WEBINAR High Tech, Low Touch Economy How a Pandemic Drove Businesses to Move to Enable Remote/Automated AP Processes
Meet Our Hosts Neal Anderson Kay Nichols President & CEO, OnPay Soltuions Multi-Board Member, Fintechs & Banks A seasoned veteran with 30+ Senior Business executive at years of leadership experience in Fortune 500’s IBM and FIS. C suite payments. Before joining OnPay experience in strategy, marketing Solutions in 2011, he served as a and product management. M&A senior VP of Payformance's B2B specialist. Knows how to create payments division. He has also technology driven strategy. been a board member of the Green Sheet and consulted with NACHA and American Express.
New Societal and Business Trends Of the 3,500 Home Workers Surveyed in 2020. . . Recent Studies Show. . . A typical company in the U.S. spends upward of $12,000 per employee per year for office space Source: Forbes 98% 97% Closed businesses are predicted to re-open in stages with social distancing measures and limited onsite capacity Of Businesses Operating Today . . . Would Wish to continue recommend More than four-in-ten businesses are likely working from remote work to be deeply impacted by COVID-19 home, at least part to others of the time, for the Are estimated to survive five rest of their career 50% years or more, during normal times Want to work remotely 57% 100% of the time Of small businesses are 43% closed due to COVID-19 and may not reopen Source: Buffer Source: PewResearch
New Operational Dynamics Provide Adequate Office Space for Social Distancing Support Working From Home Establish a System That Enables Onsite and Offsite Dynamics Manage Shifting Supply Chains
Mitigate Downsides with Low Touch Operations Where Paper-Based Processes Fall Short Firms that automated their payments Risk of Fraud processes saw a Checks for B2B had the highest incidence of actual/attempted fraud in 2017 60% Source: MasterCard Operational Vulnerability Reduction in missing Relying on paper and manual processes increases the risk of fraud, invoices and records human error, and limits the ability to adapt to Black Swan events Source: PYMNTS.com Low Touch Solutions No Touch Payments Tip Enterprises using digital payable platforms can see 81% lower Business adaptability and the processing costs and 73% faster processing cycle times ability to work remote is crucial Source: BusinessInsider as Harvard predicts COVID-19 could cause periodic shutdowns Solutions That Enable Remote Approval through 2022 Businesses are investing in automation that enables their employees to handle tasks virtually and remotely
Essential Strategies Going Forward What Does This Mean for You? Antiquated AP Processes Are Priority #1 No Longer Viable The need for automation and increased remote access, previously a one to three A Verification Process and year project, has moved to the top of the list. Security System That Can Catch Fraud Is Essential Of business leaders are 41% Sending screenshots or currently using workforce scans via email is automation technology insufficient and risky Source: Deloitte 24/7 Remote Access To A 5B Checks are printed and Vendor Portal Is A Must mailed every year This New Low Touch Reality Is Here to Stay
Next Steps For B2B Payments 1 Handle Payments From the Boardroom or the Basement via APAutomation 2 Create Business Continuity With Offsite Check Printing 3 Compensate for Loss and Create a New Revenue Stream with Virtual Cards 4 Streamline Your AP Payment Processes Through Customized Workflows 5 Protect Yourself and Your Vendor From Fraud With Secure No Touch Payments
READY TO JOIN THE LOW TOUCH MOVEMENT? We Can Help You Get Started: Contact us today and start a conversation about how to take your AP department to the next level while keeping your ERP and/or accounting system! OR Click one of the icons below to learn more about the solutions we offer! Payment Invoice Virtual Automation Automation Cards
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