Features
A Typical Supplier Onboarding Process
Often highly manual, time consuming, and abundant with opportunities for mistakes or fraud.
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 What is outdated?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
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
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
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
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
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
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
Resources

A Fireside Chat for K-12 Procurement and Finance Teams

Finding the Right Digital Supplier Onboarding Platform

Learn how the University of Tennessee AP Department Sleeps Better After Implementing PaymentWorks

10 Questions
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Fraud Never Sleeps
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