The Canadian payment landscape is changing, and businesses in every industry can recognize the value of making the shift to electronic forms of payment.
From improved efficiencies and reduced risk to easier access to cash flow, both buyers and suppliers are beginning to understand the benefits of solutions such as ePayables and commercial payment cards.
Much like a virtual credit card, ePayables are particularly attractive to buyers who want to make purchases with ease along with perks like rewards points or cash back. The current process of accepting ePayables can be complicated, cumbersome and inconsistent for suppliers, but that is where supplier enablement services from Moneris® can help.
The struggle for suppliers
When it comes to making the move to accepting ePayables, many suppliers feel frustrated and conflicted. On one hand, the benefits of acceptance are appealing as risks can be reduced, payments can go through quicker and some of the manual work within accounts receivable departments can be streamlined. Suppliers also know that choosing not to accept ePayables can negatively impact customer satisfaction levels as more buyers are actively seeking to use this payment solution.
On the other hand, the complexity of unpredictable login processes, short timeframes and custom instructions for each purchase can be overwhelming. When each transaction needs to be handled in a unique way, the margin for human error widens, creating payment delays and the potential for buyer dissatisfaction.
These issues, combined with a lack of experience in handling ePayables, leaves many suppliers wondering if accepting this form of payment is even worth it.
The dilemma for buyers
From a buyer’s perspective, buying with ePayables can potentially improve cash flow with extended days payable outstanding, making this an attractive payment solution. It can also increase efficiencies and streamline processes for the buyer by eliminating time and risk associated with cheques. So, ePayables sound like an ideal solution, but only if suppliers will accept them.
So, what’s the solution?
The solution is supplier enablement
Rather than bearing the weight of making the ePayables process seamless for suppliers, many buyers find the answer is to hand the situation over to experts. That’s where supplier enablement services come in, like the ones provided by Moneris to help buyers take on the enablement discussion.
Supplier enablement experts reach out to vendors on the buyer’s behalf to initiate the discussion and answer questions about ePayables. They then help suppliers prepare to receive payment without the complicated process they would otherwise need to navigate, minimizing the effort to accept ePayables.
The ability to simplify and streamline a complex process through supplier enablement takes the work out of ePayables for buyers and suppliers, allowing them to spend their time focusing on their business.
The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed.
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