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Why Automate Payments with an Embedded Payment Solution?

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January 13, 2022

Businesses of all sizes are accelerating their digital transformation initiatives.

The goal is to reduce inefficiency, eliminate unnecessary complexity, and improve visibility.

Disbursements is a good starting point for many businesses.

The way that most businesses pay suppliers and individuals costs too much, takes too long, results in too many errors, provides inadequate visibility, frustrates payees, and creates too much risk.

Automating disbursements with an embedded payment solution addresses these challenges.

The Benefits of an Embedded Payment Solution

There are six important reasons to pay suppliers and individuals with an embedded payment solution:

1. Free Up Staff Time

Studies show that 84% of the typical accounts payable practitioner’s day is wasted on manual, repetitive tasks such as:

  • keying payment data
  • shuffling paper
  • fixing errors
  • chasing down information
  • responding to calls and e-mails from suppliers & individuals about the status of payments

An embedded payment solution eliminates most of these steps. Users can instantly initiate or schedule one or more payments with just a few clicks of the mouse from within the familiar screens of their legacy accounting software. There is no need to log into multiple systems or bank portals to make different types of payments. And complete remittance details are automatically generated and sent to payees eliminating the need to call.

Because the payment solution is embedded in the legacy software, payment data is constantly updated, and payments are reconciled in real time.

2. Better Payee Experience

Checks are increasingly unpopular with suppliers and individuals, particularly millennials. An embedded payment solution makes it easy to pay suppliers and individuals in their preferred payment method, including Automated Clearinghouse, Real-Time Payment, virtual card, Mastercard Send, and cross-border.

Some payment methods can be settled within minutes and made on weekends, holidays, and after hours.

An intuitive onboarding process makes it a snap for payees to select their payment preferences. And embedded payment solutions ensure that payments are deposited directly into payee’s bank account as scheduled. There is no chance of payments becoming lost or misplaced or intercepted. Payees also receive full remittance details explaining what the payment is for.

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3. Enhanced Visibility

It’s hard to know where things stand in a manual, paper-based payment environment. But embedded payment solutions display the status of all pending, in-process, and completed payments in a single location. The line-item detail of all pending payments is instantly available. All actions taken on a payment are logged. And historical payment information can be searched with a few mouse clicks and results can be effortlessly exported.

4. Seamless Integrations

Standing out in today’s competitive marketplace requires a digital payments strategy. Embedded payment solutions streamline processes and deliver a seamless user experience by connecting with any legacy accounting software or enterprise resource planning (ERP) application, including those from QuickBooks, Acumatica, and Sage. A single platform connects payors to any payment method or payment rail. With an embedded payment solution, there is no need for standalone systems for each payment type.

The APIs and connectors available for some embedded solutions also allow Fintechs and banks to tailor payment experiences. And top providers of embedded solutions have extensive partnerships with top-tier global banks. Payments can be made from any originating bank account.

5. Streamlined Business Processes

Payees expect payment workflows tailored to their needs.

Embedded payment solutions have pre-built digital workflows for industries such as freight and logistics, insurance, healthcare, and real estate. Pre-configured workflows can facilitate supply chain financing in freight, accelerate claim payouts, provide patients with multiple payment options, and simplify compliance in highly regulated industries such as gaming.

6. Reduced Risk

Embedded payment solutions are built with a bank-grade security infrastructure. Administrators configure access and privileges. All payment actions are logged. And there’s no chance of electronic payments being intercepted by fraudsters.

Automating disbursements can be an essential component of a digital transformation initiative.

An embedded payment solution can help businesses of all sizes free up staff time, deliver a better payee experience, enhance visibility, improve connectivity, streamline processes, and reduce risk.


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