Published earlier this month, E-Payables Benchmark Series: Electronic Payments and Fraud Prevention, explores the benefits of electronic payments and the importance of integrating electronic delivery methods into the accounts payable process.
âIntegration of electronic payment methods with existing accounting systems not only reduces costs, but also accelerates payment processing, which in turn allows organizations to capture early payment discounts,â said Amit Gupta, Research Analyst, Aberdeen Group. âOther benefits of electronic payments include removal of paper from the accounts payable department and implementation of better fraud prevention capabilities.â
Based on the survey results of more than 300 global finance professionals, the study revealed that Best-in-Class companies:
â¢ Leverage electronic payment methods to process 80% of their overall payments;
â¢ Realize a 38% savings on transaction processing costs using electronic payment methods over paper checks;
â¢ Have standardized payment processes 67% more frequently than all other organizations; and
â¢ Are more likely to initiate the process of identifying fraudulent payments before payments are made â as opposed to after payments are processed.
âThe findings of this study validate the significant opportunities that exist for organizations that have yet to make the transition from paper to electronic,â said Chip Martin, Vice President of Bottomline Technologies. âAs we have seen for years within our own customer base, the ability to initiate and process payments electronically can have a positive impact on a corporationâs ability to operate efficiently, profitably and securely in the global marketplace.â
Bottomline Technologiesâ award-winning portfolio of payment solutions enables organizations to streamline the processing and reporting associated with a wide variety of payment types, including payroll and vendor payments. Deployed around the world, the companyâs products and services are used by 65 of the Fortune 100 and 80 of the FTSE (Financial Times) 100 organizations.