Company decides to adopt its own portal product, a companion module to EZPayManager payment solution.
ACOM Solutions has enhanced its web-based Vendor Self-Service Portal with messaging and tracking features that make it easier for payees to define their own payment preferences, maintain their account details, and track their payment histories in a secure, password-protected, browser-accessed viewing space, it was announced today.
The Vendor Payment Portal is a self-administered companion module to ACOM’s EZPayManager payment solution. ACOM’s own experience in using the product suggests that the convenience, savings, and security afforded by the portal encourage vendors to use it who otherwise might resist moving their payments from checks to electronic payments.
“ACOM has served as its own test-bed on this product and we now have about 75 percent of our Tier One vendors accepting payments via ACH, with advantages both to our company and to the trading partners who furnish us with goods and services,” said James R. Scott, ACOM senior vice president.
“Because the vendors enter their own information, they have no problems with security breaches, removing the chief objection to providing the banking details needed to effect ACH payments. Benefits include faster remittances, greater control over bank accounts, and reduced personnel requirements for both accounts payable and accounts receivable,” says Scott.
Organizations can assign password-protected space in the portal to any vendor choosing to participate. Vendor-selectable parameters include, among others:
Payment option:
- Check
- Electronic
Format of the remittance advice:
- Paper document
- PDF (email or portal)
Receipt of remittance advice information:
- Fax
- Secure eMail
- Secure posting at the portal
Vendors opting to be paid by direct deposit provide their bank routing and account information for the automated bank-to-bank transfers. This information is protected under a multi-layer password scheme and vendors retain the ability to modify and update their information at any time.
Modifications update the vendor record in EZPM or the accounting software, eliminating the need for accounting personnel to collect, manage, and store the vendor’s bank account and routing information. Once the portal is set up, all of the information related to current and past payments is available to the payee with a few mouse clicks.
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