The price of processing a single invoice can range from $12 to $25, but this is only the tip of the iceberg when it comes to the total cost of manual payment processes.
by IWEC Partner, Corpay.
The following six factors contribute to the significant expenses and drawbacks of manual payments, which highlight the growing need for a more efficient solution.
Wasted Employee Labor
One of the major costs associated with manual payment processes is the labor required to handle invoices. The number of employees needed, the hours spent on invoice processing, and their hourly rates all contribute to overall expenditure. Additionally, manual payment processes often involve time-consuming tasks that require multiple sign-offs and approvals. Automated AP software simplifies these processes by digitizing invoices, automatically entering data into the accounting system, and electronically paying the applicable vendor. When businesses eliminate manual tasks, personnel can devote more time to strategic initiatives that drive business growth.
Endless Paper, Ink, and Additional Materials
Relying on paper-based systems incurs additional costs associated with printing invoices, such as envelopes, stamps, and ink. Although these expenses may seem minor individually, they accumulate rapidly, especially for organizations dealing with a large volume of invoices. Storing and managing physical documents can also lead to additional costs and space constraints. Adopting cloud-based solutions like Corpay Payments Automation enables businesses to eliminate outdated processes and avoid unnecessary costs.
About Corpay
Global businesses trust Corpay Cross-Border to power their international payments, execute plans to manage their currency risk and support their growth around the world. We aim to deliver unmatched service and expertise with respect to moving money globally. Utilizing our proprietary payment automation technology and currency risk mitigation solutions, we take pride in connecting companies large and small with the global financial markets and businesses all over the world. You can feel confident working with Corpay, as we are backed by our parent company, FLEETCOR Technologies, Inc. (NYSE:FLT) a leading global business payments company based in Atlanta, Georgia, USA. FLEETCOR is a Fortune 1000 firm, an S&P 500 member and has USD $2.8B in annual revenue with a market capitalization of USD $18.2B (as of December 31, 2021).
To learn more contact Danielle Orcutt, National Account Manager, Corpay 929-504-8791 danielle.orcutt@corpay.com https://payments.corpay.com/cross-border
To discuss your cross-border needs please contact Danielle Orcutt, National Account Manager, Corpay (Fleetcor NYSE FLT) +1-929-504-8791 danielle.orcutt@corpay.com https://payments.corpay.com/cross-border
