Research by APQC found that about half of a finance team’s time is spent on transaction processing, leaving less time to focus on business goals and strategic initiatives. When you consider Federal Reserve estimates that 76 percent of business bills a total of 8 billion annually are still paid by paper checks at the end of a staggeringly primitive invoice approval process, it’s easy to see why this is the case. With these antiquated methods, the cost of processing is huge, but there are other challenges that company face such as security and a poor control over cash flow.
MineralTree eliminates the pain points out of AP by automating invoice and payment processing for businesses. Its solutions eliminate the manual entry of invoices, streamline invoice routing and approval, provide sophisticated controls to ensure proper payment authorization, and offer a range of payment choices to ensure that businesses have control over outgoing cash flow. Automating these processes allows finance professionals to spend more time moving the business forward.
MineralTree’s Invoice-to-Pay solution allows companies to automate their entire invoice payment process. First, it automatically extracts relevant information from paper or electronic invoices and synchs that data with a company’s accounting/ERP system. Then, invoices are routed through customized workflows so required approvers can quickly review invoices wherever and whenever is convenient, on any device. The same goes for payment approval.
In addition, MineralTree Invoice-to-Pay incorporates a wide range of security features, including two-factor authentication, individual, and company payment limits, segregation of duties, dual approval, and integration with a bank’s Positive Pay solution to mitigate the risk of internal and online corporate fraud.
Integrating with a company’s bank is a major benefit that MineralTree provides. Other bill pay companies don’t do this, which means in order to make a payment; funds have to first be transferred from a company’s bank account to an intermediary account controlled by the bill pay vendor. Then the vendor makes a payment on the company’s behalf out of its account. There are a number of problems with this model, from security and timeliness of cash flow, to questions about the legality of moving money without a license. By integrating with Banks, MineralTree doesn’t touch a company’s money it executes payments that move directly from payer to payee.
BlueSnap, a fast-growing ecommerce solutions provider, uses MineralTree’s technology to improve its AP and payments process and provides greater flexibility in AP management. As a fast-growing global business, BlueSnap lacked the resources of a large organization and its manual AP and payments process hindered its growth. By automating processes and enabling approvals anywhere/ anytime for execs with aggressive travel schedules, BlueSnap gained back valuable time to spend on more strategic tasks.
Looking ahead, MineralTree plans to expand Invoice-to-Pay to help more companies experience the ease, efficacy and peace of mind that automated AP can provide. As awareness of modern technology increases, the company expects to see a major shift in business payments that will chip away at the $100 billion annual spend in insecure, paper-based, inefficient business-to-business payment processes.