Slipstream Financial | Expert Financial Planning & Investment Management

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Slipstream Financial
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STREAMLINING BUSINESS FINANCES CORPORATE PAYMENT
SOLUTIONS
After researching our customer and prospect
databases, we find In 2023 corporate America
still makes over 50 of its payments via check.
Perhaps your company falls somewhere near this
statistic? This persistence in using a
paper-based approach led us to investigate the
underlying reasons for this bad habit.. The
findings were far from compelling, but they shed
light on the challenges faced by businesses
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TRADITION PREVAILS OVER PROGRESS
One of the most commonly cited reasons for the
continued use of checks in corporate payments is
the adherence to historical convention. It's
often the case that the phrase "that's how we've
always done it" becomes the default
justification. However, this should never be a
sole reason for maintaining outdated processes,
especially when modern alternatives are readily
available.
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ERP SYSTEM LIMITATIONS
Another significant roadblock to adopting modern
payment methods lies in the limitations of ERP
(Enterprise Resource Planning) systems. Many
companies struggle to efficiently collect, track,
and manage ACH bank routing numbers and account
numbers within their existing ERP systems.
Additionally, some organizations view housing
this sensitive financial data as a potential
liability.
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INERTIA IN VENDOR-PAYOR RELATIONSHIPS
Transitioning to modern payment solutions is also
hindered by the inertia within vendor-payor
relationships. Many payors lack a structured
process to actively encourage and facilitate
their vendors in moving away from check-based
payments. This inertia perpetuates the reliance
on outdated payment processes.
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TURNING ACCOUNTS PAYABLE INTO A PROFIT CENTER
The good news is that adopting modernized payment
solutions is not as daunting as it may seem. In
almost 100 of cases, it proves to be an
accretive process that can transform the accounts
payable (AP) department into a profit center. The
concept of AP as a profit center might raise
eyebrows initially, but understanding payments
modernization reveals its simplicity.
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SLIPSTREAM FINANCIAL
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HARNESSING THE POWER OF A MODERN PAYMENTS HUB
Central to the transformation of accounts payable
is the use of a modern payments hub. This
sophisticated solution streamlines the entire
payment process by consolidating AP into a single
payment file that can be efficiently approved and
executed. The results are impressive, with
approximately 20 of payments transitioning to
virtual cards and another 25 shifting to ACH
within the first 90 to 120 days of
implementation. This rapid transition
significantly reduces reliance on cumbersome
check payments.
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THANK YOU