TORONTO, ONTARIO–(Marketwired – March 10, 2014) –
Editors note: There is a video associated with this press release.
Cambridge Mercantile Group, a global payment and risk management solution provider, is pleased to report continued success with its Automated Payables Solutions (APS). This service provides corporations with the ability to eliminate cheques, streamline company-wide payments through one single file and achieve the potential of revenue rebates without draining their AP resources, amid the growing industry trend away from cheque-based payments.
The Federal Reserve’s latest payments study has revealed that the use of cheques continued to decline rapidly in the U.S. from 2009-2012, with the number of cheques processed falling to less than half that of the previous decade. The total percent value of ACH within total noncash payments rose nearly 10% demonstrating increased spend with this payment method.
“Whether it’s a multi-national or an SME, electronic payments are key to improving efficiency and reducing cost and are therefore fundamental to the corporate business strategy,” says Mike McKay, Vice President of Automated Payable Solutions. “Yet a majority of companies still handle 75% of their payments in paper. Their hesitation to make the switch is largely based on a lack of options, with most solutions threatening to disrupt their existing AP operations, and taking up to 18 months to fulfill. Our process is fast and simple and we do all the heavy lifting.”
APS guarantees 75% conversion from cheque to electronic payments within 90 days through an industry-leading, six-step process managed entirely by a team of experts. This includes vendor engagement complete with a branded marketing initiative in addition to vendor profile validation, removing the risk of error, delivery of remittance information to all vendors through their preferred format and delivery channel, and settlement out of multiple bank accounts.
U.S. Fed findings also indicated a significant increase in card type payments. With the APS Card First Program, suppliers are provided with the option to receive virtual card payments with an ACH/EFT backstop which accommodates all vendor payment types. This program provides the opportunity for clients to participate in revenue shares with rebates generated by each card transaction. APS generally achieves higher electronic payment conversion rates within a smaller time frame than competitors due to its sophisticated enablement process supported by robust technology and an experienced team of specialists. On average, greater enrollment leads to larger card spend capture which may result in greater rebates for clients.
“As businesses of all sizes continue to adopt electronic payments, we remain focused on providing the strength and agility of APS to their process” says Jacques Feldman, Co-founder and President, Cambridge Mercantile Group. “I’m confident that our efficient management of this service will continue to position us competitively in the payments industry and support our ongoing mission to deliver improved payment efficiency to companies in North America and around the world.”
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.
To view the video associated with this press release, please visit the following link: http://www.youtube.com/watch?v=-5yxqXXRy2Y.
416.646.6401 (ext. 2248)
Hanah Van Borek
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