In today’s competitive business environment, it’s more important than ever to focus on your core competency. Performing essential functions like accounts payables can bog down any business, so efficiently managing those tasks can make a significant difference.

Integrated Payables (IP), brought to you by Mercantile Bank, can take the complexity out of those time-consuming and cumbersome tasks and create a simplified, automated payment process—easing the workload on you and your business.

What is IP and how does it work?
Integrated Payables improves the payments process for AP and finance teams by automating and incorporating multiple payment types (including virtual cards, ACH and checks), into a single, streamlined payment process. This can eliminate many of the manual tasks associated with B2B payments. IP is conducted via one secure online solution that facilitates payment processing and management, resulting in increased cost savings, improved visibility and control.

What can IP and Mercantile Bank do for your business?

Reduce Costs and Streamline the AP Process
IP will optimize the payments mix and create an efficient, high-value model. Mercantile will coordinate with your vendors to create acceptance of the most effective payment method. This will allow your organization to move away from paper-based disbursements to electronic payment methods — and create a cost-effective solution that may also enhance your working capital, by extending your days payable and potentially creating a cash rebate.

Integrated Payables will save your business time and free up internal resources as well. The average AP or finance department can spend a significant amount of time printing, signing, stuffing and mailing paper checks. With Integrated Payables, employees no longer spend valuable time on manual payments processing or delivery. This results in a faster and more efficient payments process and allows finance professionals to focus on higher-value activities.

Offers Payment Security
Mercantile’s IP solutions include payment security features such as two-factor authentication, payment authorization with multiple approval tiers, segregation of duties, payment limits and more. Integrated Payables offer the highest level of payment security when compared to other traditional payment types. These security features, coupled with the ability to easily review and approve transactions from one single platform, reduce the risk of fraud and improve overall payment security.

Ensures Business Continuity
A comprehensive integrated payables solution helps to ensure business continuity. AP teams that have relied on traditional manual processes and paper checks can see their AP process break down completely in a remote working environment. Integrated payables solutions allow businesses to execute their payments process anytime, anywhere — without the need to go into the office to print and sign checks.

The Support You Need
Lastly, the best part of this system is that you get Mercantile Bank’s first-class, one-on-one support. Acting as an extension of your AP department, our team is here to answer questions and provide you with the peace of mind you need to keep your business moving forward.

If you’re a current customer, contact your local Mercantile banker or to learn more about Integrated Payables, contact Mercantile Bank at treasurymanagement@mercbank.com.

Brought to you by Mercantile Bank.