MutualPay Vendor Invoice Pay (VIP)
With MutualPay VIP, Mutual of Omaha Bank introduces a revolutionary client experience by eliminating the manual work involved in processing invoices and creating an easy to use automated workflow from invoice receipt through payment.
- Easy, convenient and highly secure way to manage 100% of your financials
- Automates all payments with a single file upload
- Client has the ability to setup workflows and approvals to mirror existing processes
Processing vendor invoices is very time consuming -- the invoice must be reviewed and verified for accuracy, routed to the correct person for approval, paid, and then entered into the accounts payable system. MutualPay VIP puts a stop to the manual, laborious task, and offers a total end-to-end solution that automates the entry of vendor invoices into the AP system.
Invoices can be ingested in several ways:
- Mail (lockbox)
- Client can upload directly
- Vendors can upload directly via a vendor portal
Once uploaded, the client reviews and approves; a payment method is selected, and all data is sent directly to the accounting system so that payment can be executed. Vendors receive a remittance letter via email confirming receipt of payment.
Real time visibility to payment stream
Flexibility with multiple payment options (ACH, check, or virtual card)
Reduces costs and fraud while creating revenue and saving time
Are you ready for a more efficient payment process? Submit your information for a free, no obligation consultation.