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“By helping a client migrate from paper-based to automated, digital payment systems, OnPayConnect reduces costs, saves time, minimizes risks, and maximizes their business efficiencies,” remarks Neal Anderson, president and CEO of OnPay Solutions. OnPayConnect digitalizes the snail mailed paper checks and invoices, allowing companies to keep a better track of accounting processes, which in turn helps them in establishing and maintaining superior vendor relationships. “This platform enables companies to pay vendors, receive payments, collect payment remittance information, and automate invoices,” adds Juliet Negrete- Anderson, founder and COO of OnPay Solutions. The result is a streamlined accounting workflow that facilitates a company to make and receive payments quickly, securely, and at a low cost.
When it comes to the implementation of the solution, the company takes a consultative route to understand the unique requirements of a client’s AP and AR workflow, and customizes OnPayConnect to work with the client accordingly.
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When it comes to the implementation of the solution, the company takes a consultative route to understand the unique requirements of a client’s AP and AR workflow, and customizes OnPayConnect to work with the client accordingly
Besides OnPayConnect, OnPay Solutions also offers a vendor marketplace—a system that allows vendors to self-register and receive e-payments from their customers. Neal explains that with the help of the OnPayConnect vendor marketplace, companies can reduce the friction involved in electronic payments and greatly improve the relationship between the payer and the payee. For every transaction that takes place in OnPay Solutions’ vendor marketplace, OnPayConnect aggregates the entire remittance detail and makes it available to the vendor, keeping them posted on the invoice and payment status.
To further elucidate the robustness of OnPay Solutions’ offerings, Juliet recalls the success story of a retail client. With physical stores across 35 locations and each store having its own P&L account, the retail giant needed to automate and streamline their paper-based AP systems. Employing OnPayConnect, the client structured and streamlined their payment processes. Soon, the retail company was able to send a single consolidated ePayment (or check) to each of their vendors instead of 35 different checks each week. And, each vendor had access to all of the remittance data to make clearing invoices and applying the cash from the consolidated payment much easier for them.
Displaying such tenacity, today, OnPay Solutions is catering to and maintaining a strategic relationship with numerous companies. These partnerships, according to Neal, are further helping OnPay Solutions build and enhance their unique AP and AR automation solutions more systematically. Continuing on this innovation streak, OnPay Solutions’ roadmap entails adding more tools for data management and analytics to help ensure that CFOs and other employees achieve their corporate financial goals.
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Company
OnPay Solutions
Headquarters
Jacksonville, FL
Management
Neal Anderson, President & CEO and Juliet Negrete-Anderson, Founder & COO
Description
OnPay Solutions automates, streamlines, and optimizes accounts payable payments and processes. The company's bank-level data security eliminates risks of fraud and data breach. OnPay's accounts payable platform guarantees immediate ROI. Companies can now pay vendors, receive payments, collect payment remittance information, and automate invoices all within the OnPay software environment. OnPay collects revenue each time a user sends a payment, receives remittance information or generates an automated invoice. OnPay's platform streamlines manual processes like snail-mailed paper checks and invoice spreadsheets, reduces costs and allows companies to keep control of their funds and vendor relationships