Cambridge Mercantile Group adds Check Elimination Solution to its service

Converting from check to ACH-based electronic payments

Cambridge Mercantile Group, a global payment services provider, is including a new Check Elimination Solution within its existing suite of products and services (view press release). The Check Elimination Solution enables companies to convert from paying suppliers by check to using card and ACH-based electronic payments. The card-based payment component of the solution leverages virtual card technology to create single-use card numbers which are delivered to suppliers electronically, allowing each supplier to initiate a card payment for the exact customer approved amount. The solution comes in response to a recent survey carried out by the Association for Financial Professionals, which indicates that organisations typically make 74% of their B2B payments by check.

ACH-based electronic payment has also been integrated into the solution to serve as an electronic payment back-stop for suppliers who are unable to accept card-based electronic payments or for those who prefer to receive ACH-based electronic payments. The solution also includes a demonstrated supplier enablement process supported by supplier enablement technology to ensure that conversion programmes eliminate around 75% of targeted check payments within 90 days of contract execution.

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