We are all searching for the best way to manage and pay our payables. We want it to be secure, intuitive, easy, low cost, and fast. The issue is that what is secure, intuitive, easy, low cost, and fast to you is not necessarily to your vendors. Even more so, what is optimal for one vendor might not be for another vendor. The point is, how can we find the “best” solution when it most likely varies by company?
The one thing that many can agree on is that payables are moving toward electronic solutions, toward electronic payment software. But even electronic payment software differs. Some solutions require sharing banking information, while others require payees to accept certain terms of payment conditions including fees associated with the solution. Other electronic payment software can only handle smaller payables, while still others are only beneficial with payables over $500,000. The point is, how do we define the “best” electronic payment software?
At Wellspring Software, we believe that the answer to this question lies in flexibility. The best electronic payment software is one that enables you to pay however you want to pay. Pay certain vendors through ACH, while paying others through products like the globalVCard Paysystems, while handling employee payables through direct deposit. It is for this reason that we have designed PrintBoss to enable all types of payments. What’s even better is that with PrintBoss you can automate these different payment types. By stipulating in each vendor or employee account settings the type of payment they require/desire, you can process your payables in one run and PrintBoss will produce the correct payment for each payable.
For example, if you have a supplier that wants to be paid with an ACH payment, another large vendor that requests payment through the globalVCard Paysystems, and then your office building landlord requires payment with a printed check, PrintBoss can handle all of these. Once all of the above parties’ requirements have been indicated in the PrintBoss settings, then in QuickBooks (or any other accounting system integrated with PrintBoss) simply process a check run. With no additional clicks, the information will be passed from QuickBooks to PrintBoss and given the settings for each payee, PrintBoss will produce the requisite payment file or check. So for the supplier requesting ACH payment, an ACH file will be generated. The same goes for the large vendor signed up to receive globalVCard payments. For your landlord, a physical check will be printed from your designated printer. The beauty, again, is that all of this happens automatically, with no extra clicks.
Payable processing is constantly changing, why not have an electronic payment software that allows you to change with it. PrintBoss allows you to process both checks and electronic payments in the same payable run, with no extra clicks. Try the PrintBoss 30 day free trial to see how an electronic payment software can work for you.