View a Printable Product Info Sheet for Financial Institutions

SMARTER PAYMENTS START HERE.
SM
EFS ELECTRONIC ACCOUNTS PAYABLE
Automation
| Efficiency | Web-Based
EFS Electronic Accounts Payable
The value you’ll see by offering
an EAP program:
EFS’s automated accounts payable solution improves cash
management and efficiencies by allowing your financial
institution’s commercial account holders to simplify their
accounts payable workflow. Rather than an accounts payable
software, EFS’s automated solution is a software as a service
(SaaS) based program. Your commercial account holders can
access the program via the web without the need of special
hardware and will always use the most current version.
The EFS web portal can be personalized with your
financial institution’s (FI) name.
Increased commercial account
holder commitment to your FI the more products you offer your
commercial account holders, the
more committed they’ll be to your FI.
Streamlining vendor payments by leveraging the MasterCard ®
Payment Network gives your commercial account holders an
efficient way to make payments and reduce the number of costly
paper checks processed. In fact, Aberdeen Group research
shows the cost to process a single check can be as high as $58
while automating invoice processing can reduce costs 30-60%.
With EFS’ EAP program,
your commercial account holders can:
•
•
•
•
Avoid investing in costly end-to-end accounts payable systems
Gain access to processed payments and transaction data
Store vendor information online
Export a payment batch file to EFS or create payments online
Increased sales opportunities approximately 70% of business-tobusiness payments are still made by
check. Migrating to a commercial
card payment is a substantially less
costly solution for your business
account holders.*
Ease of launch - EFS completes the
commercial account holder set-up
without changing how companies
purchase, get invoices or manage
their AP process.
612.965.5222
*Denotes Aberdeen Group research
| EFSLLC.COM
SMARTER PAYMENTS START HERE.
SM
EFS ELECTRONIC ACCOUNTS PAYABLE
Reduce costs. Reduce the number of costly checks and manage payables online.
Automate payments. Improve ease of payment and tracking through online history
and processing detail visibility.
Secure controls. Set up vendor parameters that control payment amounts, categories,
and number of days a card stays active.
Improve vendor relations. Provide vendors a secure, fast and accurate way to
receive payments and payment information.
Initiate payments through vendor payment date. Take advantage of due dates
versus typical internal process dates to maximize cash flow, and minimize need to
keep track of due dates, avoiding unnecessary bank fees.
Custom reporting. Detailed custom reporting includes processed and unprocessed
vendor payments.
Contact your EFS Corporate Solutions consultant at 612.965.5222 to learn more about
putting the power of EFS’s Electronic Accounts Payable to work for you.
612.965.5222
| EFSLLC.COM
© 2015 Electronic Funds Source LLC. All Rights Reserved. The EFS MasterCard Corporate Card and the EFS Virtual MasterCard Purchasing Program are issued
by Comerica Bank pursuant to a license by MasterCard International Incorporated. MasterCard and MasterCard Corporate Card are registered trademarks of
MasterCard International Incorporated.