What is Accounts Payable?

What is AP Automation?

Payment Tokenization Explained

What is AP Invoicing?

What is Invoice-to-Pay?

Automated Payments Explained

What accounting systems do you support?

MineralTree can integrate with hundreds of the leading ERPs and Accounting Systems. Here are just a few of the many ERPs we support: Oracle (NetSuite, EBS, ERP Cloud, JDE, PeopleSoft); SAP; QuickBooks (Desktop, Online); Microsoft Dynamics (Business Central, Great Plains, Finance & Operations); and Sage (Intacct, 50, 100), plus more. Contact us to learn about our integration with your ERP system.

How much does MineralTree AP Automation cost?

Our pricing is all-inclusive. And, there are no user fees, transaction fees, or workflow configuration fees. You pay a fixed monthly or annual fee that is based on your volume of invoices and payments. Contact us to get a price quote for your business.

Is there a per user fee with MineralTree?

No. We won’t “nickel and dime” you – our pricing is all inclusive. And your monthly fee entitles you to as many users as you need for your accounts payable process.

How long does it take to implement MineralTree Invoice-to-Pay?

Some MineralTree clients have fully implemented the solution in less than 12 days. The process is very dependant on if the client dedicates some time and effort to set-up and learning how to use MineralTree’s intuitive interface.

What is automated invoice capture?

When you email or upload vendor invoices directly into MineralTree Invoice-to-Pay, we’ll automatically extract the document’s header and line information. No more tedious invoice and line-level data entry. And, all captured invoices are reviewed, bring the accuracy to 99.5%. MineralTree Invoice-to-Pay will assign your default coding to invoices, completely eliminating manual invoice entry.

Does MineralTree AP Automation include payment automation?

Yes. With MineralTree, all payments are sent directly from your bank account just like your current process. Learn more about payment automation.

I only want to automate payments- is that possible? How much does it cost?

Yes. Your business can automate payments-only with MineralTree (although we encourage automating the entire process end-to-end, for your benefit) To learn more about pricing, please contact us. Or, learn more about automated payments.

What is a virtual card?

A Virtual Card is a randomized 16-digit number that is authorized for a specific payment amount. The number, or “token,” can only be charged once, and only for the exact amount specified. Virtual Cards are by far the most secure and cost-effective option when paying your vendors. You can also earn rebates on every successful payment made with MineralTree’s virtual card.

Will I be eligible for any rebates if I send payments through MineralTree?

Yes. You will receive rebates with the virtual card option and receive any rebates tied to your corporate credit/commercial cards.

Does MineralTree support electronic payments?

Yes. We’ll work with any bank to set up ACH payments, so you can pay your vendors faster. The solution works with your commercial credit card and offers a single-use virtual card option that provides you with cash back rebates.

How long does it take a vendor to receive my payment?

If you pay by check, it is delivered via first-class mail, typically 5 – 7 business days after the payment is authorized. ACH payments are deposited directly into vendor accounts within two business days of authorization.

How do vendors get updated when payments are sent out?

MineralTree sends your vendors a remittance email with details of the payment and associated invoices.

Does MineralTree really print and mail checks?

Yes. Once you’ve approved payments, we take care of the rest. Payments come from your bank account using your preferred payment method. If you choose check payments, checks are printed and mailed for you.

Whose signature is on the checks?

The signature on your check is your company’s authorized signer(s). All payments are drafted directly on your bank account.

What is AP Automation?

Accounts Payable (AP) Automation eliminates the outdated, manual processes that make companies susceptible to check fraud, lost invoices, and late payments. AP Automation automates invoice capture, approval workflows, and payment execution.

What are the benefits of Accounts Payable Automation?

Businesses that automate AP and payments with MineralTree see tangible benefits. They save 70% or more on payment processing costs and receive cash back rewards from credit card payments. Additionally, businesses increase efficiency and get clear visibility into cash flow operations. MineralTree also reduces payment risk with advanced security features like two-factor authentication, two-factor payment verification, payment limits, and more.

Will I have a paperless Accounts Payable process if I implement AP Automation?

Yes. AP Automation helps businesses move to a paperless AP process. With invoice capture enabled, all invoices are emailed directly into MineralTree and converted to electronic PDFs. Electronic approval workflows eliminate the need for manual printing, signing and approval of invoices. Lastly, MineralTree handles the entire payment process and encourages moving AP spend to electronic payment methods.

What functionality is important to look for in accounts payable software?

Not all accounts payable software is created equal. Important functionality includes: OCR technology (that extracts header and line item information), integration with your accounting system, advanced approval workflows with multi-tiered options, fraud protection, two-factor authentication and segregation of duties. The ability to process credit card and/or virtual card payments is also a plus.

Will using MineralTree require changes to my approval workflows and payment processes?

No. MineralTree Invoice-to-Pay is flexible, so you maintain your current processes. For example, if you approve invoices before entering them into your accounting software, our solution can too. If you require dual approval on payments above a certain threshold, that works too. With MineralTree Invoice-to-Pay, we match your current approval workflows and payment processes.

We have multiple bank accounts. How will this work with MineralTree?

Just let us know which accounts you’ll be using and provide us with the details during the on-boarding process. We set up the check or ACH payments and you see the available options in the application.

How do users access the application?

MineralTree Invoice-to-Pay is available online and on mobile devices, so you can authorize and make payments anytime, anywhere.

Doesn’t my accounting system automate the Accounts Payable process?

No. Not in the comprehensive, seamless way that MineralTree Invoice-to-Pay does. Your accounting system may support invoice and payment approval workflows, but configuring and managing them is time-consuming and expensive. You may be able to record different payment types – but only after following different processes, with different controls, to make each type of payment. And, then you still have to transmit those payments to the bank.

How does AP Automation software help prepare for audits?

AP Automation is a great tool to help prepare for audits. With AP Automation, all invoices are stored electronically and become searchable PDF documents. Additionally, all invoice approvals are electronic, making it simple to track.

Can’t my bank automate the Accounts Payable process?

Bill pay and other payment products offered through online banking do not integrate with your accounting package, so you can’t precisely time your payments or manage your cash. And you may have to manually enter invoice information twice.

Is my financial data safe – Is Accounts Payable Automation secure?

Yes. MineralTree Invoice-to-Pay is very secure and offers many security features. These include two-factor authentication, payment limits, bank positive pay, and more – in order to ensure the security of your payments and financial data.

Does MineralTree support international payments?

MineralTree supports end-to-end multi-currency capabilities to easily pay invoices in more than 130 different local vendor currencies. Please contact us to learn more.

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