Has your methods for paying vendors gotten complex?

It seems like just yesterday that business was conducted with invoices and checks. It is true that retail customers have realized multiple methods of payments from their customers for several decades but when it comes to Accounts Payable, the payment method of choice by businesses has been predominately that of a bank check.

Well, times have changed and to keep pace with the times, EXEControl has also changed. EXEControl now supports a new system table where you the user can define the types of payments used to pay your vendors. Every payment type in EXEControl is user definable. Examples of payment types might include automatic bank draft, wire transfer, auto credit card debit, manual credit card payments, foreign currency accounts and yes, the traditional bank check.

Organizations more and more deal with multiple banks and multiple bank accounts. EXEControl allows you to have every payment type example given above be defined for every bank account your organization might have.

Different actions might be required by each payment type. Some payment types might require the electronic submission of positive Pay*1 information to your bank. Others might require the simple clearing of the payment information from the pay screen. Again, EXEControl has been enhanced to support the multiple ways the payment process might take for each payment type.

Vendors are flagged (optional) for their default payment method. This information flows to the vendor invoices and eventually to the pending disbursements.

There are many more features that have been added to EXEControl to support maximum payment flexibility.

To find out more on how your company can take advantage of payment types, contact one of our Professional Service Advisors or request more information at info@execontrol.com.

*1 Positive Pay is a method by which every check your company writes is electronically sent to your bank. The electronic document includes the payee and amount of each check. The bank then uses this information to decline payment to any individual that attempts to cash the check that is not the payee or decline payment for a different amount.