1. Data Capture
MineralTree provides 99.5% data accuracy, using a combination of technology and human review. Most competitive solutions leverage only technology and require that the system “learns” all the different invoice formats. Even then, they only provide an 80-90% accuracy rate. Also, MineralTree offers both header level and line-level invoice data capture. Competitors only capture header level – you do the majority of data entry.
2. Payment Processing
Unlike competitors using settlement accounts, MineralTree sends payments directly from your bank to your vendors. That means faster payments and checks displaying your company info and signatures. And, money isn’t debited from your account until the vendor receives funds, making reconciliation easy. Also if needed, it’s simple to cancel or stop payment. We centralize and automatically send remittance for all payments including check, ACH, your company credit cards, and the MineralTree electronic payment network.
Every MineralTree customer has a dedicated project manager who ensures smooth implementation. And a customer success manager works with you after implementation, whenever you need them. You always have a direct point of contact when you need it most. Don’t get caught submitting tickets with our competition and anxiously waiting for a response.
4. Cash-Flow Visibility
MineralTree provides visibility to your bank cash, card balances, and GL cash so you always have a clear picture of your cash position. Competitors don’t integrate directly with your bank – you must log-in individually to your bank and card accounts for balances.
5. Fraud Protection
We help prevent fraud through segregation of duties and dual-factor authentication for payment authorizers. And, because MineralTree is resold by banks and financial institutions we meet the industry’s most rigorous security standards. While the competition promotes the security of their offering they do not protect you from fraud itself.
6. Approval Hierarchy
With a tremendous amount of flexibility and ability to set approval hierarchies, you control how invoices are approved and paid. Set rules based on vendor, coding, amounts, etc… Approvals can be set by default and adjusted for “one-offs.” And, unlike our competitors who limit approval levels or the number of check signers, MineralTree allows you to properly enforce your permissions and controls.
7. ERP/Accounting System Remains “System Of Record”
You rely on your accounting system as your true system of record and we don’t change that. MineralTree syncs updates back to the accounting system and vice versa. And you can originate invoices in either system. In MineralTree, the document images sync directly into the accounting system, unlike competitors who often provide a link to the document in their system. And, when it comes to purchase order match, we properly link your invoice to the PO in your system, instead of just providing a disconnected reference to the items.