We have come to an advanced leg in our AP automation journey. The European Union has drafted legislation to encourage its member countries to implement electronic payments between the public sector and its suppliers by November of this year. The resulting economic savings are reported to reach up to 2.3 billion euros.
When a company has spent years (and in some cases, decades) making its own supplier payments via paper check through an in-house AP department, handing over the reins to an outside partner can be intimidating, even in light of the numerous benefits.
Until a couple years ago, virtual cards were “virtually” unheard of outside the payment world. Fewer suppliers accepted payments by card, so fewer corporations were motivated to offer virtual payments, despite the benefits.
As a full-service payment solutions provider, EML can accommodate practically any payment method to become your single provider of payment solutions. In general, Supplier Payment Optimization utilizes several different payment methods, including paper checks, ACH, and virtual cards.