According to the company, this solution automates back-end accounts payable and payment transactions, processes all of a company’s disbursements, reduces accounts payable and payment costs, and manages the cost of growth. Corcentric manages all forms of payment – ACH, paper check and credit cards, the company added.
Corcentric’s new e-payments solution, announced from the TMW Systems in.sight User Conference and Expo 2016 in Nashville, TN, handles vendor payments by obtaining a payment file from the client, which is then allocated and directed towards its vendors.
“With over 74% of companies still issuing paper checks as their payment method of choice, many are bogged down by fee-based models that can drag their clients into the minutia of paying per invoice and other pay-per-use items,” said Matt Clark, COO of Corcentric. “By automating the full lifecycle of a transaction, including the elusive payments portion, organizations can have greater visibility into spend and dramatically reduce costs.”
Corcentric partnered with FIS and Comdata to create this integrated payments solution, the company noted. FIS’s PayNetExchange payment solution provides an automated payment processor initiating ACH, Check and Virtual Credit Card payments.
“Corporate payments are 30-years behind consumer payments in terms of technology and innovation,” said John Molnar, senior vice president of business development at Comdata. “But companies like Corcentric are closing that gap and we truly believe we are about to see mass market adoption of e-payments technology. We’re proud to partner with Corcentric to bring B2B payments into the modern era.”