from additional businesses that partner with Corpay.
The Power of Choice: Preferred Payment Method
The vendor onboarding letter includes a URL and by following the link, vendors can complete the process by choosing their payment method via Corpay’s secure portal. Payment options are prioritized in the order of quickest payment: credit card, ACH/EFT, and finally check.
Choice of payment method is one of the key vendor benefits of switching to Corpay. Vendors gain a great deal by switching to an electronic payment method, because of the faster processing times. When paid by credit card, your vendor receives the funds immediately upon accepting it. When choosing ACH/EFT it can take 1-2 days, and checks take up to 10 days.
After selecting their preferred payment type, the portal will continue to guide your vendors through a short series of questions and information gathering so payments can be processed in the chosen method.
Extensive Fraud Protection for You and Your Vendors
New vendors are sent a check for the first payment, and then transitioned to one of the electronic payment options if that’s their preference. Extensive fraud protection is the second major benefit to your vendors and to you--Receiving a check before switching to electronic is part of an extensive fraud prevention workflow that allows Corpay to validate the vendor as a company and the vendor address information, as then the vendor must add information from the check into the system to complete the loop.
Vendors can then change their payment method at any time by logging into the portal and going through the change request process.
Your vendors’ experience in receiving payment will depend on their selected payment type.
Virtual Credit Card
Vendors who have signed up for the Virtual Credit Card payment type will receive a remittance email with all the information needed, including a virtual credit card number that allows them to process the card for only the exact amount of the sent payment.
Vendors set up to receive ACH Payments will have a detailed remittance emailed to them and the funds will go directly to the bank account setup during enrollment.
Vendors who receive checks will also find the following items in the check envelope: a remittance and a letter to help encourage them to switch to an electronic payment type. The vendor can call the number listed to ask about electronic payment methods
or fill out the form noting they accept virtual credit cards.
Payment Inquiries and Support
Once you start submitting payments through RPS/Corpay, your vendors will communicate with the Corpay team to resolve payment issues as they arise. The Corpay vendor engagement team will become an extension of your AP staff, able to handle payment reissues, missing payments, or changes in banking information. Your organization will have insight into payments sent via your own customer portal so you can stay informed.
For your vendors who choose to accept ACH or virtual card, their access to Corpay’s secure portal is one of the biggest benefits. This allows them to easily submit inquiries or support tickets. The portal is the platform for all Corpay payments they receive – let’s say a vendor is paid via Corpay on behalf of 25 different companies; that means they only have to login once and they have access to payment records from all 25 organizations. If the vendor wants to change their preferred payment type or alter banking information, they only have to do it once - not 25 times!
Mekorma Remote Payment Services, in partnership with Corpay, aims for operational efficiency not just on your side, but also for your vendors.