EPayables 2.0.

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Presentation transcript:

ePayables 2.0

What is ePayables? ePayables is a card program that moves the back-end payment process (check, EFT) to a credit card without affecting inventory reconciliation Invoice is received, aged and processed, but the payment is made in form of Card and not check.

Process Flow Supplier is notified by e-mail when funds are available Supplier then processes credit card transaction (cannot process for more than authorized) Funds are deposited in the Supplier’s account within 48 hours of the transaction

Processor (US Transactions Corp) ePayables 2.0 Accounts Payable Automation Process ePayables Funds Vendor Card Funds Deposited (48 Hours) ePayables Processes A/P File Invoice Received And Approved Oracle/AP Card Processor (US Transactions Corp)  Remittance Advice Supplier Charges Card

Cost of Program Supplier – Discounted interchange fees for processing credit card transactions over $10,000 Rate is based on Visa Large Purchase Advantage program

Supplier Benefits Reduced Days Sales Outstanding Improved cash forecasting Eliminates check processing Receives payment in 2-3 days Eliminates risk of check delays

What happens next? Once Agreement to Enroll is reached: Supplier is provided a Visa credit card number and expiration date. The Supplier account is changed in the Sonoco system as ePayables Next invoice received will be paid through ePayables Supplier receives Remittance Advice email Use free software provided by US Transactions Corporation to process transactions

Sample Remittance e-Mail

Processing Transaction

Processing Transaction