Cambridge Mercantile Group

Cambridge Mercantile Group

October 16, 2013 17:06 ET

Cambridge Mercantile Group Releases Recommendations for Success with Electronic Payments Conversion in 2014

As Card and ACH volume continues to rise, efficiency and security of payments remain key priorities

TORONTO, ONTARIO and NEW YORK, NEW YORK--(Marketwired - Oct. 16, 2013) - Cambridge Mercantile Group, a leading global foreign exchange and payments company, today released its own corporate Recommendations for Success as a resource for the many businesses planning to convert their check payables to card and electronic payments within the next fiscal year.

In 2012, ACH payments volume in the US exceeded 21 billion, up 4.19 percent over 2011 according to a report from NACHA. The need for a seamless and well-managed solution that is both efficient and secure has become increasingly essential for companies as more and more adopt electronic payments. With this in mind, Cambridge has outlined the following key recommendations for companies to consider in moving forward with this technology:

Recommendations for Success in Converting to Electronic Payments:

  • Seek out the fastest conversion program; the industry standard is at least a 75% conversion rate within 90 days.
  • Build up in-house resources to support conversion; a proficient AP system can boost the efficiency of conversion significantly.
  • Demand universal formats that support all interfaces; a quality payments system must be compatible with all major AP technology.
  • Look to gain potential profits with card rebates; card first programs may allow participants an opportunity to gain in revenue share.
  • Work with industry trusted partners; companies should seek out vendors with only the highest reputation for security.

"The growing number of companies adopting electronic payment systems demonstrates an increased awareness to the benefits of making the transition, however, the vast majority of businesses are still cutting checks," said Chris Morris, director of payments solutions, Cambridge Mercantile Group. "As a company with long-standing experience in payments, we want to help inform those businesses that have yet to make the leap with these recommendations as a framework, and offer solutions to make the conversion as pain-free as possible. The cost savings alone are a huge incentive; for a company converting 1,000 checks to electronic payments, the average net financial benefit is approximately $120,000.00 per year."

Chris Morris will be presenting at the Institute of Finance & Management (IOFM) Accounts Payable Expo on October 22, 2013, where he will provide an in-depth look at the advantages of transitioning from paper-based to electronic payments, as well as common pitfalls for businesses.

IOFM AP Expo 2013
Las Vegas, Nevada
Booth # 308
Presentation Details:
Title: Yes, You Can. Best Practices For Single Stream Payment Processing: One File - All Payments - One Workflow
Presentation Track E
Date: October 22, 2013
Time: 4:00 pm PT
Location: Planet Hollywood, 3667 Las Vegas Boulevard, South, Las Vegas, NV

More information on this presentation can be found at: www.iofm.com/event/apconf-fall13/agenda.

About Cambridge Mercantile Group

Since its inception in 1992, Cambridge Mercantile Group has grown to become a leading provider of global payments and currency risk management solutions. With more than 14,000 clients worldwide, Cambridge is among the largest bank-independent providers of hedging and risk management products, powered by technologies widely regarded as industry leading. Cambridge delivers a superior level of service to clients through extensive knowledge of foreign exchange and award-winning operational capabilities, supported by an experienced trading, account management and consultative sales team. With offices strategically located across the globe, including North America, Europe and Australia, Cambridge facilitates the secure movement of over $20 billion annually. For more information, visit www.cambridgefx.com.

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