Frequently Asked
Questions
Please reach us at payments@ironpayinc.com
if you cannot find an answer to your question.
IronPay will do an analysis of your payment file. This usually takes a few days and will reveal opportunities for process improvements, cost reduction, risk mitigation, and revenue generation. IronPay will present the results back to you with Best Practice recommendations.
IronPay excels at supplier engagement and will work on your behalf to enroll your suppliers to implement the best possible payment strategy
This is a win/win scenario. There are no fees associated with your digital payment transformation. In fact, depending on your process today and your current payment modalities, there is potential for significant cost savings and revenue generation.
Our payments automation solution is a software system and Vendor enrollment program that optimizes your Accounts Payable (AP) payments by converting check payments to digital payment modalities such as ACH and virtual cards and delivering revenue.
The solution reduces risk by using a one-time virtual card number for each payment, which eliminates the need to share and store sensitive bank account information. This reduces the risk of fraud and unauthorized transactions.
Our solution provides rich reconciliation data, including detailed payment information such as the invoice number, payment amount, and payment date. This data can be easily reconciled with your accounting system, saving time and improving accuracy.The solution reduces risk by using a one-time virtual card number for each payment, which eliminates the need to share and store sensitive bank account information. This reduces the risk of fraud and unauthorized transactions.
Our solution eliminates the need to print, mail, and process checks, which can save significant time and resources. Additionally, digital payments are typically less expensive than checks, resulting in lower transaction costs.
Yes, our solution can potentially generate revenue by offering cash-back incentives for using virtual cards or by generating rebates based on transaction volume.
Implementation times vary depending on the complexity of your current payment processes and the size of your organization. However, we typically expect implementation to take between 30-60 days.
Our solution is designed to be compatible with a wide range of accounting systems, including popular systems such as Quickbooks, NetSuite, Infor, Oracle ERP’s, Workday, and SAP.
Yes, we provide training and support to ensure that your team is able to use the solution effectively. We also offer ongoing support to ensure that any issues or questions are addressed in a timely manner.Our solution is designed to be compatible with a wide range of accounting systems, including popular systems such as Quickbooks, NetSuite, Infor, Oracle ERP’s, Workday, and SAP.
The cost of the solution depends on the size and complexity of your organization’s payment processes. We offer customized pricing plans based on your specific needs, and we work closely with our clients to ensure that the solution provides a positive return on investment.Yes, we provide training and support to ensure that your team is able to use the solution effectively. We also offer ongoing support to ensure that any issues or questions are addressed in a timely manner.Our solution is designed to be compatible with a wide range of accounting systems, including popular systems such as Quickbooks, NetSuite, Infor, Oracle ERP’s, Workday, and SAP.
Yes, we can help you assess your current AP program by reviewing your current payment processes, payment methods, and transaction volumes. This will help us identify areas for improvement and provide customized solutions to optimize your payment processes.
Yes, we would need to know your annual payment dollar amount and the number of payments issued annually in order to help you determine the top-line benefits of our payments automation solution.
Understanding the proportion of check, credit card, and ACH payments is critical to helping you assess the benefits of our payments automation solution. We can work with you to gather this information and determine the best payment modalities for your organization.
Yes, our payments automation solution is designed to improve the efficiency, accuracy, and security of your AP payments. We can work with you to identify specific pain points and provide customized solutions to address them. Understanding the proportion of check, credit card, and ACH payments is critical to helping you assess the benefits of our payments automation solution. We can work with you to gather this information and determine the best payment modalities for your organization.
We understand that you may have been approached by other virtual card providers or integrated AP processors. We believe that our solution is unique in its ability to provide a one-time virtual card number for each payment, which reduces the risk of fraud and unauthorized transactions
We understand that implementing a new payment system can be a big decision. We would be happy to walk you through the benefits of our payments automation solution and provide customized solutions to fit your specific needs.
The ideal customer profile for this program includes businesses with a high volume of check payments, organizations looking to improve their AP processes, reduce costs, and enhance security, as well as companies open to adopting new technologies and optimizing their payment methods.
More FAQ's
Common ah-ha moments include realizing the potential cost savings from eliminating check payments, understanding the increased security provided by one-time virtual card numbers, discovering the potential for revenue generation through rebates, and recognizing the time savings from automating and streamlining the AP process. Additionally, it is a value add to point out that if a substantial number of vendors are being paid Net 0, the company should be strategic and gain value for quick pay , i.e utilizing a payment modality that generates revenue.
Customers may choose our solution over a bank because of our focus on payment optimization, compatibility with various accounting systems, customizable pricing plans, dedicated training and support, and our unique approach to vendor enrollment that drives greater adoption of one-time virtual card numbers that enhance security and generate revenue. Banks may not offer the same level of flexibility, integration, and support for AP processes.
Our payments automation solution uses a unique one-time virtual card number for each payment. We do not use your existing credit cards for our service.
Potential Objections to a Payments Optimization Solution
Our payments automation solution provides a one-time virtual card number for each payment, which reduces the risk of fraud and unauthorized transactions. Additionally, we can work with your vendors to address any concerns they may have about accepting virtual cards.
Our payments automation solution provides a one-time virtual card number for each payment, which reduces the risk of fraud and unauthorized transactions. Additionally, we can work with your vendors to address any concerns they may have about accepting virtual cards.
Our payments automation solution is designed to be easily integrated with your existing accounting system, and we provide training and support to ensure a smooth implementation process. Additionally, our customized pricing plans are designed to provide a positive return on investment.
Our payments automation solution provides a unique one-time virtual card number for each payment, which reduces the risk of fraud and unauthorized transactions. Additionally, we offer cash-back incentives and rebates based on transaction volume, which can save you money and potentially generate revenue.
Our payments automation solution offers customized pricing plans based on your specific needs and transaction volumes. We believe that our unique solution provides significant value in terms of reduced risk, improved processes, potential revenue, and greater Vendor adoption.
