Tag Archives: epayments


Why 71% of AP Departments are Automating in 2020 and You Should Too

If it feels like processing payments to suppliers is taking longer, you are not imagining things. One-third of accounts payable practitioners are working longer hours these days, according to the Institute of Finance and Management (IOFM).  In fact, eight percent of accounts payable practitioners are working an additional two hours or more per day, which … Read More

Reduce Time Spent on Audits with Paymerang

Audits are time consuming and tedious; however, once you start processing with Paymerang, not only do your payments become simpler, but so does your audit process. Our transformative payment automation solution simplifies your NACHA, SOC2, PCI-DSS, and Positive Pay processes by undergoing these strict audits and industry best practices so you don’t have to. The NACHA … Read More

How Paymerang Supports Partners

In today’s fast-paced environment, businesses are continually striving to stay ahead of the curve and deliver innovative products and solutions. It is imperative for these organizations to look for new opportunities to drive collaborative innovation that delivers on what their clients need today—and in the future. Partnerships between businesses can harness the strengths and capabilities … Read More

Paymerang CARES Distributes Over $7 Million in Refunds to Students

On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress with overwhelming, bipartisan support and signed into law as a necessary step to get relief to students, workers, and families throughout the country. The roughly $2 trillion stimulus package responded to the shutdown of businesses and schools nationwide, as … Read More

Paymerang and Kaplan Partner to Tackle Payment Fraud

How can you protect your organization against payment fraud risk? Paymerang has partnered with Kaplan, one of the world’s largest and most diverse education providers, to share more about the risk of payment fraud. In a jointly produced video, Paymerang CEO, Nasser Chanda, addresses the risk of payment fraud and what organizations can do to shield their … Read More

5 Ways Electronic Payments Improve the Healthcare Revenue Cycle

If your healthcare organization’s knees are buckling from the pressure of managing shrinking reimbursement rates, skyrocketing costs, and growing cyber security threats, you are not alone.  Hospital and health system CFOs and revenue cycle leaders are under ever-increasing pressure to develop strategies to improve the financial health of their organizations—and his won’t change in 2020. … Read More

Don’t Settle for a Fractional Bank ePayment Solution

The world of electronic supplier payments is growing rapidly. Companies are making the transition to eliminate check writing and move to secure electronic payment (ePayment) platforms. The time savings, fraud prevention, and cost savings have already convinced many companies to outsource their accounts payable disbursements. Traditionally, banks have been the trusted adviser in this new world, but … Read More

Why 71% of AP Departments are Automating in 2020 and You Should Too

If it feels like processing payments to suppliers is taking longer, you are not imagining things.

One-third of accounts payable practitioners are working longer hours these days, according to the Institute of Finance and Management (IOFM).  In fact, eight percent of accounts payable practitioners are working an additional two hours or more per day, which is saying something when you consider the long days that most accounts payable practitioners logged before the move to remote work environments. 

These longer days can be attributed to trying to address the challenges created by today’s reality.  25% of accounts payable leaders say they are struggling to mitigate increased fraud and compliance risks.  22% of accounts payable leaders say their department has experienced a big spike in supplier inquiries regarding the status of invoices and payments.  And 20% of accounts payable leaders say that paying suppliers on-time, while staff work from home, is a major challenge. 

These sobering statistics illustrate the difficulty in adapting manual and semi-automated accounts payable processes to a remote work environment.  Only 9% of accounts payable leaders polled by IOFM say their department is fully automated with few or no manual processes.  33% of accounts payable departments have little automation.  And 14% of accounts payable departments process invoices and pay suppliers in a completely manual environment.

Manual processes create friction and inefficiency across the supplier payment lifecycle:

  • Key information is not captured
  • Data is poorly organized
  • Information is not timely
  • Systems are badly integrated
  • Labor costs are high

As a result, paying suppliers requires accounts payable practitioners to spend most of their working day bogged down on countless menial, manual tasks that distract them from higher-value activities. Manual tasks such as:

  • Supplier registration
  • Supplier data validation
  • Vendor record updates
  • Tax form collection
  • Sanctions screening
  • Invoice processing
  • Payment approval
  • Support for a range of payment methods
  • Remittance delivery
  • Currency conversion
  • Payment reconciliation
  • Tax reporting

This list goes on and on. 

On top of these manual tasks, accounts payable practitioners also must be mindful of dozens of business rules, policies, regulations, and auditor guidelines governing how suppliers get paid. 

The challenge of paying suppliers becomes even bigger as a business grows.

Growing businesses may have many different systems to integrate, complex processes to try to navigate and manage, and far flung accounts payable teams working across multiple sites.

