TORONTO, ONTARIO--(Marketwire - July 5, 2012) - Cambridge Mercantile Group, a leader in efficient and customizable global payments, today announced inclusion of the Check Elimination Solution within its extensive suite of products and services.
In a recent survey conducted by the Association for Financial Professionals, typical organizations make 74% of their B2B payments by check. Domestic and overseas check payments can cost companies over 500% more than the same payments when made electronically. During these uncertain economic times, where tighter budgets and increasing scrutiny with compliance regulations, the Cambridge Check Elimination Solution provides a quick and secure method for companies to convert from paying suppliers by check to using low-cost card and ACH-based electronic payments.
The card-based payment component of the Check Elimination Solution leverages virtual card technology to generate unique single-use card numbers which are delivered to suppliers electronically, allowing each supplier to initiate a card payment for the exact customer approved amount. In addition, Cambridge has integrated ACH-based electronic payment into the Check Elimination Solution to serve as an electronic payment back-stop for suppliers who cannot accept card-based electronic payments or simply prefer to receive ACH-based electronic payments.
"We're thrilled to be in a position to help our corporate clients make the transition to electronic payments using card-based electronic payments, ACH-based electronic payments or a combination of the two," said Bob Dowd, Senior Vice President Payment Solutions at Cambridge. "Cambridge was founded on the belief that executing corporate payments should be a quick, simple, straightforward process and our Check Elimination Solution is a reflection of that strategy. The more paper we eliminate from our clients' payment process the more cost savings they're going to realize; our clients are turning their accounts payable departments into profit centers based on the market-leading card rebate program we offer."
The Cambridge Check Elimination Solution includes a demonstrated supplier enablement process supported by supplier enablement technology to ensure that conversion programs can eliminate at least 75% of targeted check payments within 90 days of contract execution.
Cambridge Mercantile will be hosting a live webinar event to discuss industry best practices in accounts payables on Thursday, July 12, 2012 at 2pm Eastern/ 11am Pacific. Register Here.
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.