A Vanguard Advantage…Online Payables Processing and Record Retention

How It Works…

payment-flow

Step 1: Receive Invoices, Images, Code, and Post Online

  • Paper invoices sent to P.O. Box
  • Vendors can also email or fax them
  • We scan the paper and put online
  • We also enter basic invoice information: business unit, vendor, invoice #, amount and dates

Step 2: Provide Flexible Online Invoice Approval

  • New invoices posted to hosted online system for users to view and approve
  • Email notifications are sent to users
  • Customizable workflows can exist per business unit
  • Can limit access rights per user

Step 3: Send Payments Out Daily by Check or ACH

  • After approvals, invoice set to pay
  • We send payments by paper check or through electronic ACH
  • Invoice and payment transactions get posted to customer accounting application through interface

 

It’s time for a Business Class Bill-Pay solution

Business banking customers have different need from individual consumers. Most online banking bill-pay services do not address the complex needs of business banking customers: paper invoice receipt is not handled, a multi-user invoice approval process is not acommodated, and the payment options are limited. Take a look below at ome of the similarities and differences between the two.

 

The Differences between OBP and Payables Lockbox Online
Bill Pay
Payables
Lockbox
Supports electronic invoice submission (EBPP) X X
Paper invoices are received, extracted, and imaged X
Invoice coding information is extracted X
Supports multiple users with configurable access rights X
Supports configurable online invoice approval process X
Supports company business unit configuration X
Check payments sent for the business X X
Vendors can choose to get paid by ACH X X
 Payments can be scheduled for future date X X
Invoices may be grouped into single payments X
Payments include detailed remittance information X
Supports payment from multiple bank accounts X X
Payment transactions can be loaded into business accounting system X X
Invoice transactions can be loaded into business accounting system X
Integrates with major accounting software packages (QB/Peachtree) X X
Integrates with any software with an interface or import/export capability X
Ability to view and search for payments sent X X
Ability to view and search for invoices paid or in approval process X
Ability to send email notifications X X
Provides invoice image storage and backup X