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Payees Want Control Over How They Receive Their Money
Relationships with vendors and customers can make or break a business. So companies that tailor payment options to the diverse needs of their payees have an edge. A mailed check or bank transfer might suit some, but others may need cash sooner. A customer without a bank account might even prefer a prepaid debit card. First Horizon’s ClearPath Fast Payments allows customers to choose how they get their funds—including the option to receive an instant payment to their account. A company simply enters a payee’s email address and the amount it wishes to send. The customer then receives an email notification and is directed to an online portal where they choose their payment method. “ClearPath essentially clears the path for payments that are not only swift and secure but also diverse and efficient,” says James Ramson, payables product team lead at First Horizon.
Key Benefits
Increased Flexibility: Businesses can disburse money on any day at any time, with complete monitoring of transactions as they happen.
Data Security: As payees submit only an email address to initiate payment, companies don’t need to store sensitive customer payment information.
Enhanced Cash Flow: The system shaves days off the process of receiving funds.
Seamless Accuracy: Businesses verify payments before processing, creating a timely, accurate file ready to post.
Paying a bill online is convenient for customers—but did you know that sometimes their bank simply prints and mails a check to the business recipient? As well as being slow, this also raises the risk of missing or stolen funds.
When a customer pays a bill to a First Horizon client enrolled in the electronic lockbox service, the payment is sent electronically rather than as a check. Minor issues—for example, if the customer entered their business account number incorrectly—can be manually corrected by the client before the payment posts to their account.
“This eliminates time spent waiting for the postal service to deliver the payment by mail, manually researching any discrepancies and preparing the checks for deposit,” says Susan Pelzer, senior vice-president, treasury management receivables product team lead at First Horizon.
Online Payments Create A Deluge Of Paper Checks
Key Benefits
Maximum Control: Suspicious debits can be stopped for additional review.
Peace Of Mind: Daily notifications eliminate the need for 24/7 account monitoring.
Key Benefits
Automatic clearing house (ACH) payments—electronic payments made bank-to-bank—are essential for day-to-day business operations. From sending paychecks to paying regular vendors, these debits increase efficiency. However, automatic processing can also create the potential for fraud. With ACH Positive Pay, businesses are given granular control over outgoing funds. New and unrecognized pending payments are presented for review in an online portal at around 7 a.m. every morning. The client can halt any of these with the click of a button by 3 p.m. the same day. Businesses don’t have to review all outgoing items; payments matching criteria established by the customer—such as monthly debits from a regular supplier—will be released. Any that suddenly vary in frequency or size are flagged for review. “We're not debiting your account and then showing it to you,” says Pelzer. “We're showing it to you before we debit your account.”
Suspicious Payments Can Take Businesses By Surprise
Cost Savings: Clients can reduce the time and resources spent on reconciliation tasks, resulting in labor cost savings.
End-To-End Security: An integrated system provides controlled access to sensitive information, such as check and deposit details.
Key Benefits
Spotting discrepancies between bank statements and internal financial records can help identify issues such as unexpected debits or large pending payments due to uncashed checks. Reconciling these two data sources can demand significant staffing resources. First Horizon automates the process of comparing a company’s records with the bank’s list of paid and unpaid items. The customer can access this information online at all times to see how closely the two sets of transactions align. “Think of it as a tool for businesses to gain a firmer grip on their accounting, providing them with enhanced transparency, deeper insights and heightened security around their payments,” says Ramson.
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