There are many apps out there aiming to improve business efficiencies, but few of them can back it up with actual cost savings from the time saved. That can be one of the hardest things to validate when companies are evaluating possible solutions in the market.
Then, even if that cost savings is evident, are there other companies that have had success with the product and continue to use it? When it comes to managing and paying international invoices on one platform, PaymentsHub is validated and proven.
PaymentsHub – from TransferMate Global Payments – is a seamlessly integrated invoice payments processing and VAT reclaim app for SAP Concur customers. Many SAP users have found success with PaymentsHub. Let’s take a look at one recent example.
Chicago-based property and casualty insurance firm HDI Global was having trouble tracking its payments. The Accounts Payable team was manually entering approved wire transfer and ACH requests into a bank portal. The system provided little transparency as far as where the payment was once it was released and the process often caused time delays in payments.
After a recommendation from a SAP Concur rep, HDI implemented TranferMate’s PaymentsHub app that works with SAP Invoice. PaymentsHub provided a clear connection between approved payments and the ones that were paid, adding more transparency and efficiency to HDI’s international payments and eliminating duplicate data entry, review and approval processes.
HDI saw noticeable improvement within a month after implementing PaymentsHub. By eliminating the manual data entry into the bank and gaining visibility on where the payment is at all times, HDI improved its payments processing time by one week, giving the treasury, compliance and executive teams time back to use for other tasks. The company has also saved money with lower processing costs.
“PaymentsHub made processing of payments more efficient by eliminating duplicate data entry, review and approval process. We like that there are automatic notifications sent by TransferMate letting us know what status the payment is in. TransferMate customer support is very responsive and always able to help,” said Agnieszka Rudnik, Treasurer and Vice President at HDI.
HDI was able to see the benefits of PaymentsHub within one month, and that’s not uncommon for businesses making many international transactions per month and using manual processes to track them.
For a company making 200 international payments per month, PaymentsHub could save them an average of 7 minutes administration time per transaction, which translates to 40 admin days per year. Companies can save an average of $60 per transaction on global bank wire fees X 200 payments per month, for annual savings of $144,000.