EML: Moving Money Better

EML: Moving Money Better

CIO VendorEric Mettemeyer, CEO North America
Accounts payable (AP) represents a buyer company's responsibility to make legitimate and accurate payments to suppliers. However, the current payment landscape faces pain points concerning the speed of a payment, level of information that accompanies a payment, along with the associated payment cost and security. Legacy payment systems hinder the optimization of the payment flows to suppliers. For instance, payment via checks––probably the least optimized way of paying a vendor–– is widespread. The check payments can lead to poor cash management, lost staff productivity, fraud losses, and also hinder the adoption of e-payment methods such as ACH and virtual cards. Besides, only banks make revenue out of processing checks while the payers are not incentivized. EML leverages technology and business experience of almost two decades to assess payment flows for businesses to deliver solutions that address their payment challenges and improve customer service and brand loyalty. EML, through a single payment platform, empowers customers with more efficiency, transparency, security, and flexibility over payment processes from start to finish while also reducing operational costs and generating revenue. "We're simply looking at existing payment flows and ecosystems, and optimizing or making the payment flows faster, smarter, cheaper, and more secure," states Eric Mettemeyer, the CEO of EML North America.

EML reviews the customer's entire vendor file, parsing through their vendors, payments, and payment terms. Whether a recurring or a one-time payment, strategic or non-strategic supplier, and so on, the company ensures a compliant and optimized payment in line with the buyer’s objectives. EML has expanded globally, heightened the payment card (EMV) security measures, and launched payment cards compatible with Apple Pay, Samsung Pay, and Google Pay. Though the company eyes to leverage new digital payment methods, it relies on their consultative approach and delivers only the best overall solution in accordance with the customer’s payment requirements.

“We will not try to push customers onto the newest shiny object of payments, because a lot of times those payment methods don't make sense,” quips Mettemeyer.

Optimization and standardization are the ancillary benefits that EML provides. Meticulously examining the payment flows, EML helps buyers understand and rationalize their vendors. For instance, EML identifies buyers paying ten different vendors for office paper; works with the buyer to consolidate that into one or two vendors helping them save time and money. Also, EML enables buyers to pay vendors in 10 days instead of 30 to get benefits from the vendors in the form of cash-backs, discounts on future expenditure, and more.

We will not try to push customers onto the newest shiny object of payments, because a lot of times those payment methods don't make sense

PCI-compliant, highly regulated and audited, EML securely conceals payment data, reducing exposure to a buyer from unauthorized use of such data, whether internally or externally. "Buyers are typically unaware of the risks of maintaining payment data in their non-encrypted ERP systems,” adds Eric.

EML's "payments" prowess proved highly beneficial for Wow Communications, a cable company in Colorado. Wow faced the challenges of optimizing payment flows and standardizing their payment terms wherefore they approached EML. The company executed an extensive 30-day process of 'supplier enrollment' that involved contacting the vendors and discussing their current payments and the way Wow wanted to pay them in the future. The customer is now in a standardized and optimized position in terms of their payments to their suppliers.

Recognizing the potential of payments’ digital evolution while upholding simplicity, EML is the answer to improving the payment flow, on behalf of the accounts payable department. "From a competitive and geographic standpoint, EML intends to innovate both organically and inorganically," concludes Eric.

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