In Part 2, I’ll discuss concerns that surface when working with companies to implement an ACH or check printing payments project. Check to ACH: The benefits of moving from check to ACH payments are many with a reduction in costs being one of the most significant. But for nearly all Payers, moving to ACH means [...]
Posts Tagged: epayments
Common concerns that surface with a payments project, Part 1
We encounter some common concerns when we’re working with companies to implement a payments project. Outsourcing or revising A/P processes can seem daunting, but we can address some of the larger concerns here. I’ll cover moving from check to virtual card first, and in the next blog, I’ll discuss concerns with ACH and check printing [...]
2013 AFP Payments Fraud and Control Survey
The 2013 AFP Payments Fraud and Control Survey has been published and this year’s survey results indicate an overall decrease in the incidence of fraud attempts. This downward trend is due in part to the increasing shift from paper to electronic payments. With fewer checks in the system, less check fraud occurs although checks still [...]
Expansion of FedACH® SameDay Service
The Federal Reserve has announced that it is expanding the FedACH SameDay service to offer greater opportunities for same day clearing of ACH transactions. Effective April 1, 2013, the expanded service will feature the following modifications: Permits all SEC Codes except International ACH Transactions (IAT), Check Truncated Entry (TRC) and Check Truncated Entries Exchange (TRX) [...]
B2B ePayments: Virtual Card Best Practices
I have talked about the benefits of virtual card programs on past blog posts and have even provided a link to an ROI calculator for companies to calculate their cost reductions and potential rebates by converting checks to virtual card programs. Adopting a B2B ePayment strategy that takes advantage of highly secure virtual cards helps companies to reduce [...]
Understanding Health Care EFT Standards: Part IV
A New NACHA SEC Code?… In Part I of my Understanding Healthcare EFT standards blog, I identified several major obstacles for health care providers to adopt EFT (electronic funds transfer) and ERA (electronic remittance advice). In Part II, I explored the differences between in-band versus out-of-band remittance delivery and how it reletes to EFT standards. In [...]
Understanding Health Care EFT Standards: Part III
Which Message Format to Use for Health Care EFT?… In Part I of my Understanding Healthcare EFT standards blog, I identified several major obstacles for health care providers to adopt EFT (electronic funds transfer) and ERA (electronic remittance advice). In Part II, I explored the differences between in-band versus out-of-band remittance delivery and how it reletes [...]
Understanding Health Care EFT Standards: Part II
In-Band vs. Out-of-Band Remittance Delivery… In Part I of my Understanding Healthcare EFT standards blog, I identified several major obstacles for health care providers to adopt EFT (electronic funds transfer) and ERA (electronic remittance advice). In Part II, I will explore the differences between in-band versus out-of-band remittance delivery and how it reletes to EFT standards. In an [...]
Understanding Health Care EFT Standards
On March 23, 2010, the Patient Protection and Affordable Care Act (PPACA) was signed into law. Section 1104 of the PPACA requires the adoption of operating rules for health care electronic funds transfers (EFT) and electronic remittance advice (ERA) transactions. The goal of section 1104 is to reduce the administrative burden on healthcare providers by [...]
Easily Calculate the ROI of Migrating Checks to Electronic Payments
Check printing is expensive. It is time consuming, labor intensive, and comes with the added costs associated with paper stock, ink, and postage. There is no doubt that migrating to electronic payments can reduce costs and improve operational efficiencies. I often get asked though, what is the return on investment (ROI) for migrating checks to an [...]
