S2 Repair and Maintenance Needed a More Efficient Payment Process - PayMaker Fits the Bill
Seeking a more efficient payment process, S2 Repair and Maintenance, a major truck repair facility in Fremont, Nebraska, turned to FNBO to implement an automated bill payment system. The result was faster and more accurate invoice processing and improved time to payment.
S2 Repair and Maintenance provides a wide range of repair services to the trucking industry, so their operation is heavily dependent on efficiently paying invoices to ensure timely delivery of parts and supplies.
Prior to implementing PayMaker, the company was dependent on a paper based process for tracking payments to vendors. The process was error prone and could easily result in inaccurate filings or invoices that were not marked appropriately when payments were made.
Additionally, vendors were paid by paper check, an extensive process that required bookkeeping staff to manually print each check, obtain the owner’s signature and then mail payment to the vendor.
Overall, the lengthy manual processes required to originate and finalize payments resulted in an inefficient use of staff time. Vendors also become frustrated if employees could not quickly locate an invoice to answer questions. Even more concerning, late payments had the power to disrupt supply, an outcome that could ultimately result in dissatisfied customers.
Seeking a better way to manage the payment lifecycle, S2 Repair and Maintenance turned to FNBO for advice and guidance on implementing a more efficient system.
After consulting with the client, FNBO considered the different payment options that would fit S2 Repair and Maintenance’s needs. Many of the bottlenecks in the company’s current process were a result of manual tasks, so it was quickly determined that an automated solution was necessary.
As a result, manual checks and ACH processing were briefly considered but ultimately rejected, since both solutions were high touch and would require S2 Repair and Maintenance to physically manage much of the process.
PayMaker, on the other hand, is a cloud-based solution, capable of automating the entire payment lifecycle. A clear detailed view of incoming and outgoing payments, combined with mobile access, enhanced payment controls and electronic payments, made it the best solution for organizing workflows and creating a more efficient payment system.
With PayMaker, a quick scan of an invoice starts the payment process and eliminates the need for paper filing. Once a digital copy of the purchase order or invoice has been entered into PayMaker, it moves automatically to the proper authorities to receive approval. Authorization is easily granted with a click of the mouse.
Additionally, PayMaker continues to track the status of the invoice. If someone should forget to grant authorization, reminders are sent to keep the process in motion. As soon as approval is received, PayMaker sends an electronic payment to the vendor. These payments are then automatically matched to the correct invoice. No more hunting down original purchase orders or invoices and matching to cashed checks, a manual process that once bogged down company staff.
S2 Repair and Maintenance has seen a tremendous turnaround in the payments process since they started using PayMaker. By eliminating the need to file and manage paper purchase orders and invoices, the company has reduced employee hours spent on paying vendors and improved the overall business efficiency.
Days to payment are now up to 2 times faster, and S2 Repair and Maintenance has seen a 50 percent reduction in the time required to reconcile payments at month’s end. Answering vendor questions has also become easier, thanks to the clear and consistent view of payments and PayMaker’s in-depth reporting capabilities.
PayMaker makes it easy to pay and get paid from anywhere. When using PayMaker, businesses can make payments and get paid with speed efficiency and security. Learn more about PayMaker or sign up for a free trial today.
The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.