Word is clearly out on the benefits of ePayments. 72 percent of the AP professionals we surveyed recently reported that they are actively seeking to increase their company’s use of electronic payments. We also asked respondents to self-select their company’s technology adoption behaviors, then used that data to group them into three categories: Innovators, Mainstream Adopters, and Novices. The below table illustrates how attitudes toward electronic payments vary by group.

INNOVATOR	Over one-third of companies (34 percent) perceived themselves to be ahead of their peers when it came to electronic payments. This is a significant increase from the 27 percent reported in 2012. These companies stated that they have made significant strides towards AP automation and have implemented a number of ePayments technologies.
MAINSTREAM	Thirty-five percent of companies believe they are on par with their peers, having begun—but perhaps not finished—the automation process.
NOVICE	Novices account for the remaining 9 percent of respondents. This dwindling group of late adopters has not adopted AP automation and payment technology, and do not intend to.

Companies that rely on traditional invoicing, payment, and financing practices will find themselves at a competitive disadvantage compared to companies that have automated the process with ePayments software. Across the range of invoice Purchase-to-Pay technologies, innovators have much higher levels of adoption than their mainstream and novice counterparts.

One way to successfully implement an invoice and payment management solution is to take a close look into the best practices of the innovators. Review the following proven techniques innovators have employed to streamline their processes, monitor their programs’ activity, and ensure long-term success:

Evaluate and Prepare Existing Operational Infrastructure

When considering an ePayments software solution, companies should first evaluate their existing IT infrastructure. They should look for weak spots in their processes and potential openings for ePayments technology.

Leverage Inexpensive Cloud-Based Technology

Supplementing existing procedures and technology with cloud-based or bolt-on applications can provide significant benefits while also serving as a bridge to a fully integrated ePayments software solution.

Rely on the Valuable Services Offered by ePayments Solution Providers

Many organizations lack the in-house resources and capital required to onboard a critical mass of suppliers to an ePayments solution. Leveraging the expertise and value-added services provided by technology vendors can help achieve this goal in such situations.

Take Advantage of ePayments at Every Opportunity

Increasing transactions processed with purchasing cards reduces invoice volume—paper or otherwise—and the associated paperwork, and also results in higher rebates for the buying organization. The term “card” describes any type of purchasing card product, regardless of whether a physical card is issued. Other types of p-cards include Corporate/Travel Cards, One Cards, Fleet Cards, Ghost Cards, Virtual Account Cards, and Single Use Cards—each is used to handle different types of purchases and/or spend categories.

Use ePayments Software to Optimize Working Capital and Strengthen the Supply Chain

Innovative organizations are adopting sophisticated technologies such as Dynamic Discounting and Supply Chain Financing to increase discount capture and optimize working capital.

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