High Tech, Low Touch Economy How a Pandemic Drove Businesses to - - PowerPoint PPT Presentation

How a Pandemic Drove Businesses to Move to Enable Remote/Automated AP Processes

High Tech, Low Touch Economy

WEBINAR

Meet Our Hosts

Neal Anderson Kay Nichols

A seasoned veteran with 30+ years of leadership experience in

• payments. Before joining OnPay

Solutions in 2011, he served as a senior VP of Payformance's B2B payments division. He has also been a board member of the Green Sheet and consulted with NACHA and American Express. President & CEO, OnPay Soltuions Multi-Board Member, Fintechs & Banks Senior Business executive at Fortune 500’s IBM and FIS. C suite experience in strategy, marketing and product management. M&A

• specialist. Knows how to create

technology driven strategy.

98%

Wish to continue working from home, at least part

• f the time, for the

rest of their career

97%

Would recommend remote work to others

50%

Are estimated to survive five years or more, during normal times

New Societal and Business Trends

Of the 3,500 Home Workers Surveyed in 2020. . . Of Businesses Operating Today . . . Recent Studies Show. . .

A typical company in the U.S. spends upward of $12,000 per employee per year for office space

Source: Forbes

57%

Want to work remotely 100% of the time

Source: Buffer

More than four-in-ten businesses are likely to be deeply impacted by COVID-19 Closed businesses are predicted to re-open in stages with social distancing measures and limited onsite capacity

43%

Of small businesses are closed due to COVID-19 and may not reopen

Source: PewResearch

New Operational Dynamics

Provide Adequate Office Space for Social Distancing Support Working From Home Establish a System That Enables Onsite and Offsite Dynamics Manage Shifting Supply Chains

Tip

Business adaptability and the ability to work remote is crucial as Harvard predicts COVID-19 could cause periodic shutdowns through 2022

Mitigate Downsides with Low Touch Operations

Where Paper-Based Processes Fall Short

Risk of Fraud

Low Touch Solutions

No Touch Payments

Checks for B2B had the highest incidence of actual/attempted fraud in 2017

Operational Vulnerability

Relying on paper and manual processes increases the risk of fraud, human error, and limits the ability to adapt to Black Swan events Enterprises using digital payable platforms can see 81% lower processing costs and 73% faster processing cycle times

Solutions That Enable Remote Approval

Source: MasterCard Source: BusinessInsider

Businesses are investing in automation that enables their employees to handle tasks virtually and remotely Firms that automated their payments processes saw a Reduction in missing invoices and records

Source: PYMNTS.com

60%

Of business leaders are currently using workforce automation technology

Source: Deloitte

41%

Essential Strategies Going Forward

Checks are printed and mailed every year

5B

The need for automation and increased remote access, previously a one to three year project, has moved to the top of the list.

Priority #1

What Does This Mean for You?

Antiquated AP Processes Are No Longer Viable This New Low Touch Reality Is Here to Stay A Verification Process and Security System That Can Catch Fraud Is Essential

Sending screenshots or scans via email is insufficient and risky

24/7 Remote Access To A Vendor Portal Is A Must

Next Steps For B2B Payments

Handle Payments From the Boardroom

• r the Basement via APAutomation

1

Create Business Continuity With Offsite Check Printing

2

Compensate for Loss and Create a New Revenue Stream with Virtual Cards

3

Streamline Your AP Payment Processes Through Customized Workflows

4

Protect Yourself and Your Vendor From Fraud With Secure No Touch Payments

5

We Can Help You Get Started:

READY TO JOIN THE LOW TOUCH MOVEMENT?

Contact us today and start a conversation about how to take your AP department to the next level while keeping your ERP and/or accounting system! Click one of the icons below to learn more about the solutions we offer!

OR

Payment Automation Invoice Automation Virtual Cards