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The Electronic Payment Advantage
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Electronic payments have consistently outnumbered checks since 2003. ACH, wire transfers, and some purchasing card programs are becoming more widely-used in organizations around the globe.
Making payments electronically provides several cost and process benefits to an organization. This issue features information on how to turn your electronic payment ideas into reality. |
| Ashley Jones – Editor
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Electronic Payments |
Electronic payments have shifted from being an alternative to paper checks to being the preferred method of payment among many organizations.
The speed of automated clearinghouse (ACH), the security of wire transfers, and the streamlined payment process of purchasing cards (p-cards) can benefit organizations by reducing costs and enabling faster account reconciliation.
- ACH: ACH volume increased 8 percent in the 2nd quarter of 2008 compared to a year ago. (NACHA)
- Wire Transfers: Wire transfers are the most frequently used method for international payments from the U.S. (AFP)
- P-Cards: P-cards can result in savings ranging from 55 percent to 90 percent of the transactional cost. (NAPCP)
As the number of checks continues to decline, companies are becoming more anxious to implement electronic payment initiatives of their own. Check out The Accounts Payable Network video education seminar, Electronic Payments, featuring David Hay, TAPN Consultant, and former Director, Shared Services, Hewlett-Packard Company, for tips on how to achieve your electronic payment goals.
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| Cash Management Practices Examined Worldwide |
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Visa Inc.'s recent survey explores p-card and procurement practices from around the globe, revealing favorable results. Read the story on TAPC.
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Just for Fun! |
How many times have you heard the cliché: "It's not whether you win or lose, it's how you play the game?" Try telling that to the sports teams that made Forbes' list of the worst losing streaks in sports in the last 100 years.
Every team in professional basketball, baseball, football, hockey and soccer was up for grabs. See Worst Losing Streaks In Sports, to find out if your favorite team made the list.
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