The Foundation of Vendor Master Data Management

Digital Supplier Onboarding for Secure, Compliant and Optimized Business Payments

Buyers: Get Started Suppliers: Get Paid

Supplier onboarding and vendor master data management is broken.

THE IMPACT

Organizational Friction costs money and time
Lack of Business Controls leads to fraud and compliance risk
Failure to Execute a Payables Strategy leaves revenue on the table

Organizational Friction – which costs money and time

Lack of Business Controls – which leads to fraud and compliance risk

Failure to Execute a Payables Strategy – which leaves revenue on the table

Control Costs

ERP Vendor Master Data BEFORE Paymentworks

Pain Points

Organizational Friction

COST

Lack of Business Controls

RISK

Incomplete Payables Strategy

LOST REVENUE

Reduce Risks

ERP Vendor Master Data AFTER Paymentworks

Results

Automate Onboarding & 3rd Party Checks

Eliminate Risk of Losses to Fraud, Lock Down Compliance

Convert Vendors to Electronic Payment Types

PaymentWorks is the foundation of vendor master data management. Our supplier onboarding software provides vendor data an organization can trust, reducing cost and risk, and providing opportunities for revenue generation by tying payables strategy to vendor onboarding and management.

Control Costs

Stop chasing paper, doing redundant work, and wasting time answering the same questions over and over

Automated 3rd Party Checks ensure data accuracy
Onboarding Tracker® eliminates inquiries around status
Support and Reporting to expedite processing times

We realized we weren’t really doing the appropriate level of due diligence up front. PaymentWorks gave us an opportunity to really shine a light on the inefficiencies in our process.

NIMISH PATEL, Chief Procurement Officer,
Rutgers University

Reduce Risks

Stop Losing Sleep Worrying About Vendor Risks

Risk Transfer for fraudulent ACH payments
(you are off the hook!)
Auditable Business Controls
Collection point for compliance documentation
(e.g., continuous sanctions monitoring, insurance, diversity docs)

We had PaymentWorks up and running for less than 90 days when they stopped a vendor impersonation fraud attempt for us. As far as I am concerned, PaymentWorks has already paid for itself.

RICK GAY, Director of Procurement Services,
Spring Branch Independent School District

Optimize Payments

Continuous digitally onboard suppliers onto preferred payment methods and track results

Payment strategy married to onboarding process
Lever to drive adoption of preferred payment type
Reporting and analytics to measure impact

We are not only saving money, we are earning money on our credit card program. So, we did a big push with PaymentWorks .

TISHA MARSHALL, Director, AP
University of Tennessee System

WATCH: THE VALUE OF EFFECIENCY

A Typical Supplier Onboarding Process

Often highly manual, time consuming, and abundant with opportunities for mistakes or fraud.

Supplier Onboarding Info

Before PaymentWorks

Piles of paper, unsecured electronic files and time-consuming manual look-ups rife with the potential for human error.

Manual verification of Tax ID and addresses
Sanctions lists checked at onboarding and with every PO
Phone calls to vendors to attempt to verify banking information
Waiting (and waiting) for missing documents and returned phone calls
Constant worrying: what did I miss? What is outdated? Why are there so many duplicates?

With PaymentWorks

Automated data checks where red flags automatically trigger approval workflow for review.

Automated 3rd party data checks for tax ID and address captured at submission
Sanctions lists checked at onboarding then continually monitored through vendor lifecycle
No more chasing forms: W9s, insurance, diversity documents and conflicts of interest all captured during submission
Submission automatically triggers approval workflow with timestamps

Payables Strategy

Before PaymentWorks

Payables strategy not tied to onboarding

Majority of vendors still paid by check
Incomplete contact information impedes conversion
Manual and inefficient to lobby and convert to ACH
Bank calling campaigns for Virtual Card are disruptive and ineffective
Manual process to convert vendors to digital payment types

With PaymentWorks

Earning revenue and saving money from the first invoice

Convert the majority of vendors to electronic payment types
Drive preferred payment method when vendors onboard
Increase Virtual Card spend - and rebates- with continuous digital enrollment
Dashboard analytics to monitor and adjust payment strategy

Compliance + Security Checks

Before PaymentWorks

A near constant scramble to ensure internal and external compliance standards met and kept

New vendor and existing vendor changes manually checked against 3rd party sources
Sanctions lists manually checked and onboarding and (maybe???) checked with each PO
Insurance and Supplier diversity certifications must be continually checked for expiration dates
Banking information must attempt to be verified through a combination of independent 3rd party source and outbound phone calls
Impossible to spot and stop maverick spend

With PaymentWorks

Single source of record for vendor compliance related documentation

Automatic tax and address checks, with clear ‘valid’ or ‘invalid’ responses
Sanctions lists continuously monitored, changes trigger update on vendor record and new approval workflow
Vendors auto-reminded when insurance and diversity documents expire
Liability for domestic ACH payments shifted to PaymentWorks
Purchasing compliance implemented before spend occurs

Approvals + Audit Trails

Before PaymentWorks

Excel logs and email trails to document who approved what and when

Everyone can see everything, including sensitive information like SSN’s and bank accounts
Paper/email chase to track approvals
Lots and lots of phone calls and email asking when a vendor will be set up/paid
Practically uninsurable for social engineering losses

