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As convenient as e-pay is, there are plenty of obstacles keeping many Accounts Payable departments from using this method as often as they’d like. What’s holding your peers back?
The great obstacle for implementing more electronic payments is vendors who aren’t willing to accept e-payments, according to the “Electronic Supplier Payments,” survey by PayStream Advisors.
Here’s the breakdown of the other roadblocks the survey listed:
- Shortage of IT resources (35%)
- E-pay and A/P systems don’t work together (33%), and
- Reduced check float (26%).
If your A/P department has recently decided to start moving more aggressively to e-pay, it may be worthwhile to focus your initial efforts on a handful of vendors that send the highest volume of invoices to you. Convincing them to make the switch will really help A/P to reap the benefits of going electronic.