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Payments Outsourcing for Cost Savings and Revenue Generation

Over the past few years, there has been significant anticipation that the use of cheques in the United States would decline in favour of electronic payments. While there has undoubtedly been an increase in the use of electronic payments, the shift is gradual rather than seismic, particularly amongst smaller and medium-sized enterprises.

One of the challenges is that it is not always easy to convince suppliers and customers of the benefits of migrating from cheques; secondly, the necessary infrastructure and settlement instructions are not always in place.

Key Points

  • In the last few years Zachry Industrial, Inc. has centralised and outsourced its payments processing to SunGard
  • It has also moved away from cheques to more economical ACH and virtual cards
  • The article describes how the company effected these moves and explains how the new systems work
  • The benefits are outlined, including reduced costs, increased revenue via rebates, better cash visibility and improved efficiency and security

 

Written by

Dawn Lothringer
Treasury Manager
Zachry Industrial, Inc.

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