There’s no room for defiance when it comes to compliance. Sanction screenings are nothing to be flippant about, and your company must be vigilant about staying up-to-speed with every new vendor—screening and verifying them against federal and state exclusion databases and identifying potential violations and vulnerabilities. All of this is mandatory, and none of it is simple.
Three immediate issues:
1. The verification process is costly.
2. Sanctions themselves are costly.
3. Keeping up with latest requirements, regulations and screenings is incredibly time consuming (which is another way of saying costly).
The process must be airtight, but it can be complicated, not to mention a drain on valuable staffing resources. In true Paybox fashion, we make it simpler and more efficient: We have a single interface to check compliance status.
Our vendor sanction screening process is designed to remove the hassle and add a layer of security. New vendors fill out all the required information—from full identification to addresses to unique identifiers—which we then run against a list of government databases. This is directly integrated in our platform through APIs. In short, companies no longer have to gather that information and key it in themselves. We handle the process from start to finish.
Safeguarding an essential but stressful task with the proper software is a benefit in terms of safety and efficiency. And then there’s the ultimate pay-off, which is that you don’t have to pay out.
Paybox is a single platform for vendor management, invoice processing, invoice status updates, payment notification and AP customer service. It reduces the amount of time and paper used in processing AP, to save you money with no cost to your vendors. For more information, and tips on AP automation, contact us at (954) 510-3750.