Create Optimised Payment Workflows, Reduce Cost, Increase Control and Mitigate Risk with Electronic Payments
Chrome River PAYMENTS provides significant cost reductions related to the elimination of B2B cheques in favour of electronic payment alternatives like virtual Mastercard accounts, ACH+ network discounts and ACH. PAYMENTS works seamlessly with your existing ERP systems for payment and reconciliation.
Today’s Payment Landscape
The following statistics are reasons that 80% of companies are converting from paper cheque payments to card-based and ACH-based electronic payments.
- 63% of organisations make over half of their payments by cheque
- 62% of organisations have been the target of payment fraud; three-quarters of that fraud is from cheques
- The cost to process one cheque is £3.00 - £5.00
- The cost to process a cheque costs 10 times more than a card-based or ACH-based electronic payment
PAYMENTS Platform and Network
Chrome River PAYMENTS provides an online platform to review, approve and administer all vendor payments regardless of payment type or financial institution. These electronic payments are safely and securely managed as follows:
- Card Only – to maximise revenue share on spend that is converted to card
- Card First – to balance revenue share on spend that is converted to card and maximise conversion to electronic payments through ACH
- ACH ONLY – to maximise conversion to electronic payments
All you need to do is enable your vendors through vendor engagement to receive these card or ACH payments from your organisation. For vendors that don’t accept card or ACH payments, we can process the cheque for you.
Vendor Engagement to Reduce Cheque Payments
We have created a proven, technology-driven best-practice vendor enablement process. This ensures that most card first electronic payment enablement programs we undertake eliminate 75% of your targeted cheque payments within 90 days of contract execution.
Contact us today to find out how easy it is to start enjoying cost savings on your vendor payments today.
- Wide variety of payment types: Virtual Mastercard accounts, ACH+ network discount, ACH and cheque print and mail service
- Easily integrates with any ERP system
- Remittance information delivered to the vendor in its preferred format
- Allows continued relationships with existing bank
- Maintains and validates sensitive vendor bank information in our network
- Earn rebates on virtual Mastercard account and ACH+ payments
This project wouldn’t have happened without their technology, vendor outreach, and market expertise.
We had concerns about whether they could really interact with such a large number of vendors during such a short period of time and get enough vendors enabled to eliminate 75% of our checks. We’re big believers now.