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Manage payment of strategic supplier invoices with Approve2Pay®

Approve2Pay

Combines the many benefits of a Purchasing Card program with the added control and security of a buyer-initiated payment solution when paying strategic suppliers


 

 


 

Features

 

More payment options for greater efficiency and tighter security

  • Approve2Pay provides the ability to pay any supplier electronically whether they accept MasterCard®* or not – through multiple payment options including Virtual Card and direct pay using Electronic Funds Transfer (EFT) or Automated Clearing House (ACH)
  • Advanced reconciliation capabilities; map back to Purchase Order (PO) or Invoice Numbers
  • Supported by Supplier Enablement Services

 


 

Benefits

 

 

  • Payment options on how you pay your suppliers, including virtual card or direct pay using EFT/ACH
  • Migrate paper-based supplier payments to an electronic method
  • Pay any supplier electronically, including those who do not accept MasterCard®*
  • Automate payment of large-ticket items, often not captured in traditional Corporate Card programs
  • Enhance control around your Corporate Card by only paying for the exact approved invoice amount
  • Maintain control over the timing of payments and increase security – preventing merchant and employee card misuse
  • Maximize cash flow by controlling when an invoice is paid
  • Take advantage of additional days payable outstanding by leveraging a corporate card payment cycle

How suppliers also benefit:

 

  • No special technology is required – just access to email
  • No change in process when payment is made by MasterCard®*
  • Direct pay using EFT/ACH option – ideal to receive payment for large ticket items
  • Easy to track – suppliers receive a secure email outlining the transactions which can include the purchase order and/or invoice number(s)

 


 

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® Registered trademark of Bank of Montreal

®* Registered trademark of MasterCard International Incorporated. Used under license.