Optimizing PaymentWorks

PaymentWorks optimization is about thoroughly mapping out all relevant vendor management business processes against PaymentWorks best practices to make the most effective and efficient use of the platform. It also involves anticipating challenges in normal business practices and developing optimal approaches for addressing.

Optimization involves clarifying things like the approval and routing workflows based on the common scenarios you’ll encounter, and includes defining things like exception handling and handoffs, as well as configuration to support that workflow and data handling, including tags, comments, approval workflow, conditional routing, and possibly even making use of unpublished fields in PaymentWorks supplier uploads.

It starts with mapping the common but more complex scenarios - multi-location accounts, foreign vendors, changes in TIN, changes in tax classification, etc. - and determining your business rules that apply in each case. These requirements will drive the resulting reconfiguration and integration in PaymentWorks.

Areas of focus may include any of the core PaymentWorks processes:

• Vendor Management

  • Normalizing and validating existing vendor data

  • Onboarding existing vendors

  • Tagging inactive vendors

• New Vendor Registrations

  • Vendor Invitations

  • Workflow management and exception handling

  • 1099 data handling

  • Handling foreign vendors and bank accounts

• Vendor Updates

  • TIN changes

  • Changes in tax classification

  • Changes in payment method

  • Handling suppliers with multiple bank accounts

• Registration Routing

  • New remittance address scenarios (Partial registrations)

  • Changes in address (Edit registrations)

  • Changing site codes

• Ongoing vendor maintenance and communication

When the refined processes are clarified and documented, and your PaymentWorks account reconfigured accordingly, then the vendoring team can be trained on the updated optimized workflows and processes.

This is a collaborative process. PaymentWorks customers obviously know their business and its priorities; and NVR Partners knows what PaymentWorks is capable of and how to configure the platform to meet your objectives.

Next Steps

To learn more about PaymentWorks integration options or to discuss your specific area of interest or concern, please reach out to set up a complimentary consultation. We’d be happy to connect!

You can fill out this form including an overview of your interest, or simply email directly at tad.staley@nvrpartners.com.