With ePayables, companies save money by paying their bills electronically.
Monster Worldwide Inc., the leading global online careers and recruiting company, wanted to eliminate its cumbersome paper-based accounts-payable process and consolidate its many card programs.
Monster turned to ePayables, a Bank of America electronic payments service that lets the company pay vendors through secure card payments, eliminating the cost and administrative burden of cutting paper checks.
Joe Schmidt, director of Billing and Disbursement for Monster Worldwide, said that the prospect of greater efficiency and lower costs is what attracted the company to ePayables. "ePayables is a great system and the ideal solution to the challenges we were facing," he said. "We can pay vendors more quickly by charging the ePayables card account, then select a settlement cycle that best meets our needs, retaining the cash in the interim. We've eliminated traditional payment transaction fees, and we benefit from cash payout incentives."
Automating Monster's accounts payable not only saved the company significant costs associated with paper processing, but also increased annual cash flow by more than $7 million. "ePayables is an innovative, cost-saving solution for our clients," said Rebecca Vogel, Bank of America client manager. "When we respond to our clients' needs with market-leading products like this one, we can grow in importance to our customers while we build earnings for our shareholders, too."
The bank's vendor-enrollment system helps clients use the program easily and efficiently. Clients simply provide account numbers and contact information for their suppliers, and the bank takes care of the enrollment. When it set up the service at Monster, Bank of America enrolled more than 300 of the company's vendors within the first three months.
ePayables is just one of the products that is making Bank of America's treasury services increasingly popular with companies of all sizes. "We know what it's like to reinvent an industry, and ePayables is doing just that in the payments space," said Schmidt. "The accounts-payable unit is now a profit center at Monster Worldwide."
Next: Opportunities in Global Treasury Services
1. Managing Monster Cash Flows
