INDUSTRY SPOTLIGHT: Paymerang Accelerates AP Efficiency in the Manufacturing Industry
Paymerang’s world-class Accounts Payable (AP) Automation solutions have propelled its growth in the manufacturing industry. By automating AP, manufacturing companies can achieve the same success in the back office as they do on the production floor. With more time back in their schedule, they can explore new ways to improve their bottom line, improve products and services, and boost production.
Partnering with strategic partners has played a significant role in helping Paymerang gain traction in this vertical. Since 2020, Paymerang has witnessed a 619% increase in dollars processed for manufacturing clients, a 251% increase in the number of vendors paid by users, and a 320% increase in the number of payments processed by manufacturing clients during that period. This year alone, Paymerang has processed over $1.6 billion for manufacturing clients.
“Paymerang increases efficiency, giving manufacturing businesses more time to focus on production instead of overwhelming manual accounting processes,” said Nasser Chanda, CEO of Paymerang.
While digital transformation is the livelihood of the production floor, that same notion has been delayed in transforming the back office. A heavy reliance on time-consuming and costly manual processes has drastically impacted AP performance in manufacturing. In addition to being inefficient, manual data entry also increases the risk of errors. According to a recent PYMNTS study, CFOs found that 91% of organizations reported improved efficiencies when digitizing their payments, while 84% reported improved working capital management and 62% reported cost reductions1. Paymerang’s innovative Invoice and Payment Automation software streamlines processes and saves accounting departments thousands of hours annually, guaranteeing they are more efficient.
Another major benefit of using Paymerang is greater security and a reduced risk of fraud. According to the Association of Finance Professionals, 71% of organizations were victims of payment fraud attacks in 20212. The manufacturing industry is a substantial target for payment fraud because of its reliance on paper checks. Paymerang uses security measures to help stop hundreds of fraud attacks, using features like encrypted account data, Positive Pay, and multi-factor authentication to help save clients millions in fraudulent losses.
As experts in the finance automation space, Paymerang understands that manufacturing professionals are grappling with fewer resources in today’s unpredictable economy and tight labor markets, creating an immediate need for AP Automation. Through its ERP-agnostic approach and partnership with ECI Software Solutions, Paymerang looks forward to continued growth within the manufacturing vertical by helping organizations simplify the AP process.
22022 Association of Financial Professionals (AFP) Payments Fraud and Control Report