5 Ways Manufacturers Can Gain Efficiency
Technology is drastically changing how we do business. Organizations need services that are simple, efficient and effortless. An industry that experiences this at large is manufacturing. The changing landscape of production and distribution coupled with exponential customer needs, increases their need for streamlined and automated processes.
“How can manufacturing organizations juggle the difficult fraud landscape against the needs of their customers and suppliers without making major sacrifices along the way? One critical strategy is streamlining, automating and securing key accounts payable functions. That results in a host of benefits in addition to greatly reducing the risk of fraud, such as greater efficiency, reduced costs, and increased AP staff productivity.”–Industry Today
Electronic payments enable manufacturers to pay more vendors efficiently and securely. By adopting a payment automation solution, manufacturers can simplify their accounts payable process along with other benefits:
- Time Savings
- Manufacturers are accustomed to using the latest technology for their production lines and mechanization—why not in their administrative office too? You can approve and process all of your payments with the touch of a button. There is no need to print, sign, stuff and mail checks. You simply login to Paymerang, upload your payment file, fund your batch, and mark the items as paid and you’re done. Your finance team now has more time to focus on more mission-driven initiatives that will help your business deliver world-class products.
- Faster Payments
- We’ll take care of processing all payments and handling reconciliation and follow-up. Payments are processed the same day we receive funding, so vendors get paid quicker and more efficiently.
- Increased Security
- Making payments through Paymerang reduces the risk of payment fraud. We encrypt all of your payment data and restrict system access using two-factor authentication. Card payments are made with virtual debit cards that are pre-loaded with the exact bill amount. For vendors that prefer ACH payments, we confirm the identity of your vendors based on information provided by you and invite them to sign up for ACH direct deposit through a secure login. Our secure process shields you against phishing attacks and protects against fraud.
- Business Continuity
- Our cloud-based solution is an integral part of manufacturer’s business continuity plans because it enables you to make vendor payments from anywhere. Our team of payment specialists ensure payments are made on time, with no disruption, to ensure that the valuable supply chain and your business can continue to move forward.
- Rebates and Cost Savings
- Payments made through our secure network, will help your organization earn cash back rewards. Every payment made via virtual card earns a rebate and quarterly your business receives a direct deposit with your cash back rewards. Your business will also see thousands of dollars in cost savings from process improvement.
To learn more about Paymerang’s Payment Automation solution, schedule a demo here.