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Wednesday, 6 July 2011

Conferma WebPay: The New Way to Pay

In the corporate world, there is an opportunity to automate low to mid value, high volume transactions with new payment technologies. These traditional transactions represent what is called the ‘middle-ground’ of purchasing and they take a disproportionate amount of resources to process.

Research by *RPMG found the cost of processing paper-based purchase orders averaged $93 (US). However, making the same transaction with a single-use purchasing account cost $22. Further analysis revealed that purchasing cards can:
· reduce typical procurement cycles by approximately 12 days;
· reduce the number of suppliers managed by an average of 16%; and
· result in a reduction or redeployment of staff.
With these results, it is easy to see how new payment technologies are gaining traction in the corporate world.

Conferma’s new payment technology, ‘WebPay’, automates the procure-to-pay process delivering real-time efficiencies to both procurement and accounts payable departments. This solution uses web based technology to introduce single-use credit cards into the purchasing process and capture enhanced levels of data.

Unlike other payment solutions, WebPay is connected to Conferma’s network of financial partners giving its users a choice of card provider. This allows Conferma’s customers to select the best payment partner. With WebPay companies can retain cash longer, pay suppliers earlier, reduce man-power costs, drive compliance and cover new spend categories.

WebPay can purchase anything online from paper to corporate travel all via one platform. Once the system is deployed, it can quickly be extended out into many purchasing categories. This allows companies to centralise their procurement. Many companies are now realising the power of having one platform, one investment, capable of managing this middle-ground of payment. WebPay can use any web-browser to access any website and complete a transaction.

WebPay can standardise reporting data from a multitude of transactions by using the same accounts to purchase a variety of products. Therefore, the data reported back via WebPay is consistent and accurate. This standardised data can be handed-off into other ERP systems to create a powerful management tool capable of tracking payments.

Conferma’s WebPay has a global capability and can be used to purchase goods and services online anywhere in the world. This gives corporate managers the ability to globally synchronise purchasing practises.

This new solution levers all of Conferma’s expertise in the corporate payment sector into a single powerful platform.

*RPMG - 2010 Purchasing Card Benchmark Survey Results -

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