Frequently Asked Questions
1. What does Paymerang do?
Paymerang provides a streamlined Invoice and Payment Automation platform that brings Accounts Payable departments into the modern age. Our solution leads the market with a modern, award-winning platform, white-glove customer service, and vendor experience.
2. What does “Paymerang” mean?
Like a boomerang, the idea behind Paymerang was centered on reciprocal actions: Use Paymerang to eliminate manual accounting processes and, in return, watch the benefits of automation come back to you.
3. What are Paymerang’s hours of operation?
Paymerang’s operating times are 9:00 AM to 5:00 PM EST, Monday through Friday. Paymerang does not operate on any Federal Reserve holidays.
Accounts Payable Automation
1. What is Accounts Payable automation?
Accounts Payable automation uses electronic workflows and artificial intelligence to eliminate manual processes, streamlining the accounting process from start to finish. This saves Accounts Payable departments thousands of hours annually.
2. What are the benefits of Accounts Payable automation?
Time savings, greater efficiency, increased visibility, enhanced security, and cost reduction.
3. Does Accounts Payable automation support role-based controls?
Accounts Payable automation enables business continuity by eliminating tasks and establishing role-based controls, providing Accounts Payable leaders visibility into their organization from anywhere at any time.
Paymerang vs. Bank-Provided Solutions
1. How is your solution different from what our bank can offer?
We specialize in automating Accounts Payable payments. We enroll suppliers, determine payment acceptance, and process and reconcile your payments. Banks often require you to do more work and may require specific payment formatted files and payment method instructions for every payment. In addition, they typically require complex contracts and credit lines.
2. Is there a limit on how much we can pay?
No. All payments are funded and processed immediately with our solution. Therefore, there is no credit underwriting or limit required.
3. What if we have special terms with our supplier that requires us to pay with a check or ACH?
No problem. We have lots of special features, including the ability for you to override our designated payment method for any specific supplier.
4. Do you offer employee expense reimbursements?
Yes, we do, but employees must register online for electronic ACH payments.
1. What is Invoice Automation?
Paymerang offers Invoice Automation technology that uses artificial intelligence to capture, read and route invoices, giving your team a fail-safe electronic paper trail. This feature is HIPAA-compliant and has features to secure and protect valuable information.
2. What are the benefits of Invoice Automation?
Greater visibility, increased efficiency, better accuracy, and improved timeliness.
3. How do I track the status of an invoice?
You can also check the status of an invoice through Paymerang's on-demand report portal.
4. How much time does Invoice Automation save?
Invoice Automation saves up to 80% of your organization's time while also allowing you to process five invoices in the time it takes to process an invoice manually.
5. How does Invoice Automation help with document management?
Aside from eliminating paper invoices and the need to store them safely, Invoice Automation allows you to post invoices to a General Ledger, and provides a document history that shows received, approved, and posted invoices while creating an auditing trail.
6. Does Invoice Automation help with configuring the approval of workflows?
Invoice Automation creates routing approval, which summarizes invoice details for staff to review, modify G/L coding, and add comments before approving.
7. How can I control which invoices are getting paid?
Paymerang's premier Invoice Automation platform allows authorized users to choose which invoices must be paid.
1. What is Payment Automation?
Paymerang’s Payment Automation is an integrated payables solution which gives clients the means to easily submit a payment file, fund the payments in bulk, and mark the payments as closed within their accounting systems. From vendor enablement, to remittance, to reconciliation for all payment types and delivery methods, Paymerang offers a simple and comprehensive solution that today processes billions of dollars in payments each year for hospitals, banks, public utilities, manufactures, governments, K-12 schools, higher education Institutions, and more.
2. What are the benefits of Payment Automation?
Greater efficiency, greater speed, greater security, and greater support.
3. What are Paymerang’s payment options?
Virtual one-time-use cards, check, and ACH payment.
4. How fast are payments processed?
Once Paymerang has received an approved batch and funding for said batch, we will process the payments at the next process time. Payment delivery times are as follows once the process has been run:
Payment Delivery Times:
- 95% of card payments settle after five business days
- Phone and online portal – Attempted within 3 business days
- Email and Fax – Payment instructions sent immediately
- Outstanding follow up – starts after 7 days
- Vendor receives an email with all the payment information including remit in the body of the email the same day
- Posted next business day
- Outstanding follow up – None required unless rejected by vendor’s bank, in which case Paymerang will follow up the next business day
- Printed and mailed within 24 hours
- Outstanding follow up – starts after 28 days
5. How much time can Payment Automation save my Accounts Payable department?
Paymerang’s Payment Automation platform saves departments 80% of time on payment processing and helps departments process five times more payments in the same amount of time as manual processing.
6. How will our suppliers know that payments are from us?
We customize the remittance output so it will appear as it does on your checks. All payments are marked as sent from your business, and our checks can display your logo.
7. How do our vendors enroll in the service?
Many of your vendors are already using our network and receiving payments. For those that aren’t, we’ll contact them by phone and confirm whether they accept VISA. If they don’t accept VISA, we’ll offer them the opportunity to enroll online for ACH.
