With 50 percent of companies still using B2B checks, annual check processing costs top $25 billion. But lack of resources, vendor bank details, poor management of remittance data and fear of risk discourage migration to electronic payments. The FIS™ Integrated Payables solution reduces manual processing, facilitates comprehensive vendor management and provides rebates for virtual card usage.
Check-to-ACH migration continues to gain widespread appeal as companies seek to improve their B2B payment strategy to achieve cost reductions and streamline payments processes. The FIS™’ Integrated Payables solution enables you to transition from check printing and mailing checks with remittances to securely send ACH payments with digital electronic remittance.
Printing and delivering MICR checks and other documents is costly and can expose your company to risk, prompting many corporations to consider outsourcing. For others, internal company requirements keep paper-based check printing and execution in-house. FIS™ offers solutions whether an outsourced or in-house solution is right for you.
Outsourced: With the FIS™’ Integrated Payables solution, we’ll print and mail your checks or migrate them to electronic payments, including domestic and international ACH and wires. Other: direct deposit advices; billing, invoices and statements; and wage and tax form notifications.
In-house: The FIS™ Integrated Payables solution enables you to securely and efficiently print MICR laser checks, statements, invoices and other documents in-house and at remote locations.
For companies considering outsourcing print and mail services, FIS™ delivers a comprehensive solution that helps companies print and mail checks; tax forms, including W-2s, 1099s, 1098s, 5498s; invoices; direct deposit advice; and other documents. The FIS’ Integrated Payables solution offers a print and mail service to expedite processing and offers a complete end-to-end approach in a secure facility.
As companies increasingly migrate from costly check disbursements to electronic payments, many are adopting virtual card payments, or vCards. With the FIS™ Integrated Payables solution, you can earn rebates with these single-use, unique card numbers that are used in lieu of paper checks to securely pay vendors.
With payments processing fast becoming the center of attention for corporations, many are looking to their banking partners for check printing and electronic payment solutions. The FIS™ Integrated Payables solution can help banks and technology providers expand their offerings, from workflow and routing to check printing, outsourced check processing, execution of electronic payments including ACH, international ACH, cards and wires.