Epayables Electronic Payment Solution
Arvest's Automated Payment Service
Arvest ePayables is an automated payment solution designed to create efficiency and added security to the accounts payable process. Arvest ePayables allows you to replace costly paper checks with single-use virtual card numbers that are generated when the invoice is processed. Virtual card numbers are assigned to each transaction to ensure that the purchasing card number is never disclosed to the supplying organization, promoting PCI compliance and reducing fraud.
Get started by contacting us at (855) 250-8505.
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Key Arvest ePayables Features Include:
- Arvest provides an experienced Supplier Enrollment team to contact suppliers on your behalf
- Arvest determines which suppliers will accept this payment method & enrolls them into the program
- Monthly revenue sharing
- Intuitive, user-friendly Accounts Payable interface
- Batch payment of invoices in one file upload
- Exact Pay limits authorizations to exact amount of payment, guaranteeing 100% reconciliation
How it Works
- Suppliers are enrolled for Arvest ePayables acceptance
- Accounts Payable receives and processes invoices
- A payment file is uploaded to an online portal so suppliers can be paid electronically
- Remittance information is sent electronically to suppliers detailing payment information
Two Ways to Make Payments:
- Supplier-Initiated Payments
- Buyer-Initiated Payments
Supplier receives an email or fax that includes the single-use virtual account number, payment amount and invoice details. The supplier is responsible for processing (or "pulling") the payments. Payments may be set for Exact Pay, in which authorizations are limited to the exact penny of the invoice(s), guaranteeing 100% reconciliation. This is the preferred method of payment and is most common.
Your company "pushes" payment directly to the supplier. A distinct merchant depository account is set up in which payments are credited. Supplier receives an email or fax remittance that includes total amount being deposited and invoice details.