Back in 2011, the U.S. Department of Treasury mandated the implementation of electronic invoicing in support of President Barack Obama’s campaign to cut waste. In the case of the federal government, this executive order reduced the cost of invoicing by as much as 50 percent, or roughly $450 million per year.
There is more, the average cost compared to $4.72 for an automated clearinghouse payment and $3.96 for a commercial card payment. Ouch! (download pdf)
While EAP has grown in the past two years, primarily within the middle market, government and nonprofit segments, the majority of organizations in the U.S. still pay by check.
To better understand what companies need to know in order to optimize payments to their vendors and reap the rewards of significant costs, we asked David Disque, Chief Operations Officer at CSI globalVcard what companies must know in order to give up paper and reduce costs.
Here are 7 steps to consider : Read Full Post at PYMNTS.com