US Bank today announced a new version of its Access Online Payment Plus payment instruction file that simplifies business-to-business electronic payment and calls for little-to-no technology investment.
The Payment Plus basic payment instruction file transmits payment instructions from the customer to U.S. Bank though a simple CSV (comma separated value) file that is easy to use and fast to set up. Because it requires the completion of substantially fewer information fields than the standard payment instruction file, typical users won't need dedicated IT resources to program it.
"After a couple of hours of work and a few clarifying questions with the U.S. Bank team, the project was done," said Mike Anderson, chief financial officer for Lakeview Construction of Pleasant Prairie, Wis., one of the first users of the Payment Plus basic payment instruction file. "Anyone who has an accounting system with basic reporting tools should be able to create the file pretty easily. Overall, the process was very streamlined and took very little IT time."
The basic payment instruction file is ideal for organizations of any size and has special appeal among middle-market customers. Removing the need for IT support dramatically shortens the Payment Plus implementation cycle. This allows organizations to quickly transition from payment by paper check to electronic payments, which reduces costs and enhances cash management.
"Now, organizations with limited IT resources can quickly and easily gain the benefits of electronic payment through U.S. Bank Payment Plus," said U.S. Bank Payables Product Manager Bob Kaufman. "The basic payment instruction file complements other Payment Plus payment instruction file formats to offer customers more choices and get them on the road to electronic payment faster."