How Singe Payables Analyzes Your Suppliers To Give Your Business New Payables Insights
In today's digital age, businesses should rely heavily on electronic payment systems to facilitate smooth transactions, but old habits die hard. Which is why Singe Payables offer services that help businesses determine the card acceptance capabilities of their existing suppliers.
By leveraging these services, businesses can assess the level of data collected during transactions, evaluate fraud risk, and make informed decisions about engaging with potential suppliers.
Explore the process of supplier matching, the different levels of card acceptance, and the importance of confidence levels in determining successful business partnerships by continuing to read this article!
What is a Supplier/Vendor Match and Card Acceptance?
Suppliers and vendors can be used interchangeably, so there is no difference between a supplier match and a vendor match.
The process of a supplier match involves taking a list of current suppliers the buyer currently pays, then comparing that list to the database of known card users to verify that a supplier has accepted payment via a virtual card previously. This guarantees that they have the ability to accept a card, and could possibly prefer it. Which results in a better structured and more successful supplier enrollment campaign (which Singe Payables thoroughly demonstrates through their enrollment numbers).
Singe will present the supplier match once to show which current suppliers are already accepting card payments today.
The card acceptance levels are how Singe Payables is able to convey the results of the data found, and how accurate the findings are to be considered. This can vary based on the amount of data given in the beginning of the process such as accurate supplier addresses.
The more detailed the information given on each supplier enables the checking of the databases to be much more accurate on card acceptance.
Supplier Match and Card Acceptance Levels
To begin the process of assessing card acceptance, businesses can utilize the vendor match services provided by Singe Payables - cost free. The process is simplified to highlight the advantage of digital payments for every business. The business provides a list of their suppliers for Singe Payables to analyze using our supplier match system.
From the business side, this list needs to contain the most information possible. The better the data, the more accurate a supplier match. The data should include supplier addresses, phone numbers, and zip codes of each supplier. Plus, with Singe, there are no payment minimums for us to match the suppliers so the more, the better!
On the Singe Payables side, we upload the provided supplier document into our secure software, which is then cross-checked with respective systems of current acceptors.
For example, Singe Payables takes the supplier information and runs it through Visa’s portfolio to analyze if a card has been used successfully at the business address.
If yes, then Singe can also see the level of data that is provided with the payment. The detail of data gives insight on the payment acceptance and overall provides more information on card acceptance confidence to be given to that supplier.
The vendor match process yields valuable information about the level of card acceptance for each supplier. The level of data collected during a transaction impacts the interchange fees charged. With more data available, the risk of fraud decreases, resulting in lower interchange fees.
By understanding the level of card acceptance, businesses can assess how well a supplier qualifies transactions and can determine their willingness to accept cards. There are three levels of card acceptance:
Level 1: This level indicates that a card was swiped for a specific amount during a transaction. It provides a basic level of data without additional details.
Level 2: At this level, the card is swiped, and the zip code is collected to separate the tax and total amount. It offers a more detailed breakdown of the transaction.
Level 3: This level provides line-item details of the total amount reflected on the receipt. It offers the highest level of transactional data.
Level 3 information with transactional data is the best case scenario when running supplier data, but that is not to say that Level 1 or 2 means that a card can not be accepted by that supplier.
The level of data provided with a transaction in addition to other information provided by the database will determine the provided confidence level of each supplier on their acceptance of virtual cards.
Confidence Levels in Supplier Matching
The supplier match process not only reveals whether a supplier accepts cards, but also provides insights into the confidence levels of the match. Confidence levels are essential for ensuring accurate supplier identification. They are determined based on various factors such as supplier names, addresses, phone numbers, and zip codes. Here's how confidence levels are classified:
1. High Confidence: When a vendor is matched within our existing card payment program, it ensures a 100% chance of accuracy. This level of confidence allows businesses to proceed with a high degree of certainty that they will accept virtual card payments.
2. Medium Confidence: Matching the vendor name to a location with card acceptance close to the zip code or street address, albeit with a different building number, falls under medium confidence. While there is a certain level of confidence, there is still room for potential inaccuracies.
3. Low Confidence: When only vendor names are provided, without any additional information, the confidence level becomes lower. This is because there may be multiple vendors with similar names, leading to uncertainty in the matching process.It's also possible that it could be the right company, but there's hundreds of locations and not every single location accepts card payment.
Enhancing Supplier Selection with Confidence Levels
By incorporating confidence levels into the supplier matching process, businesses can make more informed decisions when selecting suppliers. High confidence matches, with an 80% chance of success, offer a significant advantage for securing reliable deals. When suppliers are matched within our payment platform, the chances of a successful card acceptance are even higher, at 90-100%.
On the other hand, low confidence matches provide a more cautious outlook, with only a 20% chance of a successful acceptance. It is crucial to consider the level of confidence and align it with business requirements and priorities.
Creating Trusted Supplier Partnerships
In the realm of electronic payment systems, it is vital for businesses to have a clear understanding of their suppliers' card acceptance capabilities. Utilizing the supplier match services offered by Singe Payables, companies can fully comprehend and assess the levels of card acceptance and make well-informed decisions.
Confidence levels play a pivotal role in accurately identifying vendors and determining the likelihood of successful partnerships. By leveraging these services, businesses can streamline their vendor selection process and ensure seamless transactions with trusted suppliers.
What comes after the Supplier Match?
The supplier matching process is a great way to step your business forward to see if digital payments are right for your business and suppliers. After the process, you should feel more confident that virtual payments are feasible, so take the next step!
Enrolling with Singe Payables for virtual payments is a stress free process and provides your business with our top of the line enrollment specialists - plus it continues to be free. Whereas industry standard for enrollment sits around 25%, our program for supplier enrollment tops those standards and will convert around 40% of suppliers to virtual cards on average.
The more virtual card transactions your AP team can make, means more rebates, efficiencies, and less hassle overall. The supplier match gives you the information, but taking the next step and converting those suppliers to payment on virtual card is where the value is made!
Schedule a supplier match with Singe Payables by following the link below and find out how much money you could be saving by enrolling your suppliers in virtual payments.
If you are new to virtual payments, check out a recent post where Singe Payables breaks down digital payments in 7 steps.
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