2022 AFP Payments Cost Benchmarking Survey
We are very proud to sponsor the AFP Payments Cost Report this year and to help publish such valuable information.
The study shows that payment modernization trends over the past few years were expedited by COVID-19. Teams that once had manual processes with wet signatures for checks quickly had to adapt to a remote-first process. Even as we start to return to the office many teams are staying remote indefinitely. AP teams started to migrate to digital payment methods like ACH, real-time payments, and virtual cards as alternatives.
A majority, 73 percent of all surveyed organizations, are moving from checks to electronic payments to increase efficiency, save money, and reduce costs. This report highlights just how time-consuming AP activities are. These processes are especially taxing for mid-market and small teams with most respondents spending six to ten hours every week cutting checks, processing ACH, and reconciling payments.
Corpay continues to help AP teams streamline their processes, from payment automation, vendor enrollment, and support to consolidated corporate and virtual card programs. As organizations adapt to the ‘new normal’ and look to retain top talent it is more important than ever to innovate and streamline processes.