PaymentWorks is a secure, cloud-based platform designed to streamline and simplify the vendor onboarding and management process. Whether you're a Payer (an organization paying vendors) or a Payee (a vendor or individual providing goods or services), PaymentWorks helps facilitate a seamless exchange of information to ensure accurate payments, compliance, and transparency.
How Does PaymentWorks Work?
PaymentWorks acts as a bridge between payers and payees by securely collecting, validating, and maintaining vendor information. Here's how it works:
For Payers:
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Streamlined Vendor Onboarding
PaymentWorks simplifies the process of inviting vendors to register, collecting essential details like W-9 forms, banking information, and diversity certifications. -
Compliance and Risk Mitigation
The platform validates vendor information, checks against sanction lists, and reduces the risk of fraud through multi-layered security and verification processes. -
ERP Integration
PaymentWorks integrates with your organization’s ERP system, ensuring vendor data is automatically updated and accurate for processing payments.
For Payees:
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Registration Made Easy
Vendors receive an invitation to join PaymentWorks, where they can create an account, complete the New Vendor Registration form, and submit required documentation like tax forms and banking information. -
Secure Information Management
PaymentWorks uses industry-leading security practices to protect your sensitive information, such as bank account and tax details. -
Transparency and Communication
Vendors can track their onboarding progress, view invoice payment statuses, and communicate directly with their customers through the platform.
Key Features of PaymentWorks
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Secure Document Handling
- Upload and store W-9s, W-8s, diversity certificates, and bank validation forms.
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Fraud Prevention
- Multi-factor authentication and bank account verification ensure vendor information is secure and accurate.
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Sanction List Screening
- Automated checks against international sanction lists help ensure compliance with regulatory requirements.
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ERP Integration
- Automatically sync vendor information into your ERP system for efficient payment processing.
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Customizable Experience
- Payers can request additional custom fields for vendor registration based on specific business needs.
Why Use PaymentWorks?
PaymentWorks reduces the administrative burden of managing vendor information while improving security and compliance. By digitizing and automating the onboarding process, PaymentWorks helps both payers and payees save time, reduce errors, and build trust.
If you're ready to get started, check out our Knowledge Base for helpful guides and tips:
PaymentWorks Knowledge Base
Need more help? Contact PaymentWorks Support for assistance!