Digital supplier onboarding
for secure, compliant, and
optimized business payments.

Buyers: Get Started Suppliers: Get Paid

Features

A Typical Supplier Onboarding Process

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

Collecting Supplier 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 What is outdated?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

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

Eradicate Fraud

What We Do

Eradicate Fraud

Stop losing sleep worrying about paying a fraudster

Payments protected
Domestic ACH payments to vendors warrantied for up to $2M per fraud occurrence
3rd party checks at onboarding
Coupling tax ID check with banking check saves valuable time
Controlled platform
One door into the ERP eliminates vulnerabilities and opportunities for social engineering of employees and employee malfeasance

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

CABARRUS COUNTY: FROM $2.5M
FRAUD TO FULLY PROTECTED

Ensure Compliance

What We Do

Ensure Compliance

Dot your I’s, cross your T’s and stop chasing paper

Continuous sanction lists monitoring
Check at onboarding time, and monitor throughout the entire supplier lifecycle
Tax docs constantly up-to-date
Vendor controlled input = accurate W9 and 1099 paperwork
Increases spend under management
Spot and stop maverick spend before it happens
Collect compliance documents at time of onboarding
Conflict of interest, insurance, diversity docs in one place
Goodbye, post-commitment POs
Onboard new suppliers before work commences

We haven’t had an IRS fine since we implemented PaymentWorks. That is real value for us.

Julie-Anne White, Vice President, Treasury Shared Services, Clean Harbors

Eliminate Paper

What We Do

Effectuate Efficiencies

Stop using valuable time and resources with manual, error prone work and save So. Many. Hours.

Onboarding automation
3rd party checks automatically performed upon submission and captured in the vendor record
Configurable approval workflows
Ensure and capture appropriate approvals- a quick glance answers who and what and when
Get off of paper checks and move to ACH or virtual card
Save money and time with favorable terms for choosing electronic payment types

Look at the time that you spend, look at where it is living, and count how many people are touching this valuable information. I have to value my time to work on things other than vendor set ups to better our university.

BRITTNEY GOAD, Accounts Payable Manager,
Stephen F. Austin State University

WATCH: THE VALUE OF EFFECIENCY

Resources

How an Email Compromise Works

Five Ways Your Vendor File is Costing You: Mistakes and Fraud Edition

Five Ways Your Vendor File is Costing You: Compliance Edition

Guarding Against Social Engineering Fraud: Re-examining a Global Problem

PaymentWorks News

Social Engineering Frauds – 2021 Stats

Vendor Impersonation Scams: A TMANY Wrap Up

Our Partners

Contact Us

Put Fraud Risk On Us


                        
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Digital supplier onboarding for secure, compliant, and optimized business payments.

A Typical Supplier Onboarding Process

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

Before PaymentWorks

With PaymentWorks

Eradicate Fraud

Eradicate Fraud

Stop losing sleep worrying about paying a fraudster

Ensure Compliance

Ensure Compliance

Dot your I’s, cross your T’s and stop chasing paper

Eliminate Paper

Effectuate Efficiencies

Stop using valuable time and resources with manual, error prone work and save So. Many. Hours.

Resources

How an Email Compromise Works

Five Ways Your Vendor File is Costing You: Mistakes and Fraud Edition

Five Ways Your Vendor File is Costing You: Compliance Edition

Guarding Against Social Engineering Fraud: Re-examining a Global Problem

PaymentWorks News

Social Engineering Frauds – 2021 Stats

Vendor Impersonation Scams: A TMANY Wrap Up

Our Partners

Put Fraud Risk On Us

Follow us

Digital supplier onboarding
for secure, compliant, and
optimized business payments.