Chrome River DIRECT PAY automates expense payment processing
Chrome River Technologies, a leading provider of expense management software and automated invoice processing, announced today the availability of Chrome River DIRECT PAY, a service that automates and speeds the payment process for corporate credit card accounts and employee expense reimbursements. The secure DIRECT PAY service debits an organization’s bank account for all approved expenses and credits employees’ corporate cards and personal bank accounts. As an integrated service to Chrome River EXPENSE, DIRECT PAY’s automated electronic payment capability handles the entire expense payment process.
DIRECT PAY enhances the expense reimbursement process by submitting electronic payments directly into an employee’s bank account within just a few business days. All employees within an organization are eligible for DIRECT PAY and the setup process is easy. The employee self-service bank account maintenance is secure in the DIRECT PAY encrypted vault, freeing up time for the accounts payable staff by eliminating the need to store, maintain and update this information internally. DIRECT PAY also allows an organization to control cash flow while ensuring that corporate card payments are made on time, reducing costs by eliminating any late charges that could be assessed.
With the DIRECT PAY ACH processing service, the accounts payable staff can focus on more high-level tasks since many of the back-end steps in the reimbursement process are eliminated. Approved expenses are exported as both journal and cost entries to an organization’s financial system and into electronic payment files for the bank-to-bank and bank-to-credit card provider transfers. Since all transactions are handled automatically, duplicative data entry is eliminated. Organizations can carry on their “green” initiatives while realizing reduced processing costs by eliminating the administrative tasks of preparing, printing and mailing paper checks.
“Chrome River is excited to provide our customers with the ability to automate the payment process for employee expense reimbursements and corporate card providers. We’re confident that Chrome River DIRECT PAY will help organizations reduce expenses through lowered costs for expense report payment processing and by eliminating late charges that stem from corporate cards not being paid on time.” said Dave Terry, co-founder and COO of Chrome River Technologies. “Organizations will also derive positive benefits for their employees, such as increased employee satisfaction due to faster expense reimbursement and elimination of lower-level administrative accounts payable tasks allowing staff to focus on more strategic business tasks.”
Chrome River is committed to keeping their end users happy with continuous enhancements and innovations that impress and make their lives easier. The addition of Chrome River DIRECT PAY is another enhancement that adds significant value to Chrome River’s expense reporting software.