8. What is your enrollment strategy?
Unlike most AP automation providers that use a “set it and forget it approach,” Paymerang provides ongoing/daily vendor enrollment support. Each time a batch of payments is uploaded to Paymerang, your assigned Enrollment Specialist will reach out to any vendors without an electronic payment method to be enrolled for card or ACH.
9. How do we get information on the status of payments back into our accounting system?
Paymerang seamlessly integrates with over 80 Enterprise Resource Planning (ERP) platforms, meaning that you will have instant access to this information regardless of your accounting system. Most of our clients simply mark payments as “paid” once they upload their payments. We’ll let you know of any problems or delayed payments.
10. Can I check the status of a payment or other reports?
Paymerang offers on-demand reports like payment status reports, ACH enrollment reports, and batch insights reports. You'll never have to worry about the status of a payment again. The payment status report allows you to select if you'd like to see settled, issued, reissued, refunded, or partially refunded payments, giving you greater visibility into payment statuses. The ACH enrollment history report allows you to select a date range within the last 90 days, filter by invited, enrolled, or all, and filter by vendor name. The batch insights report gives you a historical digital archive of batches where you can select a date range and export it into Excel.
Security and Compliance
1. How do you secure our funds from deposit through to settlement with our vendors?
Your funds are held in an account owned and managed by one of our partner banks (The Bancorp Bank, N.A, Member FDIC) and disbursed on the same day your batch is funded. Virtual Account and ACH payments are funded immediately for processing. Checks are mailed out with the added security of Positive Pay to safeguard against check fraud. We manage reconcilement and follow up on outstanding payments, promptly refunding canceled or unclaimed transactions back to you.
2. Where is our data and how is it secured?
Paymerang uses Amazon Web Services (AWS) to host all data. AWS is the world’s most comprehensive and broadly adopted cloud platform, offering over 200 fully featured services from data centers globally.
3. How do we keep your information safe?
Paymerang provides enhanced security by encrypting account data and requiring multi-factor authentication.
4. What fraud monitoring tools do you have in place for each payment type?
Paymerang has several fraud-mitigation processes in place and works closely with local and federal law enforcement if we discover a fraudulent attempt.
5. What qualifications or certifications does Paymerang maintain?
Paymerang is SOC2 audited, NACHA & PCI-DSS compliant, and includes Positive Pay on all checks.
The Implementation Experience
1. How long does it take to begin using your service?
Implementing Paymerang is a straightforward process and can be done in as little as five days. Most clients will be utilizing Paymerang within 30-60 days. We require less than 10 hours of client time, and for Payment Automation, you can be up and running on the platform once a clean payment file is delivered.
2. What do we need to change in our AP processes?
Nothing really. Our service uses the check file that is created from your accounting software. Our processes align fully with yours, and you retain control over who you pay, how much they get paid, and when they get paid. You’ll find working with Paymerang is simple and seamless.
3. What accounting systems do you work with? Is there any integration required?
Our software is system-agnostic, meaning it works with whatever legacy systems you have in place. We adapt to your existing systems, not the other way around.
4. Do we need to buy and load any software to use your service?
Our service is cloud-based, so there is nothing to buy or install. Just log in online, upload a payment file, and fund the batch. That’s it.
5. What resources will be needed during the implementation process?
No additional IT resources are needed. Our implementation team will guide you through the entire process and be a resource available to you as you’re using the solution.
6. Is it possible to only implement Payment Automation or Invoice Automation?
Yes, you can choose to only automate one or the other.
General Costs Questions
1. How much does Paymerang cost?
Pricing varies from client to client, depending on several factors.
2. Sounds too good to be true. How do we make money paying our suppliers?
Our service pays suppliers with virtual one-time-use cards, ACH, and checks. Certain clients may be eligible to earn cash rebates just as you would on a consumer card. We recommend you read some of our case studies to see how companies across various industries have benefited from Paymerang—or schedule a demo and let us show you how it can work for you.
3. Can this help us if we already have a P-Card program in place?
Yes, our solution complements P-Card programs. Use your P-Cards for direct and in-person purchases and let us handle all your invoice payments typically processed by Accounts Payable. We usually achieve a higher gross rebate over P-Cards due to the depth and breadth of our payment capabilities.
4. How long does it take to begin earning rebates?
We pay out rebates quarterly. If you qualify for our rebate program, you’ll likely earn money in the same quarter you begin processing with us.
5. Do you charge for check and ACH transactions?
Our pricing for transactions depends on the estimated dollar volume of card payments.
1. Will I be able to speak with someone if I am experiencing account issues or issues with a vendor?
Paymerang provides white-glove customer service to our clients and their vendors, distinguishing it from banks and other programs. More than 100 U.S.-based customer representatives can answer inquiries from vendors and AP teams, typically within two hours or less.
2. Can I give feedback or suggestions to the Paymerang team?
Paymerang values the customer service experience and regularly send clients a Net Promoter Score (NPS) survey. NPS is a customer loyalty metric that measures customers' willingness to make another purchase and make a recommendation to their family, friends, or colleagues. A Net Promoter Score can range from -100 to +100 depending on how loyal and enthusiastic a company's customers are. Our team is proud to report an NPS score of 68, which is considerably higher than any bank program. Our score has been consistently in this range. It serves as a reflection of our ability to maintain our quality of services.