The Vendor Management System That
Indemnifies Vendor Payments Fraud
Automates Vendor Onboarding
Optimizes Payables Strategy
Continuously Monitors for Compliance
Streamlines Vendor Verification
Helps You Sleep Better at Night
Vendor data so secure we take the risk for fraudulent vendor payments
We help stressed, tired, frustrated vendor management teams eliminate error-prone manual tasks and remove vendor fraud and compliance risks.
Fraud is rampant. This is why we have PaymentWorks. We don’t have the knowledge or skill to catch fraud, that’s why we hired you. You stop frauds, and it’s already paid off!
Beth King
Campus Acct. Services Manager
Portland State University
PaymentWorks is critical to ensuring our supplier records can be trusted to meet internal audit requirements and ensure our Finance team can process payments timely and accurately. The configurable compliance feature ensures our suppliers meet our targeted sanction list monitoring.
Ben Lao
Global Procurement Lead
Ryan, LLC
I think this product is great to have. I feel very comfortable approving when I see validation from all the different areas from PaymentWorks. Somebody has done the vetting, and we're not having to do that.
Rosh Khatri
Budget Director
Cabarrus County, NC
Does your vendor management system...
Get Your Vendor Data Right?
Continually clean your supplier file to avoid errors, bad decisions, and IRS fines.
Stop Vendor Payments Fraud?
Worry-free domestic ACH payments INDEMNIFIED by PaymentWorks.
Make Compliance a Breeze?
Automated sanctions checks, continuous monitoring, and audit trails keep you on the right side of regulations.
Verify Vendors With Precision?
Automate vendor authentication and checks while keeping communications in a secure platform.
Allow You to Say Goodbye to Paying With Checks?
Marry vendor onboarding with your payables strategy for an immediate uptick in the adoption of electronic payment methods (goodbye checks!).
Get control over vendor onboarding and management
Secure Your Payments
Billions of dollars indemnified through PaymentWorks
Secure Your Payments
Billions of dollars indemnified through PaymentWorks
Offload Your Data Entry
Submissions controlled by suppliers via our secure platform
Offload Your Data Entry
Submissions controlled by suppliers via our secure platform
Continually Clean Your Supplier File
30% of suppliers change info every year
Continually Clean Your Supplier File
30% of suppliers change info every year
Trusted Partners
Customer Stories
Connect With Us
Frequently Asked Questions
What is a vendor management system?
A vendor management system (VMS) is a centralized software platform that helps businesses manage and streamline the entire payment lifecycle of their vendors, contractors, and suppliers. A vendor management system ensures greater transparency and control over third-party relationships—from vendor onboarding to status monitoring, compliance tracking, and electronic vendor payments. It simplifies tasks like vendor banking verification, sanctions screening, and risk mitigation by providing businesses with real-time data and automation. Consolidating vendor payment information into one place allows companies to optimize their vendor partnerships and enhance efficiency.
What are the benefits of a vendor management system?
Implementing a vendor management system offers several benefits to businesses:
- It provides organizational visibility into the vendor onboarding, vetting and payment processes so you can manage all of your vendors while ensuring compliance and mitigating risks.
- A vendor management system automates repetitive tasks like invitation workflows, vendor verification, W9 creation, tax ID and mailing address checks, and approval workflows, which saves time, creates an auditable work trail, and reduces administrative costs.
- It makes it easier to improve your payables strategy by seamlessly onboarding new vendors who select your preferred payment method and easily converting existing vendors to electronic payments.
Overall, a vendor management system helps companies reduce costs, streamline operations, and build stronger, more transparent vendor relationships.
How do I build a business case for a vendor management system?
To build a compelling business case for a vendor management system, start by identifying the challenges your company faces with current vendor processes. Think about the problems you have with the lack of visibility, compounding inefficiencies, and compliance risks. Then, highlight how a VMS can solve these problems by improving vendor status/journey visibility, reducing costs, and minimizing risks. Use concrete examples, such as the potential for cost savings through automation and better contract management. Emphasize how a vendor management system can provide data-driven insights for decision-making and future growth. Lastly, outline the return on investment (ROI) based on improved productivity, cost avoidance, and reduced administrative burden.
How do I switch vendor management systems?
Start by evaluating your current system’s limitations to guide your selection of a new vendor management system that meets your evolving needs. Create a detailed implementation plan, including data migration, staff training, and process changes. It’s crucial to involve key stakeholders from procurement, finance, and vendor management teams in the transition to ensure alignment. Additionally, set up proper testing and ensure the new vendor management system is fully functional before going live. Finally, communicate the change to all vendors and stakeholders to minimize disruptions. PaymentWorks makes switching a breeze. Our team of experts guides you through each stage to ensure you achieve maximum value without any headaches.
Want to know more? Contact us.
