PaymentWorks is not a supplier onboarding tool; we are a Business Identity Platform where Payees can submit their registration information and associated credentials to Payers online via our platform. Our platform verifies Payee credentials and identities and collects compliance related documentation as well.
Unlike supplier portals, PaymentWorks actually mitigates the risk associated with collecting Payee information by eliminating the manual collection of documents through fax, email, snail mail, or in person, and by verifying the submitted information is accurate and true.
A Payer is the organization that uses PaymentWorks to collect registrations and credentials from its payees (vendors or individuals) in order to disburse payments.
A Payee is an individual or business that is submitting a registration to a Payer in order to receive payment.
A Vendor Registration is the form unique to a Payer that a Payee fills out. This form has the information needed in order for the Payer to pay the Payee and accurately report that financial transaction. This form has tax information, address information, banking information, as well as fields regarding insurance and diversity certifications. PaymentWorks uses the Vendor Registration-provided details to verify that your Payees are really who they say they are.
The FBI identifies Business Payment Fraud as the number one Internet Crime in the United States in terms of dollars lost. It accounts for more losses than the next six forms of fraud listed on the report. The average reported Business Payment Fraud is $76,718*. Verifying identities before payments are made helps mitigate the risk associated with falling victim to this form of fraud.
*2018 FBI Internet Crime Report
To onboard Payees, a user at a Payer sends an invitation via PaymentWorks to the Payee. The Payee then creates an account through the link in that invitation. This account allows the Payee to fill out the Payer's unique Vendor Registration. Once complete, the form and credentials are submitted to the Payer.
No. PaymentWorks is not intended to replace the need for people in the Payee onboarding process. Our system eliminates the need for many associated manual processes, such as TIN Validation and Debarment list checks. The platform also mitigates risk associated with collecting Payee information, such as unsecured loose documents and emails with sensitive information from Payees. These features and others allow the vendor onboarding process to be more streamlined and secure. It also automatically sends information submitted by Payees to the ERP, so manual entry of data is no longer required.