All told, 84% of the typical accounts payable practitioner’s time is wasted on manual activities, IOFM benchmarking data finds.  In fact, most accounts payable managers spend more of their day on transaction processing than on the managerial tasks that they were hired for. 

No wonder that accounts payable has a reputation as a tactical back-office function. 

Businesses have had their fill of accounts payable inefficiencies.

71% of businesses plan to automate their accounts payable function further in 2020, according to IOFM.  Even businesses that are largely automated plan to deploy more technology.  Only 6% of accounts payable departments have thrown in the towel and say they have no plans to budge from their outdated, manual processes.

Automation eliminates friction across the accounts-payable lifecycle.  Invoices are aggregated onto a single platform.  Invoice data is effortlessly extracted, validated, and matched against purchase order information.  Invoices that require review or approval are digitally routed based upon pre-configured business rules.  Approved invoices are seamlessly uploaded into an ERP.  And a single file is used to pay suppliers in their preferred method.  And payments and invoices are reconciled in real-time.

In an automated accounts payable environment, staff only need to intervene when necessary.  The result is a function that delivers better business outcomes today, and greater scalability in the future.

This frictionless process is a far cry from the inefficiencies accounts payable is accustomed to.

Importantly, eliminating inefficiencies in the accounts payable lifecycle enables businesses to avoid costly late payment penalties, create more opportunities to capture early payment discounts, enhance visibility into cashflow and spending, strengthen supplier relationships, protect against fraud, and do more with far less.

Automating payments to suppliers is just what businesses of all sizes need in turbulent times.

Ready to eliminate inefficiencies in the way your business pays its suppliers?  If so, Paymerang wants to speak with you.  Contact us at sales@paymerang.com to arrange a no-obligation product demonstration. 

Reduce Time Spent on Audits with Paymerang

Audits are time consuming and tedious; however, once you start processing with Paymerang, not only do your payments become simpler, but so does your audit process.

Our transformative payment automation solution simplifies your NACHA, SOC2, PCI-DSS, and Positive Pay processes by undergoing these strict audits and industry best practices so you don’t have to.

The NACHA Operating Rules require all participating depository financial institutions, Third-Party Service Providers, and Third-Party Senders conduct a risk based ACH Rules Compliance Audit each year. The ACH Rules Compliance Audit can help you identify potential problems, correct them before an issue arises, and limit your liability. Audits are conducted annually and require the institution to provide an in-depth chronological report of all ACH operations and other related finance processes.

Developed by the AICPA, SOC 2 is specifically designed for service providers storing customer data in the cloud. Before 2014, cloud vendors only had to meet SOC 1 compliance requirements. Now, any company storing customer data in the cloud must meet SOC 2 requirements in order to minimize risk and exposure to that data.

The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements intended to ensure that all companies that process, store, or transmit credit card information maintain a secure environment. It was launched on September 7, 2006, to manage PCI security standards and improve account security throughout the transaction process.

Paymerang’s cloud-based platform securely manages these costly and time-consuming audit processes so your team can avoid the headache and focus on more mission-critical initiatives.

Benefits of Partnering with Paymerang:

  • Greater simplicity through a streamlined process
  • Greater security through encrypted account data and two levels of authentication
  • Greater savings through cost savings on costly audit processes
  • Greater efficiency through time saved on annual audits 

To learn more about how we reduce the headache of audits and simplify your audit process click here.

How Paymerang Supports Partners

In today’s fast-paced environment, businesses are continually striving to stay ahead of the curve and deliver innovative products and solutions. It is imperative for these organizations to look for new opportunities to drive collaborative innovation that delivers on what their clients need today—and in the future.

Partnerships between businesses can harness the strengths and capabilities of each team and allow for both parties to continually improve, strategically scale innovation, solve complex business problems, and better serve clients. Strategic partnerships and collaboration are essential to improving business outcomes. By identifying the gap in client’s business processes, you can identify opportunities for strategic partnerships.

Connecting with strategic partners to achieve a common goal benefits everyone: businesses, team members, and clients. Businesses can broaden their relevance to better serve their target market; team members can increase their development opportunities by addressing new business problems; clients benefit from strengthened offerings. In addition, building relationships and cultivating partnerships fosters an environment of collaboration and longevity—the partners are in it together and seek to better serve their broader market.

Listening to clients and understanding their pain points creates opportunities for partnerships to call on their unique capabilities to offer real-time solutions. Working towards a common goal not only strengthens the partnership, but more importantly it allows businesses to better serve their clients.

