Cambridge Online is not just a payables platform; it is also a full-fledged vendor management solution. Your Cambridge Online database can store comprehensive information on your vendors including address and banking information, either as a standalone master vendor record or as an integrated component with your existing ERP/Accounting system. Our operations team will ensure that your vendor data is up to date and compliant with all applicable banking regulations.
The benefits of the Cambridge Online vendor management solution not only accrue to your organization, but also to your vendors. A self-service vendor portal allows your vendors to login and manage their own banking information and payment preferences. Changes to banking information are captured by Cambridge Online’s electronic audit trail and are subject to approval from your organization. The vendor portal also provides your suppliers with comprehensive payment tracking and reporting capabilities, thereby enhancing your customer service and reducing the workload on your payables department.
Cambridge Online’s vendor management platform is a significant step in achieving a truly paperless payment workflow that maximizes your investment in IT and ERP solutions. However, you might still be paying a significant portion of your vendors by check. Apart from not realizing the full benefit of an electronic payment platform, check have very high costs related to printing and postage, not to mention the ‘soft’ cost of fraud risk and manual labor. Regulatory authorities across the world are thus increasingly mandating enterprises to eliminate checks from their payment portfolio.
At Cambridge, we understand that the costs of converting your vendor base from check to electronic payments can be prohibitive in terms of technology and labor. Our check elimination tool is the answer to this problem. It is a cost effective, turnkey solution hosted entirely on our infrastructure that includes an email campaign tool that allows you to reach out to your vendors via customized emails, and a secure white-labelled enrolment website that collects their banking information seamlessly. Vendor enrolments can be easily vetted and approved by an authorized user at your organization; once they are approved, they are ready to be paid electronically. Combined with the self-service vendor portal, the check elimination tool will help you realize the cost, compliance and efficiency benefits of a fully electronic payment process.
To know more about the Cambridge Online vendor management and check elimination solution, contact your account manager.