7 Crucial Questions to Consider When Choosing an AP Automation Solution

Operating an AP department without automation is like trying to run a marathon without shoes. You can do it, but it’ll likely be much more painful than it needs to be. Arguably, running a marathon with the wrong shoes might even be worse than going barefoot. Without the proper preparation, you might end up burning out before you reach the finish line.

With so many AP automation solution options available, how do you choose the right fit? The answer lies in asking the right questions. Below, we’ve outlined the most important questions you should ask when evaluating a payments automation solution.

What Payment Methods Does the Solution Support?

Your business may need to handle various payment methods, from credit cards to ACH and beyond. It’s crucial to ensure that your AP automation solution supports all the methods your business currently uses—and may use in the future.

Why this matters: A payments solution that can’t accommodate all the payment methods your business requires could limit your operations and create unnecessary friction. The future of AP is automation, which means you’re remaining future-focused simply by starting this process.

How Does the AP Automation Solution Ensure Security and Compliance?

Handling sensitive financial data comes with significant responsibility. You must ensure that the AP automation solution you choose offers robust security measures to protect this data. Look for features like encryption, tokenization, and multi-factor authentication. Moreover, it’s essential to verify that the solution complies with relevant regulations, such as PCI-DSS for payment processing and GDPR for data protection.

Why this matters: A security breach can lead to devastating consequences, including financial loss, legal ramifications, and damage to your company’s reputation. Compliance is not just about avoiding penalties—it's about safeguarding your business and your customers.

How Easily Does the Solution Integrate with Your Existing Systems?

Integration is a key consideration when selecting an AP automation solution. The system should seamlessly integrate with your existing accounting, ERP, and CRM systems. You’ll want to know if the integration process is straightforward or if it requires significant customization.

Why this matters: Smooth integration can save your business time and money. A solution that doesn’t integrate well with your current systems may lead to data silos, increased manual work, and a higher risk of errors. On the other hand, a well-integrated system can streamline workflows and enhance overall efficiency.

What Level of AP Automation Does the Solution Offer?

One of the main arguments for adopting a payments automation solution is to reduce manual work. It’s essential to understand what level of automation your potential AP automation solution provides. Can it handle increased transaction volumes as your business grows? Is the automation flexible enough to adapt to your specific workflows?

Why this matters: High levels of automation can lead to significant cost savings by reducing the need for manual intervention. A scalable solution that grows with your business ensures that you won’t have to continually invest in new technology as your transaction volumes increase.

What is the User Experience Like?

An AP automation solution might have all the features you need, but if it’s not user-friendly, it could slow down adoption and create frustration among your team. Ask about the user interface, how intuitive the system is, and what kind of training is required to get started. Also, inquire about the support available during the onboarding process.

Why this matters: A positive user experience can drive quicker adoption and reduce the learning curve for your team. A solution that is easy to use will likely lead to more efficient processes overall.

How Does the AP Automation Solution Handle Exceptions and Errors?

No system is perfect, and errors will happen. It’s important to understand how the payments automation solution handles exceptions, such as payment failures or discrepancies. Ask about the processes in place for identifying and resolving these issues.

Why this matters: Efficient error handling can save your business time and prevent minor issues from escalating into major problems. A solution that provides clear visibility into errors and offers straightforward resolution processes is critical for maintaining smooth operations.

What Kind of Customer Support is Available?

Finally, the level of customer support provided by the solution’s vendor is crucial. Will you have a dedicated account manager? What are the support hours? Is there a guarantee for response times? These factors can significantly impact your experience with the solution, especially if issues arise.

Why this matters: High-quality customer support can make a significant difference in your overall experience. Knowing that you have reliable support when you need it can give you peace of mind and allow you to focus on your core business activities.

Choosing the right AP automation solution for your business is a critical decision that requires careful consideration. By asking the right questions, you can ensure that the solution you select not only meets your current needs but is also capable of supporting your business as it grows and evolves like an absolutely perfect pair of running shoes. Remember, the goal is to find a solution that enhances efficiency, maintains security, and integrates seamlessly with your existing systems.

Taking the time to thoroughly vet your options allows you to confidently choose an AP automation solution that will serve your business well into the future. See how Corpay stacks up by contacting us for a consultation.