Strategic partnerships allow both parties to play into their strengths and learn from each other, but for any partnership to succeed, communication is key. Paymerang understood this pivotal piece and developed our full-time Marketing Partnership Coordinator role. Since having a dedicated resource to facilitate external partnerships we’ve seen: an increase in partnership engagement, new business opportunities, and increased innovation.

Collaboration and communication are key to breakthroughs and progress. We understand that no two businesses are the same and all clients are unique, so we’ve developed a multi-level approach for our partnerships. We take time to understand our partners strengths and their clients’ challenges. This allows our team to collaborate with partners to solve the business challenges clients experience—while benefiting both parties. Working collaboratively with partners generates energy that fuels growth, innovation and creativity.

Learn more about Partnering with Paymerang.

Paymerang CARES Distributes Over $7 Million in Refunds to Students

On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress with overwhelming, bipartisan support and signed into law as a necessary step to get relief to students, workers, and families throughout the country.

The roughly $2 trillion stimulus package responded to the shutdown of businesses and schools nationwide, as well as millions of job losses, due to the novel coronavirus pandemic.

The CARES Act provided $14.25 billion for emergency relief to institutions of higher education to respond to the coronavirus. Of these funds, 90% was allocated to colleges and universities based primarily on their share of students receiving the Pell Grant.

The Department of Education released a table with allocation amounts for each institution.

At least 50% of these funds were earmarked as emergency aid to students who had their semester disrupted by the COVID-19 pandemic. Emergency aid can include anything under a student’s cost of attendance, such as food, housing, course materials, technology, health care, and childcare. Once funds were received by colleges and universities, they were responsible for distributing the emergency aid to students.

Through our Paymerang CARES program, we were able to help our higher education clients quickly disburse these payments to students. Our education clients were able to send simple, digital CARES Act payments to students with zero disruptions to their existing processes. Most importantly, these payments were sent electronically and delivered directly to students. 

94% of all payments were distributed electronically

To send the secure eChecks faster and more securely, all our higher education clients had to do was upload their CSV file, fund the payments, and mark the items as paid! This simple and straightforward process allowed us to provide our clients with a quick resolution to distributing their funds.

Paymerang CARES payments were sent directly to student email addresses to ensure direct delivery to students. Once students received the funds, they had multiple deposit options: print from home and deposit personally or using mobile deposit, direct deposit via ACH (eDeposit), or deposit to a Visa debit card. 

14,000 students nationwide were able to receive their funds more quickly and more securely

We were proud to offer this program to our clients and help alleviate some of the unforeseen circumstances caused by the pandemic.

You can click here to learn more about Paymerang CARES.

Paymerang and Kaplan Partner to Tackle Payment Fraud

How can you protect your organization against payment fraud risk?


Paymerang has partnered with Kaplan, one of the world’s largest and most diverse education providers, to share more about the risk of payment fraud. In a jointly produced video, Paymerang CEO, Nasser Chanda, addresses the risk of payment fraud and what organizations can do to shield their organizations from fraud.

What is Payment Fraud?

Payment fraud is any type of false or illegal transaction perpetrated by a cybercriminal. In a recent Kroll survey, 84% of financial professionals surveyed reported at least one incident of payment fraud, which is up from 82% reported in 2016 and 61% reported in 2012. Moreover, 86% of respondents reported at least one cyber incident or information data theft, loss, or attack within the last twelve months.

The Kaplan/Paymerang video helps finance professionals assess risk and assist in implementing preventative and protective measures.

An example of payment fraud is seen in a Texas School District that recently fell victim to a phishing scam that cost millions. Phishing scams are emails designed to trick users into handing over personal information. The school district is expected to recover some of the funds as the investigation into the scam continues.

Do you know how to build a resilient organization, ready to handle the growing threats of payment fraud?

Payment fraud risk is a very real threat to organizations. One slip-up in ACH processing or wire transferring could cost millions of dollars and result in significant embarrassment for finance teams. If you have money and secure data, no matter your company size or industry—you are at risk. The Kaplan and Paymerang partnership aims at educating finance professionals on how to navigate those risks.

To learn more about how to protect your organization from payment fraud, watch this video.

5 Ways Electronic Payments Improve the Healthcare Revenue Cycle

If your healthcare organization’s knees are buckling from the pressure of managing shrinking reimbursement rates, skyrocketing costs, and growing cyber security threats, you are not alone. 

Hospital and health system CFOs and revenue cycle leaders are under ever-increasing pressure to develop strategies to improve the financial health of their organizations—and his won’t change in 2020.

Against this backdrop, improving revenue cycle performance is a top priority for healthcare finance leaders, and they are meeting this challenge by optimizing their payments to suppliers.

