No Touch Payments: How Recent Events Will Define Our Future

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No Touch Payments: How Recent Events Will Define Our Future

Julie Negrete-Anderson, Founder and COO, OnPay SolutionsJulie Negrete-Anderson, Founder and COO, OnPay Solutions
Finance professionals and businesses need safety, security and control for their payments moving forward. Over the last few months, we have personally spoken to multiple CFOs, Controllers, AP Managers and even IT Managers who have come to us desperately trying to find some sort of temporary business continuity plan to ensure that invoices and payments are still processed from home offices due to mandatory building closures. How do you approve paper invoices and print paper checks when you can't make it into the office?

Today, finance professionals need a paperless payment solution that allows them to continue to work from the office or a kitchen table. All eyes are going to be on AP automation for the next few years. It's going to be a race to see how quickly businesses can move away from their current paper-based processes. The magic mix - especially for large businesses - will be finding a way to convert their paper payments and invoices to digital ones without giving up control, changing current systems or approval processes and damaging their relationships with their suppliers.

It's not about finding the best bang for your buck anymore. As businesses and professionals, we used to settle for things that didn’t work quite the way we needed them to, primarily because we didn't know any better. With the influx of technological advancements brought to us by science and computer technology, people have come to expect things to work exactly the way they need them to.
We can pay for gas in our cars and waive our phones like a wand to purchase our groceries without ever needing to interact with another human being. As more businesses seek automation and digital solutions for B2B payments, "just enough" won't be good enough. Sure, small companies may be willing to make sacrifices for increased security and more streamlined processes, but large and medium-sized businesses won't (or can’t).

The difficulty is going to be finding a solution without borders or requirements. In that sense, corporate finance departments will need to adapt and overcome for the betterment of the entire organization, along with AP solutions providers. A one-size-fits-all approach won’t be a viable option anymore, not when you're dealing with multiple ERPs, accounting systems, file types and languages.

Finance professionals and the brightest minds in the payments space will need to work together to create new - and sometimes - custom solutions for the larger organizations' individual needs if we are to evolve as a society.

Our mission at OnPay Solutions is to ensure that corporate finance and supplier payments catch up with consumer payments advancements. We have so many incredible things to look forward to. Real-Time-Payments allow us to pay our suppliers in seconds. Virtual Cards offer ultimate protection against fraud and rebates on AP spend, with vCard payments expected to reach $1TR by 2022.

Bank-level secure cloud solutions eliminate the risk of fraud like never before. No Touch Payments eradicate the need for paper and enable touchless payments and invoice processing at any time, from anywhere. Eliminating paper from AP departments saves finance professionals countless hours of manual processing and data entry. It will also reduce costs by at least 80%, save close to 200 tons of paper, save over 1 million trees and reduce greenhouse gas emissions by 360 tons.

We must work together to propel finance and accounting departments forward and help our world become a safer and better place. We believe that's it's time for finance and banking to fully embrace automation. It's what's best for business, and it’s what's best for the world.
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