Is Remote Payment Services a Good Fit for Your Business?

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Jay Manley , Chief Evangelist Nov 28, 2023 AP Best Practice
If your organization has decided to work with a third-party to optimize your AP payment workflow, you may be tasked with researching a variety of providers. In the video and transcript below, we offer some guidelines on whether Mekorma's AP payment outsourcing solution is a good option for your organization.  

Watch the Video


Video Transcript

Will Mekorma Remote Payment Services (RPS) work for your company? Let’s find out.  

To start, RPS is a good fit if your company performs accounts payable tasks in either Microsoft Dynamics GP or Microsoft Dynamics 365 Business Central. 

For Dynamics GP users, RPS is an add-on to the Mekorma Payment Hub, so you also need to have that solution. The Payment Hub is the foundation for the payment process, allowing your team to automate payment management and approval workflows. 

In addition to those prerequisites, RPS is very effective in the following circumstances: 

  1. If you currently pay a majority of your vendors by check but want to transition to offer electronic payments, RPS can be a quick fix because the payment provider will do all the vendor onboarding for you. Your in-house team will not have to make the calls, gather banking information or remittance data. In case you’ve already converted most of your vendors over to ACH or EFT payments, RPS can still help with an essentials plan that allows you to outsource only the vendors you still pay by check.
  2. If you have one or more people on staff who are devoted to printing and mailing checks, RPS will allow you to have those folks perform more valuable tasks for the business, because they won’t be spending all day stuffing envelopes anymore.
  3. If your business is growing, RPS is going to relieve the tail end of the payment process. You won’t have to manually generate and send payments in-house. If you have an increase in vendors as well as payments, it will not impact your existing staff. You can do more with less.
  4. RPS is most beneficial for organizations with an annual AP spend of over 20 million, and the benefits and rebates increase with your increased annual AP spend!
  5. And if you process payables for multiple companies in Dynamics GP, RPS is going to help even more because it includes the Payment Hub Action Board’s robotic processing automation capabilities, where you can handle the entire payment process in one window for all your companies and checkbooks.  

Interested in the benefits of AP payment outsourcing? 

Get in touch with us now for an ROI report.

We’ll analyze your AP spend, time spent processing AP, and where you will see the greatest benefit.

Secure Your Sanity - Mekorma Remote Payment Services for Microsoft D365 Business Central & Microsoft Dynamics GP

 

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