AP Automation FAQs

AP Automation basics

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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 Accounts Payable (AP) Automation eliminates the outdated, manual processes that make companies susceptible to check fraud, lost invoices, and late payments.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 integration with bank Positive Pay.

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. And, it’s important for cash flow visibility to avoid settlement accounts for check or ACH payments. Finally, the ability to process credit card and/or virtual card payments is a plus.

MineralTree basics

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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.

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. 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? Implementation takes less than an hour and includes product training.

Does MineralTree AP Automation include payment automation?  Yes, with MineralTree, all payments are sent directly from your bank account just like your current process.

Capabilities

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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. And SilverGuard fraud protection, is included with our solution at no cost, and provides online fraud loss protection up to $100,000 per year.

Payments

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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.

Does MineralTree use settlement accounts? No. With MineralTree you don’t have the uncertainty of wondering when your transactions will clear. Once the payment clears, it is on its way to your vendor, not sitting in a holding account. You have full visibility into your bank account balance(s) at all times as well as visibility into which charges have cleared and which are still pending.

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.

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.

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.

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. 

AP Automation FAQs: Operations

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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.