Create a Consistent Workflow Across Any Payment Type
The Accounts Payable (AP) process of any organization is often complex and challenging, with buyers, coders, and approvers involved in the process as well as outside vendor partnerships. Limiting your processes to regular invoice transactions will not meet 100% of your organization’s needs. Unique or urgent payments may not always come with an invoice but still need to be paid nonetheless, and you still need to enforce financial controls. Enter the Payment Request Capability.
With Payment Request by DataServ, you can easily pay taxes due to state governments, provide compensation to former employees upon separation, make advanced deposits on, leases or rent payments, or even render payment to a balloon artist at the company picnic. Despite the lack of an invoice, your AP team can still get the appropriate approvals and proper documentation before payment via Payment Request.
Why Payment Request from DataServ:
The Benefits of Our Capability
Seamless User Experience
Easily request payments digitally. Simply enter the vendor information into the system where it will check against your vendor master to ensure validity, then route for any necessary approvals and then on to the AP department for them to create a check or other payment method. The Payment Request capability allows your users to properly code, attach supporting documentation, enter special instructions, and view the status of the payment request. Thanks to DataServ’s Concurrent User model, which allows anyone to access the system without requiring a “seat” or named user license, even first-time users will be able to submit a Payment Request.
Consistent, Integrated Workflow
Your AP process and workflow approvals require consistent financial controls. While check requests may require a different approach, those same financial controls still need to be applied. The Payment Request capability leverages the AP automation services from DataServ, so your team can keep workflows consistent across any request type.
Increased Security and Compliance Features
Check and payment requests must be accurate, and the Payment Request capability offers increased security measures and compliance features to ensure that. Any financial actions taken through the solution will uphold the integrity of your controls so your records will stand up to an approval matrix and come with a complete audit trail.
Go Paperless with Confidence
With Payment Request, your organization will no longer have to rely on paper in any aspect of your AP process. Build efficiency, accuracy, and ease of use with just one interface to streamline processes and boost your organization’s environmental sustainability.
Maintain Processes with Remote Employees
Working remotely continues to be a desired benefit with companies but can often come with challenges for AP teams. The information entered into Payment Request is easily accessible through the DataServ platform from any browser, eliminating rush processing and late payments you’d experience with work-from-home, work-from-anywhere and hybrid employee schedules while ensuring all time-sensitive payments are still addressed.
Discover the Power of Payment Request: Download Our Solution Sheet
Frequently Asked Questions
Payment Request is a comprehensive financial capability revolutionizing how businesses handle payment requests and transactions. At its core, it is a digital version of the old paper or spreadsheet check request process that most companies have had since the ’60s!
Essentially, Payment Request provides a centralized platform to create, manage, and monitor these requests, streamlining the exchange of bills and other payment-related information. Some of the key components of the Payment Request capability include:
- Workflow automation: Automation is the cornerstone of a solution, eliminating manual processes from the entire request workflow from initiation to approval and processing. This automation reduces manual intervention, minimizes errors, and accelerates the payment cycle.
- Real-time tracking: A standout feature, real-time tracking allows users to monitor the status of the requests, providing visibility into when invoices are viewed, approved, or paid, enhancing visibility and decision-making.
- Payment options: supports various payment methods to accommodate the diverse preferences of your business and clients. The system ensures flexibility, whether it’s a paper check, credit card payment, bank transfer, or other electronic payment method.
- Security and compliance: Security is crucial in financial transactions. The solution from DataServ incorporates robust security measures to safeguard sensitive financial information while adhering to regulatory compliance standards to ensure the transactions meet your industry-specific requirements.
- User-friendly interface: The user interface is designed to be intuitive and user-friendly, ensuring any first-time user can easily adopt and use the solution without training. As with all DataServ capabilities, training is included.
DataServ’s Payment Request capability allows your business to digitize and optimize existing payment infrastructure and reduce staff time spent processing these traditionally manual requests. By embracing automation, enhancing transparency, and providing flexibility in payment options, you can increase efficiency and improve financial management regardless of your business size.
The Payment Request capability offers various operational workflow benefits, including:
- Enable Remote Requests: No matter where they are working from, your team members can request a payment and know that it will follow the same approval process as an invoice transaction.
- Efficiency: Streamline payment processes, reduce manual efforts, and enhance overall operational efficiency.
- Accuracy: Ensure all details are captured with the required fields before payment approval. Document the details in AP invoice archives for future audit access.
- Visibility: Gain real-time visibility into the status of payment requests, ensuring transparency and control.
- Control: Apply the same standard financial controls to unstructured, non-invoice payment requests to reduce risks and improve compliance.
- Cost Savings: Cut costs associated with manual payment processing, reduce paperwork, and optimize resource utilization.
- Faster Payments: No more surprises. No need to rush around responding to urgent requests with improper documentation.
- Security: Ensure secure and compliant payment transactions, protecting sensitive financial information.
- Enhanced Vendor Relationships: Improve vendor relationships by providing a seamless and transparent payment experience.
- Adaptability: Tailor payment request workflows to suit your business requirements, ensuring flexibility.
By leveraging Payment Request, your business can transform its payment processes, leading to increased efficiency, cost savings, and improved overall financial management.
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Regardless of where you are at in your AP automation journey, DataServ will meet you there and help you evolve.