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Electronic Payment System

Problem

How can I integrate electronic payment into my current system?

CTP Solution

CTP offers a suite of electronic payment services for all computing platforms that fully integrate with any existing system.

  • You can initiate payroll through direct deposit and e-mail employees or print a remittance form.
  • Suppliers can be paid electronically and transaction data delivered through financial EDI transmission.
  • Basic ACH or complete FEDI electronic payments can integrate with traditional processes (CTX/820).
  • Small vendors can be paid electronically using basic ACH to transfer funds while generating remittance information by e-mail.

A/P Survey Results

A recent survey by the International Accounts Payables Professionals (IAPP) placed the average cost to process an invoice at nearly $8.00. What’s more, industry studies show that as much as 70% of those costs are wrapped up in document handling and data entry processes.

Converting vendors to an electronic format is crucial to reducing costs in the A/P process. Along with helping to lower overall costs and provide more efficient approval processes, the transaction visibility and collaborative aspects of Electronic AP processing should lead to fewer vendor inquiries and better management of trade terms. Read More