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
Pain Points
Organizational Friction
COST
Lack of Business Controls
RISK
Incomplete Payables Strategy
LOST REVENUE
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
Onboarding Tracker® eliminates inquiries around status
Support and Reporting to expedite processing times
Reduce Risks
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)
Optimize Payments
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
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
Ivy Tech Community College Fireside Chat: Investing in Vendor Management—the Impact and Outcomes
How to Automate Vendor Onboarding and Up-Level Payments Strategy
City of Vista Fireside Chat: The Key to Successful Change Management
University of Tennessee System: More Profit and Peace of Mind
PaymentWorks News
Spot These 5 Scary Fraud Tactics and Fortify Supplier Fraud Prevention
Press Release: PaymentWorks Announces Call for Submissions for Vendor Management Appreciation Day Awards
Contact Us
Let’s Talk About Your Vendor Master Data
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