With PaymentWorks

Workflows automated to move from one (time stamped) approval to the next

Permissions set specifically to each role so sensitive information is secure
Audit trail with timestamps of approvals, returns, and rejections
Onboarding tracker gives visibility to all interested parties at a glance
Automated, trackable onboarding = more favorable insurance coverage

Existing Vendor Updates

Before PaymentWorks

Changes to existing vendor information generally does not follow the same vetting as a new vendor and often triggers the additional mess of duplicate vendor records

Existing vendor changes handled manually, often with little to no process
Difficult to organize and manage different entities with the same tax ID
Ambiguity in how to handle address changes
Lack of auditable process makes it difficult to obtain insurance for social engineering fraud losses

With PaymentWorks

Complex accounts trigger automated checks and approval workflows and are easily routed to the appropriate vendor record- no more duplicates!

All vendor submitted changes auto-trigger 3rd party data checks and internal approval workflows
Existing tax ID in the ERP creates choices of how to ingest the information- eliminating the chance of duplicate records
Choose which existing vendor record should have new information added
Automated, trackable onboarding = more favorable insurance coverage

Payment Security

Before PaymentWorks

Every payment file is a game of roulette. Will this be the time money goes to a fraudster?

Verifying banking details is largely manual and completely imperfect
Difficult/impossible to create an auditable manual process
Ensuring accuracy and validity of banking is a giant roadblock to efficient onboarding
If the process fails, monetary losses, reputational losses and, likely, job losses result

With PaymentWorks

Peace of mind and good night of sleep knowing payments are protected

PaymentWorks assumes fraud liability
Vendor data is risk assessed at onboarding, and continually right up until payment time
All steps are time stamped and auditable
Continuous risk assessment = speedier onboarding

Our Partners

Supplier Onboarding Resources

Cover page of University of Tennessee System case study

University of Tennessee System: More Profit and Peace of Mind

NC State Fireside Chat: More Revenue and Efficiency

A Fireside Chat for K-12 Procurement and Finance Teams

Johns Hopkins University: Immediate Time Savings and Enhanced Information Security

PaymentWorks News

Risky Business podcast branding image with Jenn Glassman

Risky Business With PaymentWorks: E12–How to Improve Vendor Management By Breaking Down Silos

cartoon image of hands writing on a piece of paper surrounded by glasses, crumpled paper, and a cup of coffee

A Vendor Management Template You’ll Actually Use

Upcoming Events in Supplier Onboarding and Vendor Management

CACUBO Annual Conference 2023

October 1 - October 3Omaha, Nebraska

Millennium Alliance: Digital Supply Chain Transformation Assembly

October 3 - October 4Omni Barton Creek, Austin Texas

PaymentWorks & J.P. Morgan: Vendor Onboarding is the Key to Driving Organizational Value

October 18 @ 2:00 pm - 3:00 pm EDT

AFP 2023

October 22 - October 25San Diego Convention Center

View all >

Contact Us

Let’s Talk About Your Vendor Master Data


                        
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The Foundation of Vendor Master Data Management

Digital Supplier Onboarding for Secure, Compliant and Optimized Business Payments

Supplier onboarding and vendor master data management is broken.

THE IMPACT

Control Costs

Pain Points

Organizational Friction

Lack of Business Controls

Incomplete Payables Strategy

Reduce Risks

Results

Automate Onboarding & 3rd Party Checks

Eliminate Risk of Losses to Fraud, Lock Down Compliance

Convert Vendors to Electronic Payment Types

PaymentWorks is the foundation of vendor master data management. Our supplier onboarding software provides vendor data an organization can trust, reducing cost and risk, and providing opportunities for revenue generation by tying payables strategy to vendor onboarding and management.

Control Costs

Control Costs

Stop chasing paper, doing redundant work, and wasting time answering the same questions over and over

Reduce Risks

Reduce Risks

Stop Losing Sleep Worrying About Vendor Risks

Optimize Payments

Optimize Payments

Continuous digitally onboard suppliers onto preferred payment methods and track results

A Typical Supplier Onboarding Process

Often highly manual, time consuming, and abundant with opportunities for mistakes or fraud.

Before PaymentWorks

With PaymentWorks

Our Partners

Supplier Onboarding Resources

University of Tennessee System: More Profit and Peace of Mind

NC State Fireside Chat: More Revenue and Efficiency

A Fireside Chat for K-12 Procurement and Finance Teams

Johns Hopkins University: Immediate Time Savings and Enhanced Information Security

PaymentWorks News

Risky Business With PaymentWorks: E12–How to Improve Vendor Management By Breaking Down Silos

A Vendor Management Template You’ll Actually Use

Upcoming Events in Supplier Onboarding and Vendor Management

CACUBO Annual Conference 2023

Millennium Alliance: Digital Supply Chain Transformation Assembly

PaymentWorks & J.P. Morgan: Vendor Onboarding is the Key to Driving Organizational Value

AFP 2023

Let’s Talk About Your Vendor Master Data

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