PayStream’s analysts note that labor accounts for the vast majority of all invoicing costs, because of time spent manually creating and mailing invoices, answering questions, managing payment disputes, and correcting errors. Although it often goes unrecognized, another significant cost in accounts receivables is payment lag time. In large companies with high volumes, the processing cycle can last three weeks or more. Those delays are costly, both in terms of lost trade discounts and unearned interest on money that could have been invested during that time.

Today’s virtual invoice and payment solutions not only process payments, they can create electronic invoices from accounts receivable systems, present invoices online, or send invoices directly to recipients’ systems. In addition to faster invoice processing with fewer errors, these solutions also offer savings in time, postage, and paper storage; improved capture of early payment discounts; and online dispute management – not to mention an improved bottom line. PayStream’s latest report, Supplier Electronic Payments:  Understanding Business to Business payment automation solutions reveals that companies can save up to $8.00 per payment by simply by moving from check to electronic payments Download a copy of the complementary report. DOWNLOAD NOW >>

Source: PayStream Voices