How electronic payments improve revenue cycle performance

Optimizing payments to suppliers enhances the healthcare revenue cycle in five ways:

1. Higher profit margins: Electronic payment solutions reduce the costs of paying suppliers, contributing to higher profit margins. Electronic payments also streamline payment operations. A single payment file upload initiates payment to all a hospital or health system’s suppliers; instructions are parsed, and payments are automatically remitted in all payment methods. This eliminates the need to log in to multiple banking systems and wipes out the costs of printing and mailing paper checks. What’s more, electronic payments provide real-time payment reconciliation that eliminate the keying of data or the decoding of banking messages. Additionally, advanced solutions deliver detailed payment and reconciliation reports. These reports enable more accurate accrual reporting, greater payment reporting integrity, and better visibility into spending based on the metrics most important to executives.

2. Better cash flow: Best-in-class accounts payable departments – typically, those with a high level of automation – approve and post an invoice within 3.6 days of receipt, per The Hackett Group’s E-Invoicing Benchmarking Study.  Conversely, it takes departments with little or no automation 16.6 days to process a single invoice.  Hospital and health systems are literally leaving money on the table because of slow invoice approval cycles.  The average discount that suppliers offer for early payment is 2 percent, IOFM’s 2017 P2P Benchmarking Study finds.  Highly automated accounts payable departments capture seven times more early-payment discounts (as a percentage of spend) as their peers, per The Hackett Group’s E-Invoicing Benchmarking Study.  That means that a $1 billion-revenue hospital or health system that previously captured $200,000 annually in discounts may gain $1.4 million in additional discounts through automation—which is a significant increase in net profits.

3. Enhanced cash and spend management: Electronic payment solutions empower CEOs and other health finance leaders to effortlessly drill down into key information, analyze issues, and uncover opportunities for driving growth and profitability.  Decision-makers have real-time access to critical data, including: on-time payment percentage, spend by supplier, payment value and volumes, Days Payable Outstanding (DPO), discount capture, cash-back rebate metrics, and team productivity metrics.  Electronic payment solutions also track the status of payments (including initiated payments and rejects), generate detailed transaction and reconciliation reports, and provide a consolidated view of all payout accounts. 

4. Cash-back rebates on corporate spend: Hospital and health system CEOs can really get excited about cash-back rebates on payments made via virtual card (or vCard).  It is not uncommon for organizations to earn cash-back rebates on 30 percent of their spending.  In some cases, the cash-back rebates earned by hospitals or health systems have single handedly made their accounts payable department a profit center.  The money earned through cash-back rebates also can be used to fund innovation in the finance department and beyond. 

5. Extended DPO: Leveraging certain card programs for electronic payments enables hospitals and health systems to extend their DPO, a measure of the time it takes an organization to pay its suppliers, without changing their payment terms.  Since the funding for vCards is provided by the buyer’s bank, and the payback period to the card issuing bank doesn’t kick in until the payment is initiated, buyers can extend their DPO by several weeks.  Extending DPO frees up cash that CEOs and other health finance leaders can use to pay down corporate debt, make capital investments, increase research and development, or support other growth initiatives.

These benefits are sure to capture the attention of CEOs and other health finance leaders looking for ways to improve revenue cycle performance. 

Want to learn more about how Paymerang can improve your healthcare organization’s revenue cycle? Contact sales@paymerang to arrange a no-obligation consultation.

Don’t Settle for a Fractional Bank ePayment Solution

The world of electronic supplier payments is growing rapidly. Companies are making the transition to eliminate check writing and move to secure electronic payment (ePayment) platforms. The time savings, fraud prevention, and cost savings have already convinced many companies to outsource their accounts payable disbursements. Traditionally, banks have been the trusted adviser in this new world, but are they the best choice? Sending over some card payments, ACH transactions and wire transfers does not constitute a holistic ePayments solution. And yet, that is exactly what many companies are doing. Fractional bank solutions do not provide the best opportunity to transform your AP department. CFOs and Controllers should be asking the following questions:

  1. Will I still need to reconcile my accounts? 
  2. Do I need to open a line of credit to process my card payments?
  3. Who does all the work in enrolling new vendors after initial setup, and what level of service is provided to these vendors? 
  4. Will you make sure I am compliant with NACHA, OFAC and PCI? 

If the answer to any of these questions results in additional work for your AP department or does not mitigate your risk—a fractional bank solution is not in your best interests. A complete ePayment platform will allow you to gain operating efficiency, reduce or eliminate check writing, provide generous cash rebates, ensure compliance and protect your funds in the most secure environment possible. 

To learn more about a complete ePayment platform visit us here or contact us now sales@paymerang.com