“Efficiency, which is doing things right, is irrelevant until you work on the right things.”

This quote by management expert Peter Drucker is something to consider as you assess the functions of your auto dealership’s accounts payables (AP) department and decide how they might be improved. Chances are, you will find operations bringing limited value to your cash flow and processes that hinder your vendor relationships.

Reliable and fast vendor payments are critical for dealerships because they must keep their inventory stocked and bills paid to grow and scale with the ever-changing market. Too often, payments are slowed by the manual process of cutting and mailing checks which leave dealerships with high labor costs associated with the accounts payable (AP) process.

Payment processors are essential for any business that accepts customer payments or makes payments to their vendors. They are particularly beneficial to Processing ISOs and Retail ISOs who own merchant portfolios. Because payment processors come in all shapes and sizes, it can be challenging to decide what size processor will best support the ISO's goals.

When you open your wallet to make a payment on a loan or bill, have you ever considered why you reached for a particular payment method? Whether you are trying to earn travel miles on a credit card or are being mindful of your budget with debit cards, we all have different reasons for making our payment choices.

Most people dread tax season — a typically chaotic time of year when we scramble to get our documents organized in a timely and accurate manner. Some of us get them done early, while others wait until the last minute.

Acumatica Summit is a “can’t miss” event that every Acumatica user and partner should attend. The event provides a great opportunity to network with the Acumatica community members and to learn about solutions that can help you get even more out of Acumatica. REPAY was front and center at this year's event as a Premier Sponsor, showcasing our integrated payments for Acumatica that help users reimagine their AP payment and AR payment processes.

For many businesses, 2022 was a year of digital transformation. Continuing through 2023, we expect more companies to leave behind the days of paper and manual processes and take that first step to digitize processes by automating their payment procedures and ditching paper checks.

Payment fraud has been rising for years as fraud schemes become easier to execute. The increased reliance on digital platforms, processes and payments has given fraudsters more ways to commit crimes. Studies show that in 2023, businesses' cost of fraud could rise by $7 billion, bringing the total to $48 billion. With such staggering predictions, taking the necessary precautions to mitigate these attempts is essential. 

Organizations are under immense pressure to do more with less in today's economy. After relying on traditional business processes and legacy systems for years, they're now having to step out of their comfort zones in search of ways to enhance operations and cut costs. Digital payment technology has emerged as a viable approach to improve and streamline back-office functions such as AP (accounts payable) and AR (accounts receivable), eliminating costly bottlenecks.