New cheque elimination solution from Cambridge Mercantile Group
TORONTO-- Cambridge Mercantile Group, provider of customizable global payments, has added the Check Elimination Solution to its suite of products and services. The solution offers companies a method to convert from paying suppliers by cheque to using low-cost card and ACH-based electronic payments.
According to a recent survey conducted by the Association for Financial Professionals, typical organizations make 74% of their B2B payments by cheque. Domestic and overseas cheque payments can cost companies more than 500% more than the same payments when made electronically.
The card-based payment component of the Check Elimination Solution leverages virtual card technology to generate unique single-use card numbers which are delivered to suppliers electronically, allowing each supplier to initiate a card payment for the exact customer approved amount. In addition, Cambridge has integrated ACH-based electronic payment into the Check Elimination Solution to serve as an electronic payment back-stop for suppliers who cannot accept card-based electronic payments or simply prefer to receive ACH-based electronic payments.
"We're thrilled to be in a position to help our corporate clients make the transition to electronic payments using card-based electronic payments, ACH-based electronic payments or a combination of the two," said Bob Dowd, Senior Vice President Payment Solutions at Cambridge. " Cambridge was founded on the belief that executing corporate payments should be a quick, simple, straightforward process and our Check Elimination Solution is a reflection of that strategy. The more paper we eliminate from our clients' payment process the more cost savings they're going to realize; our clients are turning their accounts payable departments into profit centers based on the market-leading card rebate program we offer."
The solution includes a demonstrated supplier enablement process supported by supplier enablement technology to ensure that conversion programs can eliminate at least 75% of targeted cheque payments within 90 days of contract execution.
Cambridge Mercantile will be hosting a live webinar event to discuss industry best practices in accounts payables on Thursday, July 12, 2012 at 2pm Eastern/ 11am Pacific.