Switching to an electronic payables approach will require the support of internal stakeholders and in some cases realignment of job responsibilities. To ensure buy-in within your company, use the following methods of promoting Virtual Payments:
- Begin your campaign with your company’s support
- Enroll your suppliers into the program
- Create a compelling program name and creative logo
- Be prepared to explain the program, answer questions, discuss the goals of the program, and show the intranet site that holds the sample letters of vendors and new vendor set-up forms. Comdata is happy to help you if needed.
- Set time-sensitive and specific goals
- Realign certain job responsibilities:
- Designate an executive sponsor
- Appoint a day-to-day owner, usually someone from AP to answer calls from Comdata and daily questions from vendors.
- Be clear that electronic pay is your preferred way to pay vendors:
- All new vendors will be targeted in the program
- Focus on electronic payment in your vendor onboarding materials
- Write contracts to include the virtual payment program
- Implement an escalation process:
- Establish escalation procedures at the beginning of the project
- Vendors should not be allowed to un-enroll easily. It must have manager or supervisor approval.
- Ensure the timely resolution of issues with a Service Level Agreement of less than 24 hours
- Establish Quarterly Reviews
- Review spend and vendor enrollment performance on a quarterly basis
- Calibrate and make the adjustment to hit and exceed spend goals