Payformance Corporation Launches New Payment Service for Accounts Payable

Tuesday 17 February 2004 00:01 CET | News

Payformance has launched an innovative extension to its PaySpan suite of payment services. This new service offers the first practical solution for corporations to aggressively pursue electronic payments for secure corporate disbursements.

Corporations have long been able to send ACH payments to their Payees, but they have lacked a convenient means to provide the corresponding remittance details required by Payees to reconcile invoices issued with payments received. Absent these details, Payees have been slow to accept ACH payments, forsaking the greater efficiencies and cost savings available to them. PaySpan breaks this barrier to acceptance by allowing Payers to deliver ACH payments with detailed electronic remittance advices directly to Payee accounting systems. During enrollment Payees can select from over 100 of the most popular corporate and healthcare accounting system formats, opening the door for direct importation of ACH remittance details into Payee accounts receivable systems, and circumventing the burden of manual re-keying of payment data. Since PaySpan works in concert with existing A/P systems and processes, Payers can be implemented quickly. Couple this with an easy online enrollment process to accelerate adoption by Payees, and Payers can see immediate reductions in their payment costs.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce