Commerce Gateway Payables
- Improve efficiency
- Lower overall payment processing costs
- Eliminate manual processes and reduce errors
- Simplify reconciliation through automation and integration of all payments
- Accelerate conversion to electronic payments
- Expand e-payment adoption with vendor assistance
- Improve relationships with trading partners
- Earn rebates for Virtual Card payments (if applicable)
- Strengthen control and risk management
- Reduce risk of payments fraud
- Strengthen controls from built-in workflow and multi-layer security features
- Deliver remittance information to suppliers via web portal or EDI
- Enhance working capital
- Optimize your cash conversion cycle
- Extend Days Payables Outstanding when converting payments to Virtual Card
- Increase accuracy of cash forecasting
How it works
Manage payment processing jobs from start to finish through Commerce Gateway Payables. Here's how it works:
- Transmission of payment instructions
- Using our intuitive web application, your company's authorized user transfers payment instructions and remittance detail to BB&T in virtually any data file format.
- Validation and approval
- A second user with the appropriate entitlements receives an email notification. The user logs in, reviews the payment records and approves the transactions for release.
- Payment execution
- BB&T automatically differentiates disbursements to be paid by Virtual Card, ACH, wire transfer or check. Electronic transactions are executed, and checks are printed and mailed.
- Remittance delivery and posting
- Your vendors receive email notifications, access the vendor web portal and obtain detailed remittance data.
- Commerce Gateway Payables provides electronic confirmations to ensure job completion and validate payment execution.
- Accepts virtually any data file in any format
- Converts checks automatically to Virtual Card or ACH with optional vendor enrollment program
- Provides automatic analysis of data and disbursement for payment
- Visibility and control
- Provides control of the payment production process with an intuitive web-based application
- Stores payment information in a secure archive for viewing online
- Sends email notifications at both submission and release of payments to promote accuracy and security
- Pays vendors by Virtual Card, ACH, wire and check all with a single file of payment instructions
- Processes Positive Pay check issue information without a separate file transmission
- Assigns check numbers to ACH payments for simplified reconciliation
- For your vendors
- Emails remittance advice automatically through a dedicated web portal or bank using traditional EDI data
- Allows access to view, download or print images of remittance documents
- Offers dedicated support
- BB&T Virtual/Purchasing Card1
- Automated Clearing House (ACH)2
- Custom check fulfillment
- Domestic and international USD wire transfer
- Single-use purchasing card account numbers (no plastic)
- Payment controls
- Card spend rebates (if eligible)
- File submission
- Web-based portal
- Secure FTP transmission
- Vendor enrollment assistance
- Proactive outreach campaign to transition your vendors from check to Virtual Card or ACH
- Highly customized for each client's needs and preferences
- Existing network of more than 100,000 vendors
- Outreach by phone, mail and email
- All support and maintenance provided by FIS, the industry leader in transitioning to electronic payment
- Thorough status reporting throughout
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