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Comparing Paper vs. Electronic Transactions

Facta Vera’s payment automation solution gives businesses a comprehensive and easy to use solution that will seamlessly and securely migrate your payments to ACH/EFT transactions, and electronic remittance advice presentment.  Listed below are top ten advantages of electronic payment over traditional paper printing.

Traditional Paper Payment Processing

Electronic Payment Processing

 

High Banking Costs - Banks charge a high clearing fees and add charges such as positive pay/ payee match/ incidental/ charges

 

Reduced Banking Fees - Processing payments electronically dramatically reduces bank deposit item fees.

 

Transaction Processing Security Concerns
AFP survey shows 68% of corporations in North America have experiences payment fraud.  Of that, 94% was attributed to paper cheques, and 28% of companies suffered a financial loss.

 

Transaction Processing Security Measures
Same survey showed less than 1% was attributed to electronic credits.

 

Accounting Nightmare – Businesses can’t
consider software for payment processing options that over burden their accounting functions, creating multiple processes and loss of control.

 

No Accounting Nightmare – Facta Vera solution will streamline the process, reduce time and cost, which giving you more control.

 

High Paper Processing Costs – High
paper volumes generally mean increased
labor costs, administration, handling, printing,  and possibility of error. 

 

Reduced processing costs – With electronic payment and presentment, most if not all processes are eliminated.

 

Internal Security Concerns – Every business is concerned about security, fraud prevention, and employee theft. Business executives and managers must have sufficient controls over the movement of funds to determine without question which individual employee authorized specific transactions and funds transfer.

 

Internal Security Measures – Facta Vera solution can rout payments for viewing and approval with multi-layer thresholds for the ultimate in security measures, auditing and control.

 

Technical Software –Businesses can’t use overly technical software and custom coded tools to operate their business. Learning curves are too steep, maintenance and changes are time consumptive and expensive and employee training is difficult.

 

Non-Technical User Friendly – Facta Vera’s
software is user-friendly--entry-level personnel
become familiar with its operation very quickly.  With our plug and play interfaces installations quick and changes are simple.

 

High Administration Costs - Paper check
processing carries costs associated with preparing and mailing, and other costs such as: follow up; bank fees; and administrative expenses.

Independent studies have pegged cost of processing paper cheques between $15 to $25.

 

Reduced Administration Costs - Electronic
Payment processing virtually eliminates the costs associated administration and handling.

 

Not predictable cash flow – Predicting when a payment will be cleared when it comes to paper cheques is impossible.

 

Predictable cash flow-
Electronic transactions are cleared on the date you have assigned by the bank.

 

Reconciliation – Reconciling paper cheques is a job on its own.  Tracking outstanding payments, canceling, reissuing, or wondering if it has been exposed to fraud, while balancing the matching of payee and dollar amounts is what AP staff has to do on daily basis.

 

Ease of reconciliation – Once electronic payment file has been submitted to the bank and accepted, all payments can be reconciled in your system.

 

Cheque is in the mail – Suppliers are constantly following up with AP staff as to the payment, and over the years have built in buffers of additional interest charges based on relationship rating.

 

Improved payee satisfaction – Electronic payments are on time, while still giving you the control of when to pay.  Improved relationship, generally leads to better rating and better rates and discounts.

Bridging the Gap

Since not all payments are conducive to be moved over to electronic, Facta Vera solution will streamline your payable processing by automatically producing all required forms of payment from your batch run, including EFT/ACH, MICR cheque, printing, Positive Pay/Payee Match, FEDI, wire payments, and electronic remittance delivery (web, email or fax) through a single tool, drastically reducing the time and labour, while centralizing reporting and audits.

With Facta Vera, not only will you reduce the cost of processing and bank charges, your AP staff will have more productivity and less time will be spent on menial tasks.

     
     
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