Electronic payment solutions continue to rise in popularity
According to Nacha, who governs the ACH Network payment system, ACH B2B payments have increased 33.2% over the last two years. This is excellent news for AEC firms who rely on healthy cash flow and are tired of waiting to get paid. Electronic payments facilitate quick and painless money transfers and do away with pushing paper and waiting for the next check run.
While electronic payment solutions have been gaining popularity for years, the pandemic accelerated their speed of adoption. Many firms are starting to migrate back into the office. Still, they will not be going back to their old ways of payment collections after experiencing the ease of accepting electronic payments. For firms still processing checks manually, it is time to explore digital solutions that free up your finance and accounting teams for higher-order work.
With EleVia’s introduction of EVPay, it has never been easier for Deltek Vision® and Vantagepoint® customers to adopt a digital payment solution that encourages customers to pay invoices in full with a single click. EVPay was initially released to early adopters in December 2020 and has since been implemented by over 10% of EleVia customers. The new EVPay Vault feature is the next step in improving cash flow and automating the receivables process for our customers.
The power of EVPay
A few EleVia customers describe their experience with EVPay and how it has benefitted their firm. Casey Bork, Accounting Manager at Boulder Associates, found that customers were sitting on invoices a long time before payment was received and that short pays were occurring too frequently. As an early adopter of EVPay, Casey knew they needed a digital payment solution.
Once EVPay was implemented, Casey noticed that customers were paying invoices sooner and that short pays weren’t nearly as common. Electronic Invoicing with the EVPay feature enabled the payment process to be significantly easier to manage.
“With Electronic Invoicing and EVPay, our team is spending less time on manual work and performing less data entry.”Casey Bork, Boulder Associates
Scott Lekovish, Financial Systems Manager at SOCOTEC US, needed a fully integrated solution with their Deltek environment and could be quickly implemented. After implementing EVPay in just two weeks, SOCOTEC maintains lower A/R balances and A/R aging with an easy and secure portal for customers to pay invoices.
“It was powerful to have the EleVia team ready to respond and be so nimble, along with their partner INGAGE iPayments. The combination of both parties together made this implementation successful because we were up and running in under two weeks.Scott Lekovish, Financial Systems Manager, SOCOTEC US
EVPay Vault provides a more intuitive way to manage client payments
The latest enhancement to EVPay is directly integrated with EleVia’s Electronic Invoicing and A/R Management and Collections software.The EVPay Vault introduces an intuitive portal for EleVia customers and their clients, offering:
- A More Intuitive Way to Manage Client Payments: EleVia can provide customers with a secure, convenient portal to review all invoices, settle multiple invoices, and store electronic payment account information for future payments.
- Greater Efficiency for Accounting Teams: Once payment has been made, EleVia customers and their clients receive simultaneous payment confirmations. EVPay eliminates manual reconciliation of electronic payments by providing an unposted cash receipt that can be quickly reviewed and added into Deltek Vision® or Vantagepoint®.
“The EVPay Vault delivers exciting new capabilities in lockstep with our customer needs for an easier, quicker, and secure payment solution.”Kevin Murray, General Manager, EleVia Software
To learn more about the EVPay solution, visit www.eleviasoftware.com.