TORONTO, ONTARIO--(Marketwire - Nov. 14, 2012) - Cambridge Mercantile Group -
• The new product offers an industry card first enablement program, which gives customers the best in class technology and enablement services
• Using a card first approach, with an ACH/EFT backstop, companies will be able to convert 75% of payments from check to electronic in just 90 days of implementation
• Over half of larger organizations are expected to convert to electronic payments over the next three years1
Cambridge Mercantile Group, a leader in global payments, is pleased to announce the launch of a new platform, Automated Payables Solutions (APS), which will help corporations transition from check to electronic payments in an easy and efficient manner. The new product offers an industry card first enablement program, which gives customers the best in class technology and enablement services. Using a card first approach, with an ACH/EFT backstop, companies will be able to convert 75% of payments from check to electronic in just 90 days of implementation. This conversion allows companies to realize considerable cost savings, an opportunity to participate in cash rebates, while implementing stronger fraud controls.
"Today's economic environment demands for greater efficiencies and operational savings. We are pleased to offer a product that speaks directly to these needs. With APS, we can quickly implement a cost saving program in house, with minimal internal resources. We do the heavy lifting, making the transition from paper to paperless, seamless and effortless," said Mike McKay, vice president of payment solutions, Cambridge Mercantile Group. "The key is to quickly and securely enroll suppliers, giving them the choices of the payment method and remittance options. Over half of larger organizations are expected to convert to electronic payments over the next three years, and we feel APS and our enablement services will keep us ahead of the curve and offer our clients an essential service."
2012 has been dubbed "The Year of the Electronic Payment"2 as ePayments and electronic invoicing are becoming critical components to every AP department. This trend is expected to continue over the next few years, as electronic payments offer companies unique benefits such as: cost reduction, improved vendor relations, and more efficient reconciliation.
Cambridge has over 20 years of experience in the payments industry and works directly with companies to enhance their payment solutions services and global presence.
About Cambridge Mercantile Group
Since its inception in 1992, Cambridge Mercantile has been earning the trust and respect of leading companies around the world by providing efficient and customizable global payment services that are second to none. Recently, Cambridge's traditional business model has been complimented with an extensive suite of hedging and risk management products, powered by payments technologies widely regarded as industry leading. With offices strategically located across the globe, Cambridge facilitates the secure and prompt movement of over $20 billion dollars annually for thousands of clients of all sizes and niches. For more information, visit www.cambridgefx.com.