PaymentWorks

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Losing sleep worrying about vendor impersonation fraud? Want 2024 to be different for your vendor management process? Spend an hour with our partners at @paymentworks on 12/6 at 2:00 pm EST and spend 2024 forging an elite vendor team. Register here: bit.ly/3SUC0Ax

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@patrickshort4 we will not! I believe you have had this straightened out, but support will be reaching out to you shortly to confirm. Short answer is reusing your Irvine data was possible- but now we know it wasn't as clear as it could be. We are working on that!

@paymentworks And please don't delete anything - it might screw up Portland State's effort to pay us for our June 1 event.

@paymentworks is a hot mess.

@patrickshort4 says you cannot be messaged.

@paymentworks Follow me and DM me this request, thx.

@patrickshort4 what's the name of your company?

@paymentworks Now we have 2 Portland State connections for them to choose from. Kept getting messages that the bank info was incorrect or missing. It was in there, and it was correct. /2

What happens AFTER you reach your ideal state in vendor management? More time and brainspace to grow people, speak on larger platforms, focus on strategic initiatives, i.e. diversifying suppliers, improving sustainability efforts #strategicmastervendorfile

“I dream of a clean vendor file" --direct quote from one of our @UVA panelists. We feel you. #strategicvendormasterfile

Vendor. Teams. Need. Backing. From. Leadership. They're in the trenches, controlling a CRUCIAL part of the organization's accounting activities. #strategicvendormasterfile

Finding from the pandemic based on PaymentWorks data: Around Feb-March 2020, vendors who asked to receive a check payment instead of ACH, now requesting to receive ACH. No longer going into office to pick up checks, less frequent check runs, etc. #strategicvendormasterfile

30% of vendors in the PaymentWork network have toped to receive payment via check. These payments are typically under $10K, so cost per check is significant #strategicvendormasterfile

3 forces of change impacting the vendor payables ecosystem: 1. time value of money 2. supply chain disruption 3. human capital concerns #strategicvendormasterfile

Payments Trends and the Time Value of Money with all-star panelists from @UVA and @jpmorgan #strategicvendormasterfile

After implementing PaymentWorks, @JohnsHopkins has been able to register all vendors w/in 7 days almost 95% of the time. They got their 30-day vendor registration down to about a week! P.S. they register ~10K vendors/year #strategicvendormasterfile

@JohnsHopkins takes intentional steps to control all of that data so that they to stay compliant, effective and do good in the community and world. #strategicvendormasterfile

@JohnsHopkins has to control that chaos of data to stay compliant, effective and do the good they do in the community and world. #strategicvendormasterfile

Matthew Persic from @JohnsHopkins was an early adapter of PaymentWorks talks about how his procurement team uses technology to control/harness the vast amount of changing data. #strategicvendormasterfile

What does an ELITE vendor team do? Strategic, value-added tasks. Upskilling team members, vendor master file cleanup, vendor setup & maintenance audits, vendor data operations/metrics, paying more attention to compliance rules/regs, AP automation #strategicvendormasterfile

Do this at least quarterly: Revalidate or inactivate all of your vendors. Inactivate vendors you haven’t worked with in 15-24 months, Revalidate current vendors. #strategicvendormasterfile